Black Oil News

18 Jun 2019

Report: The U.S. Marine Market


Ferry First
Alabama’s Gee’s Bend Ferry recently entered service after being converted from geared-diesel to become the first zero-emission, electric-powered passenger/car ferry in the U.S. Owned by the Alabama Department of Transportation (ALDOT) and operated by HMS Ferries, Seattle-based Glosten provided concept through contract design and shipyard technical support of the vessel conversion to all-electric. Images courtesy Glosten/ALDOT

A ‘work in progress,’ the North American brown water, shallow draft sectors have experienced a tumultuous year of evolution, changing market conditions, a rapidly shifting regulatory environment and new opportunities. Anything but boring; and within the pages of Maritime Reporter’ & Engineering News’ Annual Yearbook, Joseph Keefe, editor of sister-publication MarineNews, takes a deep dive into the issues driving the domestic waterfront.Workboat EmissionsMore than one year ago, Volkswagon learned the ultimate (and painful) meaning of the iconic U.S.

15 Mar 2019

Kirby Closes Cenac Fleet Acquisition

File Image (CREDIT: Cenac)

Kirby Corporation announced the completion of the acquisition of the marine transportation fleet of Cenac Marine Services, LLC, an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States. The total value of the transaction was approximately $244 million and was financed with additional borrowings. Cenac’s fleet consists of 63 30,000-barrel inland tank barges with approximately 1.9 million barrels of capacity, 34 inland towboats, and 2 offshore tugboats.

31 Jan 2019

Kirby Announces 2018 Q4/FY18 Results, Deal to Buy Cenac's Marine Fleet

Kirby Corporation announced a net loss attributable to Kirby for the fourth quarter ended December 31, 2018 of ($24.4) million, or ($0.41) per share, compared with earnings of $231.3 million, or $3.87 per share, for the 2017 fourth quarter. Excluding certain one-time charges, 2018 fourth quarter net earnings attributable to Kirby were $44.9 million, or $0.75 per share. Consolidated revenues for the 2018 fourth quarter were $721.5 million compared with $708.1 million reported for the 2017 fourth quarter.For the 2018 full year…

04 Jan 2019

Bouchard Barge Gets Major Overhaul

M/V Bouchard Girls & B. No. 295 (Photo: Bouchard Transportation Co., Inc.)

Bouchard Transportation Co., Inc. announced Friday that one of its barges has ended its shipyard period after completing a major overhaul.The work was performed at Gulf Marine Repair in Tampa, Fl. She left the shipyard earlier this week.Bouchard Barge No. 295 (B. No. 295) left Gulf Marine Repair in Tampa, Fla. earlier this week following an extensive scope of repair and upgrade work, a Bouchard spokesperson told MarineLink.Approximately 90 percent of the the barge’s main deck plate has been replaced…

03 May 2018

Kirby Acquires Targa's Inland Tank Barge Fleet

File Image: A Kirby tankerman attends to a cargo operation (CREDIT: Kirby)

Kirby Corporation has announced the signing of an agreement to acquire Targa Resources Corp’s inland marine tank barge business for approximately $69.3 million in cash. The purchase will be financed through additional borrowings. Targa’s inland marine tank barge fleet consists of 16 pressure barges that have a total capacity of approximately 258,000 barrels, many of which are under long-term multi-year contracts. The closing of the acquisition is expected to occur near the end of the second quarter and is subject to customary closing conditions.

16 Feb 2018

Kirby Closes Acquisition of Higman Marine

File Image (CREDIT: Higman Marine)

Kirby Corporation has announced the completion of the acquisition of Higman Marine, Inc. and its affiliated companies (“Higman”), an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States. The total value of the transaction was approximately $419 million in cash before post-closing adjustments and transaction fees. issuance of senior notes, which closed on February 12, 2018. The new senior notes provided for $500 million in fixed rate debt at 4.2% with a 10-year maturity on March 1, 2028.

05 Feb 2018

Kirby To Buy Higman Marine

A typical Kirby Corporation Inland Tug & tow operation underway. CREDIT: Kirby

Kirby Corporation announced the signing of a definitive agreement to acquire Higman Marine, Inc. and its affiliated companies (“Higman”), for approximately $419 million in cash, subject to certain closing adjustments. The purchase will be financed through additional borrowings. Higman’s marine transportation fleet consists of 159 inland tank barges with 4.8 million barrels of capacity, and 75 inland towboats. Higman’s fleet moves petrochemicals, refined petroleum products, crude oil…

13 Sep 2017

Oil from Sunken Tanker Spreads to Athens Riviera

Crews scrambled on Wednesday to clean up an oil spill from a sunken tanker which had spread to some of Athens's most popular beaches. The 45-year-old vessel, Agia Zoni II, was carrying 2,500 tonnes of fuel when it sank off the island of Salamis on Sunday. By Wednesday, a thick oily tide had covered stretches of the Athens Riviera several miles away. "This is a catastrophe," said Fotis Yiamanis, a resident of the seafront neighborhood of Faliro, where Greeks enjoy morning swims several months of the year. "Even if the oil leaves the surface of the water, the rest is going to sink and set in the sand. The coast guard said authorities had sealed the shipwreck on Tuesday and there was no further spillage.

27 Jul 2017

Kirby Announces 2Q Results

Photo courtesy of Kirby

Kirby Corporation (NYSE: KEX) has announced net earnings attributable to Kirby for the second quarter ended June 30, 2017 of $25.8 million, or $0.48 per share, compared with $38.9 million, or $0.72 per share, for the 2016 second quarter. Second quarter net earnings includes pre-tax expenses of $0.7 million, or approximately $0.01 per share, related to the pending acquisition of Stewart & Stevenson LLC (“S&S”). Consolidated revenues for the 2017 second quarter were $473.3 million compared with $441.6 million reported for the 2016 second quarter.

17 Aug 2016

MN100: Kirby Inland Marine

Photo: Kirby Inland Marine

Kirby Corporation is a premier tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii. Kirby’s service includes the transporting of petrochemicals, black oil products, refined petroleum products and agricultural chemical products by tank barge. Kirby’s diesel engine services segment is a leading after-market service provider for medium-speed and high-speed diesel engines…

29 Jul 2015

USCG Investigates Oil Slick off California Coast

The U.S. Coast Guard was investigating a large oil sheen off the California coast west of Santa Barbara on Wednesday, a spokeswoman for the agency said. The slick, which was about 60 feet (18 meters) wide, was spotted about 1,000 yards (meters) offshore from Goleta State Beach west of Santa Barbara, said Coast Guard spokeswoman Petty Officer Andrea Anderson. Anderson could not give the approximate length of the sheen. In May, as much as 2,400 barrels of crude oil were spilled onto a pristine beach about 15 miles (24 km) west of Goleta when a pipeline ruptured along the coast. But there were no immediate reports of any link between the two incidents. "We don't have a definite source yet," Anderson said of the oil sheen discovered on Wednesday.

14 Jun 2015

Oil Blast Sparks Off Major Fire in Mumbai Port Trust in Wadala

Image: Mumbai Port Trust

A fire broke out due to a suspected leakage in an oil pipeline passing through a land owned by the Mumbai Port Trust (MbPT) in Wadala in central Mumbai, but no one was injured. Fifteen fire tenders and 12 water tankers eventually doused the flames after a five-hour fight around 11pm. There were no casualties. Sources said the flames were spreading fast in the evening because of the strong monsoon winds blowing from the southwest. Dark smoke could be seen from up to 7km away in Lower Parel. The fire began at 5:50 pm.

29 Jan 2015

Kirby Reports Record Earnings

Kirby CEO Joe Pyne (Photo: Greg Trauthwein)

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.3 million, $1.13 per share. Consolidated revenues for the 2014 Q4 increased 18% to $668.3 million compared with $568.4 million for Q4 2013. Kirby also reported record net earnings for the 2014 year of $282 million, $4.93 per share, compared with $253.1 million, $4.44 per share, for 2013 which included a $0.20 per share benefit due to the reduction of the United earnout liability.

30 Oct 2014

Kirby Corp. Announces Record 3Q Results

Kirby CEO Joe Pyne (Photo: Greg Trauthwein)

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability. Kirby Corporation announced record net earnings attributable to Kirby for the third quarter ended September 30, 2014 of $76.7 million, or $1.34 per share, compared with $69.1 million, or $1.21 per share, for the 2013 third quarter, which included a $0.08 per share benefit due to the reduction of the United earnout liability.

09 Sep 2014

MN 100: Kirby Inland Marine

President: William G. Kirby Corporation is a premier tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii. Kirby’s service includes the transporting of petrochemicals, black oil products, refined petroleum products and agricultural chemical products by tank barge. Kirby also owns and operates seven ocean-going barge and tug units transporting dry-bulk commodities in United States coastwise trade.

31 Jul 2014

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability. Kirby Corporation announced record net earnings attributable to Kirby for the second quarter ended June 30, 2014 of $75.0 million, or $1.31 per share, compared with $63.1 million, or $1.11 per share, for the 2013 second quarter. Consolidated revenues for the 2014 second quarter increased 11% to $628.1 million compared with $563.9 million reported for the 2013 second quarter.

05 Jun 2017

Anatomy of a Commercial Marine Lender

Three things: experience, experience, and … experience. It’s a very familiar scenario: And, if you are the CFO, controller, president or other financial manager of your company then you have been here before. Across your conference table sits a potential new lender. He/she is very genuine in their desire to lend you money on your boats. They sincerely want to be a valued and trusted advisor to you in all things vessel-finance related. But what may be lacking is an in depth knowledge of the commercial marine industry that can only come from time and exposure to the peculiarities of our industry. Actually, it’s easy to understand why this lender tells you they want to loan you money.

20 Jan 2014

OW Bunker Contracted for BOSTCO Terminal

BOSTCO Terminal (photo courtesy of Kinder Morgan Energy Partners)

OW Bunker announced that it has signed an exclusive alliance with UNIPEC America to provide products at the new BOSTCO (Battleground Oil Specialty Terminal) fuel oil terminal in Houston. The move further expands the company’s physical presence in the region, complementing its existing operations in the Gulf of Mexico and Panama. UNIPEC America has negotiated the rights to supply bunkers ex-pipe at the new BOSTCO terminal. In conjunction with this, OW Bunker has developed a partnership agreement with UNIPEC America to provide calling vessels with quality products and services from January 2014.

16 Jan 2014

Kirby to Order New Articulated Tank Barge, Tugboat, Pair

An ATB: Image courtesy of Kirby Corp.

Kirby Corporation says it is to construct an articulated 185,000 barrel tank barge and 10,000 horsepower tugboat unit (ATB unit) at a cost of $75 to $80 million for charter to a customer when completed. Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "With the coastal fleet utilization around 90%, increasing demand for the coastwise movements of crude and natural gas condensate, and continued progress in expanding our coastal business to inland customers, new capacity is needed to meet demand. About Kirby Corp.

27 Sep 2013

Kirby Corp. CEO Joe Pyne is "No Ordinary Joe"

“Companies are successful because you have a bunch of people pulling their oars at the same time. They do the little things more right.  That requires everybody working to make it successful.”

When Joseph H. Pyne joined Dixie Carriers in 1978, little did he know the maritime juggernaut he would help to create. When he took over as president in 1984, the company owned about 20 boats and 50 barges, with a value of about $35m. Today, after nearly 30 years, 50 acquisitions, it has a market cap well in excess of $4B, and its fleet hovers around 350 boats and 950 barges, commanding approximately 35% of the U.S. market. Joseph H. Pyne, 65, recently spent some time with Maritime…

31 Jan 2013

Kirby Announces 4Q & 2012 Year Financials

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.

14 Jan 2013

Kirby to Announce 4Q Results on 30 January

Kirby Corporation To Announce 2012 Fourth Quarter And Year Results On January 30, 2013, With Conference Call On January 31, 2013. Kirby Corporation ("Kirby") (NYSE:KEX) will announce its 2012 fourth quarter and year results at 5:00 p.m. central time on Wednesday, January 30, 2013. A conference call to discuss the results will be held at 10:00 a.m. central time on Thursday, January 31, 2013. The telephone numbers to call to participate in the conference call are 800-446-2782 for domestic callers and 847-413-3235 for international callers. Please dial in five to ten minutes prior to the start of the call. The host is Steve Holcomb. The confirmation number is 34078345. An audio conference call playback will be available starting at 1:00 p.m.

21 Dec 2012

Changes to Kirby Corp. Board

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.

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