TAMPA — United Maritime Group, a Tampa-based company that specializes in transporting coal and petroleum products, has entered an agreement to sell the largest dry bulk terminal on the Lower Mississippi River, the company says in a news release.
An affiliate of Oiltanking Holding Americas Inc., owned by a German petroleum company, is purchasing the U.S. United Bulk Terminal in Davant, La., for an undisclosed amount. The terminal has more than 11 million tons of annual throughput capacity, the release says.
“In the four years since acquiring [the terminal], we have developed the business into a leading independent provider of terminal and transfer services to the domestic and export markets for coal and petroleum coke,” UMG Chairman and CEO Steven Green says in a release.
The transaction is expected to close in the second quarter, barring regulatory approval.
In April, UMG entered an agreement to sell its inland hopper barge and boat fleet, U.S. United Barge Lines, to Nashville, Tenn.-based Ingram Barge Co.
In the past three years, UMG has positive operating income, but interest expenses led the company to comprehensive losses of $25.24 million on revenues of $325.81 million in 2011; $16.18 million on revenues of $324.75 million in 2010; and $9.89 million on revenues of $296.80 million in 2009, according to documents filed with the Securities and Exchange Commission.
UMG was acquired from TECO Energy by an investment group led by an affiliate of Miami-based Greenstreet Equity Partners in 2007.