Vessels: K-Sea Acquires ITB Unit

Friday, March 05, 2004

K-Sea Transportation Partners has acquired the 140,000 barrel capacity double-hulled barge S/R New York and the 8,000 horsepower tugboat S/R Everett. This integrated tug barge unit, built in 2000, had been leased by SeaRiver Maritime, Inc., a subsidiary of Exxon Mobil Corporation, from a financial institution.

The purchase price of $34 million was financed using available cash and $25 million in borrowings under a new term loan. The new equipment will begin working immediately and is expected to be accretive to K-Sea's distributable cash flow.

K-Sea has also signed a new multi-year contract with SeaRiver to utilize the unit in Exxon Mobil's petroleum products transportation in the Northeast United States. The barge has been renamed DBL 140 and the tugboat has been renamed Lincoln Sea. The addition of this integrated tug barge represents a 5.8% increase to the current barrel-carrying capacity of the K-Sea fleet. By the end of 2004, after the phase-out of certain single-hulled vessels required by the Oil Pollution Act of 1990 and the completion of certain retrofitting projects on other existing vessels, K-Sea's fleet will be approximately 74% double-hulled. "This acquisition is another step in the positioning of K-Sea as a key provider of petroleum products transportation services in the U.S. We are pleased to expand our relationship with Exxon Mobil and to continue to provide safe, reliable, and efficient service to our customers" said Timothy J. Casey, President and CEO of K-Sea.

K-Sea Transportation Partners provides refined petroleum products marine transportation, distribution and logistics services in the northeastern United States and the Gulf of Mexico, and recently began trading its Master Limited Partnership Units on the New York Stock Exchange under the stock symbol KSP.

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

People & Company News

Evergreen Line's Ital Lunare to Make Maiden Call in Boston

As part of the new service linking North Asia and the U. S. East Coast (NUE2), Evergreen Line's containership Ital Lunare will make the first ever direct call into

FARO 3D Documentation Conference

The FARO 3D Documentation Conference, to be held October 13-15, 2014, was created as a forum for sharing knowledge, best practices and insight into the world of laser scanning and 3D documentation.

Elco Launches Electric Outboard Motor Line

Expansion into outboard category brings benefits of electric propulsion to even more boaters Elco Motor Yachts, a company in electric and hybrid marine propulsion for more than 120 years,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation 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: 0.1423 sec (7 req/sec)