Martin Midstream purchases marine equipment from Florida Marine Martin Midstream Partners and Florida Marine Transporters announced today that MMLP has purchased from FMT affiliates six liquefied petroleum gas pressure barges and two commercial push boats for approximately $50.8M. Martin Midstream believes it will achieve a seven times acquisition multiple based on its cash flow projections for these assets.
Martin Midstream Partners increases quarterly dividend 2.5% to 8.13c Martin Midstream Partners announced it has declared a quarterly cash distribution of 8.13c per unit, or $3.25 per unit on an annualized basis, for the quarter ended September 30. The quarterly distribution increase is 2.5% higher than the distribution paid in the prior quarter. This increased distribution is largely attributed to the acquisition of the controlling interests in Cardinal Gas Storage LLC completed during the most recent quarter. The distribution is payable on November 14 to common unitholders of record as of the close of business on November 7. The ex-dividend date for the cash distribution is November 5.