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Lincoln Sea News

30 Jan 2004

K-Sea Acquires Integrated Tug Barge Unit

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.

05 Mar 2004

Vessels: K-Sea Acquires ITB Unit

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.

09 Sep 2004

Steering into the Future Aboard Lincoln Sea

Everyone knows everyone else's business in this industry, or at least they think they do, and certainly try to. Who owns this or is buying that is information as eagerly sought for tactical insight as it is for gossip, and is equally protected by those in the know. The ex-S/R Everett, lately known as the Lincoln Sea, has been a buzz on New York harbor ever since the newswires hummed with reports that K-Sea had bought the Mobil-built boat. But that was back in January. If it's true, the scuttlebutt asked, how come the winter has passed, the spring has passed, and the boat's still painted blue - not the white superstructure, green decks, tan stacks, and red trim of K-Sea?