Subsequent Events

12 Months Ended

Dec. 31, 2018

SUBSEQUENT EVENTS [Abstract]

Subsequent Events

(18) Subsequent Event

On January 29, 2019, the Company signed a definitive agreement to acquire the marine transportation fleet of Cenac Marine Services, LLC (“Cenac”) for approximately $244,000,000 in cash, subject to certain closing adjustments.  The purchase will be financed through additional borrowings.  Cenac’s fleet consists of 63 inland 30,000 barrel tank barges with approximately 1.9 million barrels of capacity, 34 inland towboats and two offshore tugboats.  Cenac moves petrochemicals, refined products and black oil, including crude oil, residual fuels, feedstocks and lubricants on the lower Mississippi River, its tributaries, and the Gulf Intracoastal Waterway for major oil companies and refiners.  On February 11, 2019, the Federal Trade Commission granted th Company early termination of the Hart-Scott-Rdino waiting period for the acquisition of Cenac.  The closing of the acquisition is expected to occur in March 2019.