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

People & Company News

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

Liebherr Sees Growing Demand for Harbor Cranes in Latin America

Several new deliveries to Latin America; strong 2014 year for Liebherr mobile harbor cranes Liebherr said its mobile harbor crane population in Latin America

Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Sonar
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: 0.1473 sec (7 req/sec)