Marine Link
Tuesday, January 23, 2018

Kirby Corp News

Kirby Corp. to Buy Saunders Engine and Equipment Co.

Marine Systems Inc., a wholly owned subsidiary of Kirby Corp., said it had agreed to purchase Saunders Engine and Equipment Co. Inc. for about $13.2m in cash. Saunders, based in Mobile, Ala., is a privately held high-speed diesel engine services provider. The deal is expected to close by July 20. Houston-based Kirby said it will finance the acquisition using an existing revolving credit facility.

The Road Less Traveled

Shown here are the charts which quantify the energy efficiency of barge transport, as well as the common comparison of a 15-tow barge comparison to the equivalent carriage capabilities of road and rail.  (Source: A Modal Comparison of Domestic Freight Transportation Effects on the General Public)

New study touts the economic and environmental benefits, plus the growth potential, of barge traffic on inland waterways. Anyone who has spent much time in the marine transportation industry likely is familiar with the various charts and graphs that tout the superior cargo carrying capacity and efficiency of barges versus trains and trucks.   C. Berdon Lawrence, Chairman of the Board of Kirby Corp. and Joseph Pyne, the ubiquitous President and CEO of Kirby Corp.  

Kirby Buys Hollywood Marine, TriggersDebt Fears

Kirby Corp, the largest U.S. tank barge operator, recently agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, Texas, for about $325 million. While the company views Hollywood's operations as complementary to its core inland tank barge operations, some analysts were immediately skeptical of the effects on Kirby's bottom line. Standard & Poor's placed its triple-'B' corporate credit and senior unsecured debt ratings for Kirby Corp. on CreditWatch with negative implications. The CreditWatch listing reflects an increased debt burden that Kirby will incur as a result of its acquisition of Hollywood Marine Inc. As part of the deal, Kirby said it would name C.

Kirby Buys Hollywood Marine, Triggers Debt Fears

Kirby Corp, the largest U.S. tank barge operator, recently agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, Texas, for about $325 million. While the company views Hollywood's operations as complementary to its core inland tank barge operations, some analysts were immediately skeptical of the effects on Kirby's bottom line. Standard & Poor's placed its triple-'B' corporate credit and senior unsecured debt ratings for Kirby Corp. on CreditWatch with negative implications. The CreditWatch listing reflects an increased debt burden that Kirby will incur as a result of its acquisition of Hollywood Marine Inc. As part of the deal, Kirby said it would name C.

Kirby Corp. Buys Hollywood Marine

Kirby Corp., the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for about $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. Kirby plans to merge the privately-held company into one of its subsidiaries and hopes the acquisition boosts its profits in the year 2000 and add to cash flow. As part of the deal, Kirby will name C. Berdon Lawrence, Hollywood Marine's president and principle shareholder, as chairman of Kirby and make its current chairman, George Peterkin, chairman emeritus.

Kirby Corporation to Present

Kirby Corporation (NYSE:KEX) announced that Joe Pyne, Kirby's President and Chief Executive Officer, will present at the Stephens Inc. Fall Investment Conference on Wednesday, November 19, 2008, at 10:00 a.m. eastern time. The Stephens conference is being held in New York. A live audio webcast of the presentation will be available to the public and a replay will be available after the presentation by visiting Kirby's website at http://www.kirbycorp.com/. A copy of the material prepared by Kirby for the presentation will be available at 8:00 a.m. eastern time on November 19, 2008 on Kirby's website. A replay of the presentation will be available through December 19, 2008 on Kirby's website.

Kirby Corp. to Issue Q2 2013 Results

Kirby Corporation ("Kirby") (NYSE:KEX) will announce its 2013 second quarter results at 5:00 p.m. central time on Wednesday, July 24, 2013. A conference call to discuss the results will be held at 10:00 a.m. central time on Thursday, July 25, 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 35242862. An audio conference call playback will be available starting at 1:00 p.m. central time on Thursday, July 25, 2013 through 5:00 p.m. central time on Friday, August 23, 2013 by dialing 888-843-7419 for domestic callers and 630-652-3042 for international callers.

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…

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.

Kirby to Pay $4.9 Mln Penalty over Oil Spill

(USCG photo by Andrew Kendrick)

Kirby Inland Marine LP has agreed to pay $4.9 million in civil penalties to settle claims stemming from a 4,000-barrel oil spill in the Houston Ship Channel in March 2014, the U.S. Justice Department said on Tuesday.   The company, a subsidiary of Kirby Corp, also agreed to implement operating improvements across its hundreds of vessels operating in U.S. inland waters, the department said in a statement. (Reporting by Tim Ahmann; Writing by Eric Walsh; Editing by Susan Heavey)

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.

Kirby Enters Tank Barge Deal With Dow

Kirby Corp. entered into a long-term lease with a subsidiary of The Dow Chemical Co. for 94 inland tank barges. The lease agreement is expected to be marginally additive to Kirby's earnings, the company said. On Jan 31, Kirby projected earnings for 2001 in a range of $1.45 to $1.55. "At the present time, we feel an adjustment to that range is not in order," said Joe Pyne, president and CEO. The barges were acquired by Dow as part of the recent merger between Union Carbide Corp. and Dow. Used to transport bulk liquids, the barges have total capacity of 1,335,000 barrels. - (Reuters)

Kirby Corp. Profits Disappoint

Barge operator Kirby Corp. said its third-quarter profit would miss Wall Street expectations by about 10 percent because of a fall off in refined petroleum shipments and higher fuel prices. Houston-based Kirby, which operates a fleet of barges and towing vessels transporting chemicals, refined petroleum and agricultural goods on U.S. inland waterways, said in a statement its third-quarter profit would be between 36 cents and 38 cents per share. Wall Street analysts had been expecting Kirby to report a profit of $0.41 cents per share, according to research firm First Call/Thomson Financial. A year earlier it had earned $0.34 cents per share. Refined product volumes were strong in the first and second quarters, but weakened during the third quarter, the company said.

Kirby Reports Record Results

Houston-based Kirby announced record net income of $22.6 million, or 85 cents per share, on record revenue of $224.9 million for the first quarter ended March 31. That compares with income of $13.3 million, or 52 cents per share, on revenue of $184.4 million for the same period last year. Kirby also declared a two-for-one stock split of its common stock. Stockholders of record on May 10 will receive one additional share of common stock for each share of common stock held on that day. The additional shares will be distributed on May 31. Retired pipeline executive David L. Lemmon has been elected to Kirby Corp.'s board of directors. Lemmon replaces Robert G. Stone, Jr., who passed away on April 18. Lemmon served as president and CEO of Colonial Pipeline Co.

Lawrence Retires as COB Kirby Corp.

Kirby Corporation (NYSE:KEX) announced the retirement of C. Berdon Lawrence, Kirby's Chairman of the Board, effective April 27, 2010, the date of Kirby's 2010 Annual Stockholders and Board of Directors Meetings. Mr. Lawrence has served as Chairman of Kirby since October 1999. He was the founder and former President of Hollywood Marine, Inc., an inland tank barge company acquired by Kirby on October 12, 1999. Lawrence will serve as a consultant to Kirby and will remain on the Kirby Board. Commenting on his retirement from Kirby, Lawrence stated, "Ten years ago on this date, October 12, 1999, we merged Hollywood with Kirby, combining the United States' largest and third largest inland tank barge companies, and by all business and financial measurements, it has been a very successful merger.

Kirby Corp. Records Solid Results

Kirby Corp. has apparently had success incorporating Hollywood Marine, a move which effectively created the largest inland barge operator in the country. In February, the company reported earnings per share (EPS) of $0.38, versus $0.31 a year ago. While the company appears strong, poised for further growth, there are some concerns as noted in a research report from Lazard Freres & Co. LLC. Management expects the slowing U.S. economy to negatively impact transportation volumes, particularly for chemicals, as those customers project reduced demand for the year. First quarter results will also undoubtedly be touched by severe weather conditions common in the Midwest in January.

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.

Kirby Corp. Order Additional 29 Large Tank Barges

Image courtesy of Kirby Corp.

Kirby Corporation, based in Houston, Texas, the nation's largest domestic tank barge operator, informs it has signed agreements for the construction of 29 additional 30,000 barrel inland tank barges with a total capacity of 830,000 barrels for delivery throughout 2014. Of the 29 inland tank barges, 18 are through the assumption of shipyard construction contracts from another inland tank barge operator and 11 are new orders placed by Kirby. Based on current commitments, steel prices and projected delivery schedules, the cost of the 29 inland tank barges is approximately $81 million.

Kirby Announce Record Earnings in Q1 2014

Image courtesy of Kirby Corp.

US tank barge operator and diesel engine service providers, Kirby Corporation, inform that earnings for the first quarter ending March 31, 2014 amounted to $62.2 million, or $1.09 per share, compared with $56.6 million, or $1.00 per share, for the 2013 first quarter. Consolidated revenues for the 2014 first quarter were $589.2 million compared with $558.8 million reported for the 2013 first quarter. Kirby's 2014 first quarter results included a $0.03 per share severance charge…

Waterways Council Names Officers & Directors

Richard R. (Rick) Calhoun, Cargo Carriers, Chairman; Cornel Martin, President & CEO; Merritt Lane, Canal Barge Line, Vice Chairman; Rodney Weinzierl, Illinois Corn Growers Association, Vice Chairman;  Matt Woodruff, Kirby Corporation, Counsel; Peter Stephaich, Campbell Transportation Company, Secretary; Cherrie Felder, Channel Shipyard Company, Treasurer. Dan Mecklenborg, Ingram Barge Line Co., was named Immediate Past Chairman, and Berdon Lawrence, Kirby Corporation and Mark Knoy, AEP River Operations, were named Honorary Past Chairmen. Named to At Large positions were Michael Hennessey, CONSOL Energy Co.; Tim Parker, Jr., Parker Towing Company; Stephen Little, Crounse Corporation; and Dale Roth, Carpenter’s District Council of Greater St. Louis and Vicinity.

Kirby Expects $10M Annual Savings After Acquisition

Kirby Corp., the nation's largest tank barge operator, expects to save at least $10 million per year as a result of its acquisition of Hollywood Marine Inc. Kirby agreed to buy the inland tank barge company in July for about $325 million. "Cost savings, through the consolidation of the corporate headquarters, the elimination of duplicate administrative and operating staffs and expenses, and improved operating efficiencies in the marine transportation division, are estimated to be at least $10 million per year," Kirby said in a statement. Company officials would not comment further on how many jobs would be cut and where those reductions would be made.

Kirby Expects $10M A Year Savings After Acquisition

Kirby Corp., the nation's largest tank barge operator, expects to save at least $10 million per year due to its acquisition of Hollywood Marine Inc. Kirby agreed to buy the inland tank barge company in July for about $325 million. Closing of the deal is scheduled to occur this week. "Cost savings, through the consolidation of the corporate headquarters, the elimination of duplicate administrative and operating staffs and expenses, and improved operating efficiencies in the marine transportation division, are estimated to be at least $10 million per year," Kirby said in a statement. Company officials would not comment further on how many jobs would be cut and where those reductions would be made.

Kirby Buys Towboats, Barges from Coastal

Kirby Corp. signed an asset purchase agreement with Coastal Towing, Inc. to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on September 25, 2002, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash.

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