Kirby Complete Penn Maritime Takeover

Press Release
Monday, December 17, 2012

Kirby Corporation completes the acquisition of Penn Maritime Inc. & Maritime Investments LLC, US operators of tank barges and tugboats.

Penn's fleet, comprised of 18 double-hulled tank barges with a capacity of 1.9 million barrels and 16 tugboats, operates along the East Coast and Gulf Coast of the United States.  Penn's tank barge fleet has an average age of approximately 13 years with a product mix that consists primarily of refinery feedstocks, asphalt and crude oil.  Penn's customers include major oil companies and refiners, nearly all of whom are current Kirby customers for inland tank barge services.

Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii.  Kirby transports petrochemicals, black oil products, refined petroleum products and agricultural chemicals by tank barge.

The total value of the transaction was approximately $299 million (before post-closing adjustments and transaction fees), consisting of $146 million of cash, $29 million through the issuance of 500,000 shares of Kirby common stock valued at $58.16 per share, and $124 million for the retirement of Penn's debt.  The cash portion of the consideration and retirement of Penn's debt were financed from the proceeds of a new issue of unsecured senior notes.

Kirby also provides after-market service for medium-speed and high-speed diesel engines and reduction gears used in marine and power generation applications.  They also distribute and service high-speed diesel engines, transmissions, pumps, compression products and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for the land-based pressure pumping and oilfield service markets.
 

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

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Workboats

Smith Brothers Chrtisten New Tug

Smith Brothers, Inc., Chesapeake Bay-based barge and marine equipment charter company, recently added the tug Capt. Kenneth to its fleet of inland and truckable tugs.

KOTUG’s Hybrid Rotortug Arrives in Rotterdam

RT Evolution, KOTUG’s new hybrid Rotortug, has arrived in the Port of Rotterdam on Saturday, Oct. 18. In the coming weeks, Damen Shipyards Group will complete

Rolls-Royce to Design, Equip Stern Trawler for Ramoen

The Armon shipyard in Gijón, Spain has entered into a contract to build a new Stern Trawler for the Norwegian fishing company Ramoen. The vessel will be a Rolls-Royce design,

Barges

Missouri River Basin is Booming

The U.S. Army Corps of Engineers Missouri River Basin Water Management Division is maintaining above normal releases at the four lower dams on the Missouri River.

Smith Brothers Chrtisten New Tug

Smith Brothers, Inc., Chesapeake Bay-based barge and marine equipment charter company, recently added the tug Capt. Kenneth to its fleet of inland and truckable tugs.

World’s 1st LNG Hybrid Barge Christened "Hummel"

The world’s first LNG hybrid barge of Becker Marine Systems was christened with the name "Hummel" on October 18, 2014, at Grasbrook Quay in HafenCity Hamburg.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Salvage Ship Electronics 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: 0.1552 sec (6 req/sec)