Transportation Partners News

U.S. salvage industry update: Coast Guard recognition and continuous improvement for the domestic salvage industry and its working professionals.Professional salvors are called in when the ship’s crew is overwhelmed – the last resort to protect lives, minimize environmental impacts and save the ship and cargo. These salvage masters, divers, firefighters, naval architects, heavy lift operators and other salvage team members regularly go into harm’s way and consistently perform incredible feats. They commit their lives and livelihoods to this work.

Since Hurricane Maria made landfall in Puerto Rico on September 19, TOTE Maritime’s vessels have brought cargo to the island nine times delivering more than 7,200 containers of food, water, oxygen, generators and other essential relief and recovery items, along with the island’s regular day to day commercial needs. Through its efforts, TOTE Maritime has supported a 20 percent increase in cargo movement to the island. TOTE Maritime said it is working closely with customers to ensure the most critical items are receiving priority status…

We are on the brink of an extraordinary revolution that will change our world forever. In this new world everyone, everything and everywhere will be connected in real time. We call this the Networked Society, and it will fundamentally change the way we innovate, collaborate, produce, govern and sustain. The development of integrated fast on-line computer technologies, new satellite link capabilities, and efficient cloud storage capabilities of information have resulted in huge opportunities for utilizing vast amounts of data for optimizing all kinds of operations.

Inmarsat and Ericsson have signed a strategic maritime agreement that is intended to facilitate the sharing of cargo, logistics and vessel operational data to help streamline the maritime supply chain. The two companies will jointly develop services, solutions and applications to drive industry standards for satellite connectivity and application integration in the maritime industry. As a first step, Ericsson has signed a distribution contract to offer XpressLink, Inmarsat’s combined L-band and Ku-band VSAT network for the maritime market. XpressLink offers an easy upgrade path to Inmarsat’s Fleet Xpress service, powered by the new Global Xpress constellation, when it becomes available in the coming months.

To tap the potential of shipping industry, Ericsson launched its Maritime ICT Cloud platform designed to provide an end-to-end solution targeting connectivity and tracking needs for the maritime industry. The Swedish telecom giant Ericsson launched Maritime ICT Cloud services for the shipping industry. Maritime ICT Cloud includes a communication platform with optimized connectivity and bandwidth for different types of traffic. The "Maritime ICT Cloud”, mainly supporting logistical operations, as well as connecting vessels at sea with shore-based operations, maintenance service providers, customer support centres, fleet/transportation partners, port operations and authorities. There are also tools for voyage optimization, cargo monitoring and crew welfare.

Kirby Corporation announced record net earnings attributable to Kirby for the first quarter ended March 31, 2012 of $50.9 million, or $.91 per share, compared with $32.4 million, or $.60 per share, for the 2011 first quarter. Consolidated revenues for the 2012 first quarter were $566.9 million compared with $299.4 million reported for the 2011 first quarter. Kirby's 2012 first quarter results included a $4.2 million before taxes, or $.05 per share, charge associated with increasing the fair value of the United Holdings LLC ("United") contingent earnout liability…

Kirby Corporation Announces Record 2011 Fourth Quarter and Year Results. Kirby Corporation ("Kirby") (NYSE: KEX) today announced record net earnings attributable to Kirby for the fourth quarter ended December 31, 2011 of $56.2 million, or $1.00 per share, compared with $31.6 million, or $.59 per share, for the 2010 fourth quarter. Consolidated revenues for the 2011 fourth quarter were a record $550.1 million compared with $286.3 million reported for the 2010 fourth quarter. The 2011 fourth quarter results included a $2.7 million before taxes, or $.03 per share, multi-year income tax refund, a $1.25 million before taxes, or $.01 per share…

Kirby Corporation (NYSE: KEX) announced net earnings attributable to Kirby for the second quarter ended June 30, 2011 of $41.7 million, or $.77 per share, compared with $29.3 million, or $.54 per share, for the 2010 second quarter. The 2011 second quarter results included an estimated $.07 per share negative impact from high water and flooding issues throughout the Mississippi River System. Consolidated revenues for the 2011 second quarter were $437.3 million compared with $273.7 million reported for the 2010 second quarter. Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "Our second quarter results reflected continued…

Houston, Texas (April 27, 2011) – Kirby Corporation (“Kirby”) (NYSE:KEX) today announced net earnings attributable to Kirby for the first quarter ended March 31, 2011 of $32.4 million, or $.60 per share, compared with $24.7 million, or $.46 per share, for the 2010 first quarter. The 2010 first quarter net earnings included a charge for retirements and shore staff reductions of $4.1 million before taxes, or $.05 per share. Kirby’s published 2011 first quarter earnings guidance range was $.56 to $.61 per share.

(East Brunswick, NJ) K-Sea Transportation Partners L.P. announced today that it has successfully completed the ABS HSQE certification process for all of its locations and operating divisions. K-Sea is the first U.S. flag tug and barge operator to achieve ABS HSQE certification, according to ABS. The company's management system meets the standards of the ISM Code, ISO 9001, ISO 14001 and OHSAS 18001. In addition, K-Sea continues to maintain its AWO Responsible Carrier Program certification.

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.

U.S. based marine transportation and management service company, Canal Barge Company, Inc. is pleased to announce the formation of a new bulk chemical storage and distribution entity, Canal Terminal Company, in Joliet, Ill. Located at mile 281 on the Illinois River System on more than 50 acres of company-owned property, Canal Terminal is a multi-mode liquid storage facility designed to handle a diverse range of hazardous and non-hazardous specialty chemicals. With 100,000 bbls of new capacity, supported by 2 barge docks, 2 truck racks and more than 2,600 feet of rail siding, Canal Terminal is designed to achieve rapid turnaround times for barges, rail cars and trucks. Canal Terminal is just south of downtown Chicago at the intersection of Interstates 55 and 80.

K-Sea Transportation Partners L.P. 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.

K-Sea Transportation Partners L.P. reported earnings for its predecessor, K-Sea Transportation LLC and subsidiaries, for the three and six month periods ended December 31, 2003. On January 14, 2004, the business of K-Sea Transportation LLC and its subsidiaries was contributed to K-Sea Transportation Partners L.P. in connection with the initial public offering of common units representing limited partnership interests in K-Sea Transportation Partners L.P. For the three months ended December 31, 2003, net income was $0.2 million, compared to $0.4 million for the three months ended December 31, 2002. The decrease of $0.2 million resulted from a decrease of $0.4 million in operating income, partially offset by reduced interest expense.

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.

Every harbor has its share: hardworking boats that stand-out for some provacative reason. It's probably not for their beauty. Form follows function in most maritime architecture, and maybe there's a beauty in how functional these boats are. But such beauty resides in the mind more than the eye. And yet they're still head-turners. Every harbor has its share. In New York, three come to mind - aphabetically, Odin, Shelby Rose, and Twintube. You know 'em on sight. The first two are tugs, and sort of look it. As for the third, "I was trying to build something that would do everything," Luther Blount told us. It does. They do. They say you'll see boats that resemble her out west. We've seen similar craft heading up the Rhine in Europe. But on New York harbor, Odin looks unique.

The Coast Guard and its state and local law enforcement and transportation partners have scheduled an exercise April 26-27 at the Woods Hole Steamship Authority ferry terminal to provide hands-on training for those who would be the first responders to any terrorism related incident on a ferry. The exercise will help familiarize first responder teams with the unique operational challenges aboard a ferry, as well as acquaint ferry crews and staff with law enforcement procedures during a terrorism incident. It will also be a dynamic opportunity for response teams from various agencies to interact and coordinate response protocols, and give agencies a chance to document lessons learned and areas for improvement.

DBL 103 sister ship, DBL 101 on her first voyage after being delivered by Bollinger to K-Sea. The delivery of the K-Sea DBL 103 will extend the Bollinger facilities portfolio of OPA’90 tank barges to 24 units, leading the industry. Bollinger Marine Fabricators, LLC, Amelia, La., a Bollinger Shipyards, Inc. company, has signed a contract with K-Sea Transportation Partners L.P., Staten Island, N.Y. for the construction of a leading edge double hull, ocean service, OPA '90 oil barge.

K-Sea Transportation Partners L.P. (NYSE: KSP) announced today that it has priced its previously announced public offering of 3.5 million common units representing limited partner interests at $39.50 per unit. The offering is scheduled to close on September 26, 2007. K-Sea has also granted the underwriters a 30-day option to purchase a maximum of 525,000 additional common units to cover over-allotments. K-Sea intends to use the proceeds of the offering to repay indebtedness.

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

K-Sea Transportation Partners LP, said it signed a $40m contract extension for barge construction with the manufacturing arm of American Commercial Lines. The company said the construction of four 50,000 barrel tank barges will begin in first quarter of 2009, with delivery of the first vessel scheduled for December of that year. The three other vessels will be completed in three month increments after that, K-Sea said. The contract extends the barge construction agreement through 2010. Source: AP

K-Sea Transportation Partners L.P. announced operating results for the first fiscal quarter ended September 30, 2006. The Company also announced that its distribution to unitholders for the first quarter will increase by $0.02, or 3.2%, to $0.64 per unit, or $2.56 per unit annualized. This is the sixth consecutive quarter of increased distributions, and the eighth such increase since the Company’s IPO in January 2004. The distribution will be payable on November 15, 2006 to unitholders of record on November 9, 2006. For the three months ended September 30, 2006, the Company reported operating income of $7.5 million, an increase of $1.4 million, or 22%, compared to $6.1 million of operating income for the three months ended September 30, 2005.