If you work for a shipping company with high demands for equipment and personnel, you need to take the time to consider how compliant you are with important legislation. This includes checking your ships to make sure they are compliant with major decisions like the Jones Act. For some companies, like Genesis Energy, this is a vital trait in a vessel that makes it worth seeking a compliant one out.
Marine Log recently reported on a deal Genesis has made to acquire the American Phoenix. The product of years of construction and different companies, this ship has reportedly been sold for $157 by Mid Ocean Tanker Company. It has two hulls, can carry up to "330,000 barrels of cargo," and has previously been the subject of more than $100 million in construction fees.
Right now, Genesis has more than 60 barges, as well as 9 offshore tank barges. The company's CEO, Grant Sims, described the benefits it is receiving from this deal.
"We are very pleased to have the opportunity to expand our marine transportation capabilities through the acquisition of the American Phoenix, which complements our existing marine operation," Sims said. "This asset fits squarely within our focus of providing the logistical capability to get the right barrel to the right location."
Some of the previous outfits to use the Phoenix include Koch Shipping and Supply and Exxon Mobil Corp. An earlier Maritime Executive article suggests that Genesis will take on the ship's existing contract.
When adding a new ship to your fleet, your business needs to do enough research to find out how much use it has seen and whether or not you have boat insurance coverage for the work it will be doing.