Seacor to Expand Barge Business

Thursday, January 11, 2001
Seacor Smit Inc. announced that it has acquired SCF Corporation, a company that owns and operates inland river barges and that is substantially owned and controlled by certain Seacor directors. SCF owns 43 barges and is the 50% owner of a partnership that owns an additional 11 barges.

These barges and partnership interest are valued at approximately $7.5 million. In addition, SCF manages an overall barge fleet of 262 units and owns 254,380 shares of Seacor's common stock. The transaction will result in the issuance of approximately 121,000 shares of Seacor stock net of the shares owned by SCF, which would be returned to treasury, and the payment to SCF's shareholders of approximately $2.9 million in cash, representing SCF's working capital. The acquisition was unanimously approved by Seacor's directors, including all directors who are disinterested with respect to the transaction.

Charles Fabrikant, Chairman of Seacor said, "This acquisition is part of our previously announced intention to expand our presence in the inland marine industry. Earlier this year Seacor constructed 23 covered hopper barges which are operated in a pool of equipment by SCF." This equipment is used to transport grain, coal, and other bulk commodities on the inland river system.

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

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators 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: 0.1060 sec (9 req/sec)