Colonial Terminals Inc. (CTI) announced it acquired a bulk liquid terminal in Wilmington, North Carolina, from Buckeye Terminals.
The facility provides roughly 550,000 barrels of storage capacity along the Cape Fear River and sits near another site that is already owned and operated by CTI. The two sites together have more than 1 million barrels of capacity and are accessible by rail and truck in addition to water. The properties primarily store industrial chemicals, specialty chemicals and petroleum.
CTI said it plans to retain all employees working at the Buckeye location.
Financial terms of the transaction were not disclosed.
“This adjacent facility adds a new berth and substantial river frontage to our already large footprint on the Cape Fear River, and we’re eager to offer new capabilities for existing customers as well as attract new customers and products to the market,” said CTI President Ryan Chandler.
The nearly 100-year-old company now has the largest independent liquid and dry bulk storage network with breakbulk capabilities in the Southeast. The acquisition brings CTI’s liquid capacity to 8 million barrels across seven terminals, five of which are in Georgia. The network also provides dry capacity of 200,000 tons of vertical storage and 400,000 square feet of covered flat storage.
“Wilmington is a gateway to the growing Southeastern US market, and we believe this acquisition strongly positions our team to support current and new customer growth far into the future,” said Chandler.
In June, the company announced a more than $100 million project to develop 17 acres along the Savannah River in Georgia. That breakbulk operation will be served by Norfolk Southern (NYSE: NSC).
More FreightWaves articles by Todd Maiden
- Saia holds on to Yellow’s freight
- Auction for Yellow’s terminals ‘remains ongoing’
- Lineage Logistics reported to be pursuing $30B-plus IPO
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post • Chicago, IL Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now