Americas News
TransMontaigne Leases Back Miami Bunker Storage Facility After $180 Million Sale
TransMontaigne Partners has completed the $180 million sale of its Miami marine fuel terminal and leased it back to retain control of operations.
The Fisher Island terminal, with 700,000 bl of bunker storage, will remain operated by TransMontaigne under a leaseback arrangement, the firm said in a press release on Thursday.
Earlier this year, Denver-based TransMontaigne announced the sale of the facility to an unnamed buyer. The bunker storage facility has been serving Miami's suppliers.
"Effective as of the closing, TransMontaigne leased the terminal from the buyer to allow TransMontaigne to continue its existing operations servicing its current customer agreements, the company said.
"Proceeds from the sale of the terminal were used for the repayment of certain term debt obligations."
However, it remains unclear whether the leaseback is a temporary arrangement.
TransMontaigne acquired the facility - the only large bunker terminal in the Miami area - in 2003.
