Marine Transport Corp (MTC) has announced that in accordance with the terms of the acquisition agreement between OMI Corp and Marine Transport Lines (MTL), which was approved by OMI Corp shareholders on June 15, the final adjustments regarding the purchase price of MTL have been completed.
As a result, former shareholders of MTL will be issued additional shares of MTC, which was formed in June through the acquisition by OMI of MTL, the oldest shipping company in the United States.
In other developments, MTC said it had been informed that the board of directors of Occidental Petroleum had approved a transaction through which Marine Transport Corp and its joint venture partner Stolt-Nielsen would acquire two US-flag chemical tankers. The deal was awaiting approval by the US Maritime Administration.
MTC is a US-based supplier of marine transport services, and owns or manages 38 ships, six supply vessels and five chartered-in vessels, making it one of the largest US-based fleets of ocean-going vessels.