Centerline Logistics, Seattle, announced the acquisition of JMB Shipping. JMB Shipping, a maritime asset holding company, owns a fleet of Jones Act maritime assets, including liquid tank barges and tugboats. Previously, Centerline leased and managed the JMB Shipping fleet.
The acquisition grants Centerline long-term ownership and operational control, integrating the vessels seamlessly into its growing fleet, which now boasts over three million barrels of liquid tank barge capacity.
"JMB Shipping's assets are among the most unique and desirable in the coastal Jones Act market," Matt Godden, CEO of Centerline Logistics, said in a statement announcing the acquisition. "Given the growing emphasis on domestic energy security, these assets have been, and will remain, crucial additions to Centerline's fleet."
Prior to the acquisition, JMB Shipping was owned by JMB Capital Partners Lending LLC, an investment firm focused on special situations investments.
“Centerline has been a fantastic partner during our ownership of the assets," Vikas Tandon, chief investment officer of JMB Capital Partners Lending, said, "and we are pleased that the vessels will now be under Centerline’s full ownership and control.”
The transaction closed on Feb. 23, 2024, and was completed on undisclosed terms.
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