| HOUSTON, March 24
HOUSTON, March 24 Commodities trader Trammo Inc
is continuing to shed its liquefied petroleum gas (LPG) assets,
putting its Newington, New Hampshire, propane terminal on the
block and selling a Tampa, Florida, facility, the company told
Reuters on Friday.
The shakeup comes as the large energy and fertilizer trader
is winding down its LPG trading desk following steep losses last
year, sources familiar with the matter have said.
The New-York based firm in November said it would seek to
maximize the value of its waterborne propane terminals across
the United States, including the Tampa propane terminal and the
one in Newington.
In February, it sold the Tampa facility to Plains LPG
Services, a unit of Houston-based Plains All American Pipeline
LP, for an undisclosed amount.
The trader has retained investment bank Houlihan Lokey Inc
to explore alternatives for the New Hampshire terminal
that include a sale or continued ownership, said William
Markstein, Trammo's senior vice president - corporate, deputy
The bank is currently marketing the facility through a
formal sale process, Markstein said in an email.
Sea-3, a division of Trammo, operated the Tampa terminal and
currently operates the New Hampshire facility.
The company has also experienced key personnel changes in
the last year, which may have altered its strategic direction.
Brent Hart recently became chief executive officer of the
company, not long after the death of founder and Chairman
Emeritus Ronald Stanton in September.
Trammo's Newington terminal is positioned to receive propane
from the liquids-rich Marcellus and Utica shale regions, but an
expansion project at the facility has been criticized by some
local residents who are concerned about rail shipments to the
The expansion, which would allow for additional rail cars
shipments and more storage, was approved in 2015.
(Editing by Gary McWilliams and Matthew Lewis)