Pipeline operator Kinder Morgan Energy Partners LP said it would buy two tanker companies from affiliates of Blackstone Group and Cerberus Capital Management for $962 million to expand its crude and refined products transportation business.
American Petroleum Tankers and State Class Tankers, which ship crude oil, condensate and refined products in the United States, comply with the Jones Act. Rates for Jones Act tankers have surged this year as growing U.S. crude production drives up demand.