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

Workboats

Damen Delivers Tug to Bremenports

Bremenports, the management company for the twin German ports of Bremen and Bremenhaven, took delivery of its first Damen-built vessel – a Stan Tug (Stu) 1606.

MN 100: Willard Marine

1250 N. Grove St. Anaheim, CA 92806 Telephone: 714 666 2150 E-mail: kjacquelin@willardmarine.com Website: www.willardmarine.com CEO/President: Ulrich Gottschling Number

MN 100: VT Halter Marine, Inc.

900 Bayou Casotte Parkway Pascagoula, Mississippi 39581 Telephone: 228 696 6888 E-mail: sales@vthm.com Website: www.vthaltermarine.com CEO: William (Bill) E.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority 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: 0.1129 sec (9 req/sec)