Genesis Energy, L.P. has completed the previously announced acquisition of the M/T American Phoenix from Mid Ocean Tanker Company. The purchase price was approximately $157 million. The American Phoenix is a modern, double-hulled, Jones Act qualified tanker with 330,000 barrels of cargo capacity. The vessel is operating under long term charters into 2020 with high quality counterparties, including a major integrated oil company.
Grant Sims, Genesis' Chief Executive Officer, said, 'The acquisition of this high quality vessel represents a significant step forward in the development of our marine transportation business and further expands our logistical capabilities, creating long-term value for all our stakeholders.'