K-Sea Acquires Integrated Tug Barge Unit

Friday, January 30, 2004
K-Sea Transportation Partners L.P. 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.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Joe Pyne Joins DHT Holdings’ Board of Directors

Crude oil shipper DHT Holdings, Inc. announced today that it has appointed Joseph H. Pyne to its board of directors, expanding the board from three to four independent directors.

TEN Charters Tanker at 20% Premium

Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price

Huntington Ingalls Cites Interest in Building US Icebreakers

Huntington Ingalls Industries Inc, which builds aircraft carriers and U.S. Navy warships, on Tuesday said it was keen to bid to build new icebreakers for the U.

Maritime Security

Nigeria Ramps up Push to Eradicate Oil Theft

Nigerian authorities hope to put an end to rampant oil theft in eight months by increasing drone and naval monitoring of territorial waters and working with local communities,

IMO’s Sekimizu Condemns People Smugglers

Prompted by recent incidents in which hundreds of migrants attempting to cross the Mediterranean to Europe have lost their lives, including dozens found dead in

Migrant Crisis Promts Call to IMRF for Help

Mediterranean Rescue Services are in urgent need of support because they are struggling to keep up with the replacement of equipment being used to rescue the increasing

 
 
Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1567 sec (6 req/sec)