Sirius Maritime Llc News

Moody's Investors Service said it has affirmed K-Sea Transportation Partners LP's non-investment grade debt ratings, which were under review for possible downgrade after a $205 million acquisition, according to a report on http://money.cnn.com. K-Sea shares jumped $2.10, or 5.9 percent, to $37.58 in afternoon trading. The stock has traded between $33.90 and $48.50 during the past 52 weeks. The ratings service began its review of the oil tank barge operator's ratings on June 27, after the company announced it had agreed to acquire transportation operators Smith Maritime Ltd. and Sirius Maritime LLC for $205 million.

K-Sea Transportation Partners L.P. has completed the acquisition of Smith Maritime, Ltd. of Honolulu, Hawaii and Sirius Maritime, LLC of Seattle, Wash. President and CEO Timothy J. Casey said: “We are very excited about welcoming the Smith and Sirius operating teams to K-Sea. This acquisition immediately increases our barrel-carrying capacity by 770,000 barrels, or 22% of our capacity of 3.5 million barrels at June 30, 2007. In addition, our ongoing vessel newbuilding program, under which we have ten new tank barges under construction, will add 524,000 barrels over the next three and one-half years. “These transactions strengthen our operations on the West Coast and also expand our geographical presence to Hawaii, thus providing a further platform for future growth.

K-Sea Transportation Partners LP said it's buying Sirius Maritime LLC of Seattle and Smith Maritime Ltd. of Honolulu for $205m. New York-based K-Sea is buying 11 petroleum tank barges and 10 tugboats in the deal. The ships have 777,000 barrels of capacity. Sirius Maritime is owned by Gordon Smith, Robert Dorn and Wayne Sundberg. Smith also owns the Honolulu operation. K-Sea said it's paying $195m in cash and assumed debt and is issuing $10m in common stock for the companies, adding the deal should close in July or early August. Source: BizJournals