Barge Fleet

Memco Barge Line Sold for $270M

American Electric Power Co. Inc. signed a definitive agreement with Progress Energy Inc. to buy its MEMCO Barge Line Inc. for $270 million, in a deal AEP said would immediately add to its earnings. Columbus, Ohio-based AEP said its AEP Resources Inc. wholly-owned subsidiary will buy 1,200 hopper barges and 30 towboats from Electric Fuels Corp., a Progress subsidiary, making AEP one of the leading barge operators. "The coupling of the MEMCO barge assets with our existing fleet will add earnings and significant information flow in the sometimes-neglected transportation component of our business," said Paul Addis, executive vice president of AEP's Wholesale activities. The deals includes the early termination of lease financing related to certain assets of MEMCO and is expected to close in 60 days, the company said. AEP said the the combined barge fleets annually will move 50 million tons of dry bulk commodities, including grain and coal.

Kirby Buys Towboats, Barges from Coastal

Kirby Corp. signed an asset purchase agreement with Coastal Towing, Inc. to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet

Kirby Signs Agreement With Coastal Towing

Kirby Corporation announced the signing of an asset purchase agreement with Coastal Towing, Inc. ("Coastal") to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black

Kirby Corporation Purchases Tank Barges

Kirby Corporation announced the purchase of the stock of Coastal Towing, Inc., the owner of 37 inland black oil tank barges, for approximately $19.3m. Kirby has been operating the Coastal tank barges since October 2002 under a barge management agreement. Kirby also announced the purchase of 21 tank barges from Cypress Barge Leasing, LLC for $15m in cash. Kirby has been leasing the barges since 1994 when the leases were assigned to Kirby as part of Kirby's purchase of the tank barge fleet

USCG Issues Upper Mississippi Safety Advisory

The U.S. Coast Guard has issued a safety advisory for a 24-mile stretch of the upper-Mississippi River near St. Louis due to high water conditions. From mile marker 160, near the mouth of the Meramec River south of St. Louis to mile marker 184 near St. Louis, vessels were advised against downstreaming operations. The advisory may become mandatory later on Tuesday if water levels keep rising. Downstreaming is a barge fleeting procedure where a towboat approaches a barge fleet from upstream

Postal Service to Honor Barge Fleeting

U.S. Postal Service to dedicate Earthscapes Forver stamps to include "Barge Fleeting," an aerial view of towing vessels.   WHAT: The United States Postal Service will dedicate a series of Forever Stamps entitled “Earthscapes,” one which features an aerial view of Kirby Corporation’s Apollo and Enterprise Marine Services LLC’s Taurus commercial tow boats positioning themselves against liquid tank barges in the Old River Barge Fleeting area near the

Ingram Makes Historic Fleet Investment

Ingram Barge President & CEO Craig Philip Ingram Barge Company announced it has placed an order for up to 20 new 10,000-barrel double-skin tank barges - the largest new construction addition to Ingram's fleet of tank barges since 1976. Ingram Barge is the largest inland carrier in America with more than 130 towboats and nearly 4,000 barges operating on the Mississippi, Ohio, Illinois, Tennessee and Cumberland rivers and the Gulf Intracoastal

MRG Acquires Cook Inlet Tug & Barge

Marine Resources Group (MRG), a family of companies that operate tug and barge fleets throughout the United States, is expanding into the Alaska harbor services business. MRG announced today that it is acquiring the assets of Cook Inlet Tug & Barge, based in Anchorage, which it will operate as an independent subsidiary, effective Jan. 1, 2011. The family-owned Alaska company, which traces its history to 1923, has 10 employees and operates three tugs and one barge

Hercules Offshore Selects RigNet Communications Solutions

RigNet, Inc., a provider of managed remote communications solutions for the upstream oil and gas industry, recently announced the expansion of its contract with Hercules Offshore to provide managed remote communications to its fleet of jackup drilling rigs and U.S. Gulf of Mexico-based inland barges. Under the previous contract, RigNet provided managed communication services to most Hercules Offshore rigs operating outside of the United States

ACL Adds Eight Tank Barges

American Commercial Lines Expands Liquid Cargo Fleet With Purchase of Eight 20,000 Barrel Capacity Tank Barges.   American Commercial Lines (ACL) today announced the purchase of eight 20,000 barrel capacity tank barges from SeaRiver Maritime Inc., a subsidiary of Exxon Mobil Corporation. The purchase will expand ACL's fleet of 325 tank barges, which transport liquid cargoes, including chemicals, petroleum and renewable fuels throughout the U.S. inland waterway system