Kirby Buys Hollywood Marine, TriggersDebt Fears

Thursday, August 05, 1999
Kirby Corp, the largest U.S. tank barge operator, recently agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, Texas, for about $325 million. While the company views Hollywood's operations as complementary to its core inland tank barge operations, some analysts were immediately skeptical of the effects on Kirby's bottom line. Standard & Poor's placed its triple-'B' corporate credit and senior unsecured debt ratings for Kirby Corp. on CreditWatch with negative implications. The CreditWatch listing reflects an increased debt burden that Kirby will incur as a result of its acquisition of Hollywood Marine Inc. As part of the deal, Kirby said it would name C. Berdon Lawrence, Hollywood Marine's president and principle shareholder, as chairman of Kirby and make its current chairman, George Peterkin, chairman emeritus. Kirby owns 511 barges and carries industrial chemicals, petroleum products and agricultural chemicals throughout the U.S.'s inland waterway system. Hollywood Marine owns 256 barges operating along the Gulf Intracoastal Waterway and the lower Mississippi River and earned revenues of $168 million in 1998.
Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

New Survey Vessel Ordered for the Port of London

The Port of London Authority (PLA) has ordered a new purpose-built survey catamaran, a CTruk MPC19, due to enter service on the river Thames later this year.   The

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0976 sec (10 req/sec)