Penn Maritime Inc News

Kirby Corporation today announced net earnings attributable to Kirby for the fourth quarter ended December 31, 2012 of $57.9 million, or $1.03 per share, compared with $56.2 million, or $1.00 per share, for the 2011 fourth quarter. Revenues for the 2012 fourth quarter were $512.6 million compared with $550.1 million for the 2011 fourth quarter. Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "Our fourth quarter results benefited from higher demand and favorable pricing in our coastal marine transportation markets, as well as a contribution from our two fourth quarter coastal acquisitions. We were also able to manage through the Mississippi River System's low water issues and Hurricane Sandy with only an estimated $.02 to $.03 per share negative impact.

C. Berdon Lawrence retires from Board after 13 years of service, William M. Waterman, former President of Penn Maritime, elected to Board. 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. Mr. Lawrence is retiring to devote more time to family and other business interests, having served as Chairman of the Board of Kirby from October 1999 to April 2010 and has served as Chairman Emeritus of the Kirby Board since April 2010. Mr. Lawrence was the founder and former President of Hollywood Marine, Inc. an inland tank barge company acquired by Kirby in October 1999.

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…

Kirby Corporation (Kirby) has signed an agreement to acquire Penn Maritime Inc. (Penn) and Maritime Investments LLC. Penn Maritime is an operator of tank barges and tugboats participating in the coastal transportation of primarily black oil products in the United States. The total value of the transaction is approximately $295 million (before post-closing adjustments and transaction fees) and will consist of cash, Kirby common stock and the retirement of Penn's debt. Penn operates a fleet of 18 heated, double-hulled tank barges, with a capacity of 1.9 million barrels, and 16 tugboats along the East Coast and Gulf Coast of the United States.

The Manitwoc Company, Inc. and its subsidiary, Bay Shipbuilding Co., part of Manitowoc’s Marine Group, has been granted a contract from Penn Maritime, Inc. to build an ocean-class tug and a 140,000-barrel, double-hull hot oil barge. The contract also permits Penn to purchase a second tug/barge combination within 120 days. With the barge to measure 480 x 78 x 36.5 ft. (146.3 x 23.7 x 11.1 m) and equipped with a system of heating coils to maintain cargo temperatures at or above 135 degrees F, the 6,000-hp tug will boast measurements of 123 x 38 ft. An Intercon coupler will link both vessels into a 564-ft. overall length unit that will be ABS, U.S. Coast Guard and OPA-90 compliant. The unit is scheduled for delivery by December 2004.

The Manitowoc Company, Inc. through its subsidiary, Bay Shipbuilding Co., part of Manitowoc's Marine Group, has been awarded a contract from Moran Towing Corporation to build two ocean-class, double-hull, hot oil tank barges. The first barge is scheduled for delivery in the fourth quarter of 2004, and the second in the second quarter of 2005. Other contract terms were not disclosed. Each of the 110,000-barrel capacity barges will measure 425 feet in length by 78 feet in width and will be configured with 10 cargo compartments serviced by three diesel-driven, deep-well cargo pumps. The barges will also feature a stern notch and an Intercon coupling system, which will link the units to customer-supplied tugs.

Conrad Industries, Inc. won contracts totaling $13.5 million to build two 300 x 60 x 24-ft. 35,000 Barrel Double Hulled Oil Tank Barges for Penn Maritime, Inc., and to repair, renovate and perform hull modifications to a riverboat casino to be operated in Mississippi. excess capacity at our Deepwater facility which helps us capitalize on our investment there. currently owns and operates 20 barges and 14 tugboats making Penn one of the largest U.S. transporters of residual oil and heated asphalt products. Subchapter D cargoes. Hancock County, Mississippi.

The Maritime Administration (MARAD) has approved four applications under Section 9 of the Shipping Act, 1916, as amended. Ø U.S. Bank National Association, Owner Trustee, Hartford, CT, has received approval to transfer the 57,075-gross-ton container vessel SEA-LAND INTEGRITY to Marshall Islands registry and flag without change in the ownership of said Vessel. The vessel was built in 1984 in Koje, Korea. Ø Penn Maritime, Inc., Stamford, CT, has received approval to sell the 1,542-gross-ton tank barge CHESAPEAKE to Maingral Investment, S.A., a British Virgin Island corporation, and transfer said Vessel to St. Kitts and Nevis registry and flag. The vessel was built in 1964 in Baltimore, MD.

Connecticut-based Penn Maritime Inc. (Penn) has selected Edoc’s HELM Marine Operations Software to replace their existing scheduling and invoicing system. Penn’s current fleet of 19 barges and 13 tugs that operate along the east coast, gulf coast and west coast of the United States will have their voyages scheduled, tracked, and invoiced through HELM. Since Penn’s business is focused on bulk tanker barging it presented a unique situation for which HELM was adapted. HELM will solve many problems users face in Penn’s current system. HELM’s flexibility makes it perfect for Penn’s high volume of business and constantly changing business requirements. By providing a graphical user interface to plot the vessel’s voyages, the system provides another tool for users to efficiently plan schedules.

Bollinger Gulf Repair L.L.C., (BGR), a Bollinger Shipyards, Inc., facility, has completed the retrofit and modifications of a Penn Maritime Inc. oceans tank barge to an OPA ‘90 compliant articulated unit. The 360-foot, 66,500 barrel black oil Barge POTOMAC arrived at Bollinger's New Orleans east facility and began the transformation from a single sided hull to double hull vessel with a new outer skin to meet the requirements of OPA '90. Her stern was modified and outfitted with the Beacon JAK connection system. The barges heating system received additional heating coils and a new 12 million BTU Vapower unit. A ballast system and a twelve-foot bow plug, along with an updated electrical system, were part of the conversions.

The unified command responding to the spill of approximately 800 gallons of oil in Riverhead, N.Y., Oct. 14, including the Coast Guard, New York State Department of Environmental Conservation (NYSDEC) and Penn Maritime Inc., with assistance from the National Oceanic and Atmospheric Administration, ended active cleanup operations here today. Representatives from the towns of Riverhead and Southold inspected the beach with members of the unified command here today also. Crews removed 30 20-cubic-yard dumpsters, approximately 360 tons, of oil-soaked debris. Over 120 workers from Miller Environmental Group responded to the spill at the height of operations utilizing backhoes, front loaders and other heavy equipment.

A Unified Command comprised of the U.S. Coast Guard, the New York State Department of Environmental Conservation (NYSDEC), and Penn Maritime Inc. continue to respond to a #6 fuel oil spill that occurred Oct. 14, 2006. The amount of oil spilled is unknown but is estimated to be as much as 800 gallons. The spill occurred on the deck of the barge P-120 owned by Penn Maritime Inc. berthed on the south side of the ConocoPhillips offshore platform located approximately one mile from the north shore of Long Island. The spill was stopped and containment boom was immediately deployed around the barge upon discovery. Adverse weather conditions are believed to have contributed to the impact of the oil spill. Penn Maritime Inc. and ConocoPhillips are fully cooperating with the U.S.

TransCoastal Marine Services Inc. has signed contracts with a subsidiary of Penn Maritime Inc. for the modification and double-hull conversion of two barges. The work on the two barges will be carried out by TransCoastal's Fabrication and Offshore Group for more than $22 million. The project will begin in July and will extend into the fourth quarter of 2000.