TransMontaigne Partners LP has agreed to lease capacity at two oil product terminals and a pipeline to Magellan Pipeline Company LP under a 10-year deal, ending its current agreement with Morgan Stanley, TransMontaigne announced on Wednesday.The agreement with Morgan Stanley to lease these facilities will end on Feb. 28, 2014, as the investment bank's once-powerful trading arm reduces its physical footprint.In December, the bank agreed to sell its physical oil business to state-owned Russian oil company Rosneft.Morgan Stanley's trading division, Morgan Stanley Capital Group, owns 100 percent of TransMontaigne Inc, which controls the general partner of Denver-based TransMontaigne Partners LP. Morgan Stanley is also TransMontaigne's largest client.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.47% or $-0.14/share to $29.94. In the past year, the shares have traded as low as $20.16 and as high as $33.52. On average, 11847100 shares of MS exchange hands on a given day and today's volume is recorded at 18849708.
TransMontaigne Partners L.P. (TransMontaigne Partners) is a terminaling and transportation company with operations in the United States along the Gulf Coast, in the Midwest, in Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeast. Shares of TLP traded higher by 1.05% or $0.45/share to $43.25. In the past year, the shares have traded as low as $38.70 and as high as $50.77. On average, 24334 shares of TLP exchange hands on a given day and today's volume is recorded at 27013.
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