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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

HydroComp to Hold Propeller 'Mini-Workshop'

A special version of HydroComp's intensive Propeller Workshops will be brought to Tampa before the start of IBEX 2014.   The Mini-Workshop is a special version

Crowley Christens New DP2 Tugboat

Crowley Maritime Corp. said that the third of four tugboats in the Ocean-class series, Ocean Sky, has been christened in Houston. The ceremony served to formally

Samudra Containership Rationalisation Hits Revenues

Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.0832 sec (12 req/sec)