Centerline Logistics Acquires Tugs and Barges from JMB Shipping
Seattle-based maritime transportation provider Centerline Logistics announced it has acquired a fleet of four liquid tank barges and four tugboats from maritime asset holding company JMB Shipping.
The deal closed on February 23, and its terms were not disclosed.
Prior to the acquisition, JMB Shipping was owned by JMB Capital Partners Lending, an investment firm that bid $115 million in 2021 to purchase a portion of Bouchard Transportation's tug and barge fleet after the New York-based marine transport company went bankrupt. The other portion of the Bouchard fleet was sold to Rose Cay for $130 million.
The JMB Shipping fleet was previously leased and managed by Centerline, which now takes ownership and operational control. With the new assets, Centerline says its fleet provides more than 3 million barrels of liquid tank barge capacity.
"JMB Shipping's assets are among the most unique and desirable in the coastal Jones Act market," said Matt Godden, CEO of Centerline Logistics. "Given the growing emphasis on domestic energy security, these assets have been, and will remain, crucial additions to Centerline's fleet."
Vikas Tandon, Chief Investment Officer of JMB Capital Partners Lending, LLC, said, “Centerline has been a fantastic partner during our ownership of the assets, and we are pleased that the vessels will now be under Centerline’s full ownership and control.”
