- TransMontaigne is selling terminal facilities in Fisher Island, Miami, and Fairfax, Virginia.
- The Fisher Island terminal sale, valued at $180 million, is expected to close by May 15, 2025.
- The Fairfax terminal sale, priced at $30.75 million, is projected to close by June 30, 2026.
- Proceeds will be used to repay term debt obligations.
- These transactions align with TransMontaigne’s focus on strategic growth and energy transition projects.
The Fisher Island terminal, with an active storage capacity of approximately 700,000 barrels for marine fuels, has been sold for $180 million. The closing of this transaction is expected on or about May 15, 2025, subject to customary conditions. Following the sale, TransMontaigne will lease the terminal from the buyer to ensure uninterrupted service to existing customers, as reported by Business Wire.
Sale of Fairfax Terminal
The Fairfax terminal, offering 500,000 barrels of storage for gasoline, diesel, ethanol, and fuel additives, is being sold for $30.75 million. The closing is anticipated around June 30, 2026, with provisions allowing TransMontaigne to extend the timeline if necessary. As with the Fisher Island sale, this transaction is subject to customary conditions.
Strategic Growth and Energy Transition Focus
Proceeds from these sales will be allocated to repaying certain term debt obligations. Randy Maffett, CEO of TransMontaigne, highlighted the value these transactions bring to the company, enabling it to prioritize growth opportunities and projects that support the ongoing energy transition.
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Source: Business Wire
