Kirby to Acquire CGBM's Inland Tank Barge Fleet
Kirby Corporation has announced the signing of an agreement to acquire substantially all of CGBM 100, LLC's inland marine tank barge fleet for an undisclosed amount.Under the terms of the agreement, Kirby will acquire 27 of CGBM's 10,000 barrel inland marine tank barges which have a total capacity of approximately 270,000 barrels. The closing of the acquisition is expected to occur in the 2018 fourth quarter and is subject to customary closing conditions.Kirby Corporation, based in Houston…
Kirby Acquires Targa's Inland Tank Barge Fleet
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.
Kirby Executive Chairman Pyne to Retire
Houston based tank barge operator Kirby Corporation announced that Joseph H. Pyne will retire as Executive Chairman of the Board, effective April 30, 2018. Pyne will continue to serve as Chairman of the Board in a nonexecutive role.The firm also announced that Kirby will incur a charge for compensation related to retirement in the second quarter of 2018.Pyne began his career with Kirby in 1978, and has held numerous executive positions including Chairman of the Board since April 2014…
ATB Newbuild Delivered to Kirby Corporation
A second Articulated Tug Barge unit (ATB) Paul McLernan and the 155,000-barrel barge 155-02 for Houston-based tank barge operator Kirby Corporation has been delivered by Sturgeon Bay, Wisc. shipyard Fincantieri Bay Shipbuilding (FBS), a subsidiary of Fincantieri Marine Group. Following the delivery of the first ATB in the fall of 2016, the recent delivery completes a contract signed in July 2014. “Our contract with Kirby to build a pair of ATBs was significant for our FBS team,” said Todd Thayse, FBS vice president and general manager.
Kirby Corp Acquires Stewart & Stevenson
Houston based tank barge operator Kirby Corporation said it has signed an agreement to acquire the assets and businesses of Stewart & Stevenson LLC for approximately $710 million. The agreement was signed on June 13 by the companies’ executive chairmen, Joseph H. Pyne of Kirby Corporation and Hushang Ansary of Stewart & Stevenson. Kirby said the purchase will be funded through its revolving credit facility and common stock valued at approximately $355 million. Stewart & Stevenson, also based in Houston, is a subsidiary of the Houston-based Parman Capital Group.
MN100: 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…
Joe Pyne Joins DHT Holdings’ Board of Directors
Crude oil shipper DHT Holdings, Inc. announced today that it has appointed Joseph H. Pyne to its board of directors, expanding the board from three to four independent directors. Erik Lind, Chairman of DHT said, “We are very pleased to have Joe join the DHT board of directors. His commercial and operational experience and longstanding insight into the U.S. Pyne is the Executive Chairman of Kirby Corporation, a U.S. tank barge operator, and served as the Chief Executive Officer of the company from 1995 to April 29, 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.
Kirby Awards ATB Contracts to Bay Shipbuilding
Bay Shipbuilding Company (BSC) of Sturgeon Bay, Wisconsin, a subsidiary of Fincantieri Marine Group (FMG), has been awarded a contract to build two 155,000-barrel capacity barges and two 6,000 HP tugs for Kirby Corporation. The vessels are to be operated as Articulated Tug-Barge (ATB) units and will haul petroleum and chemical products domestically. The first ATB unit is scheduled for delivery in the Fall of 2016 and the second unit will be delivered in Summer of 2017. Kirby Corporation…
Kirby Announce Record Earnings in Q1 2014
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…
Kirby Corp. Order Additional 29 Large Tank Barges
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 to Order New Articulated Tank Barge, Tugboat, Pair
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.
Training: Key to Recruiting & Retaining Personnel
Kirby’s Investment Grows – and Pays off Handsomely. Houston-based Kirby Corporation runs an in-house training center that today instructs 3,000 students yearly in 26 different courses – many of which are U.S. Coast Guard approved. Located in Channelview, the 23-year old, state-of-the-art center is conveniently located in the northeastern curve of the Houston Ship Channel. Last month, MarineNews spoke with Jim Guidry, Kirby’s Senior Vice President of Vessel Operations and a 20-year company veteran, about the center.
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.
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.
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.
Kirby Complete Penn Maritime Takeover
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 to Acquire Barge & Tankship Operator Penn Maritime
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.
Kirby Corp. to Acquire Allied Transportation
Kirby Corporation agrees to purchase assets of Allied Transportation Company, a subsidiary of Allied Marine Industries, & two affiliated companies. 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. Allied is an operator of offshore barges and tugboats participating in the coastal transportation of petrochemicals, as well as dry sugar products, in the Northeast, Atlantic and Gulf Coast regions of the United States. Customers include major petrochemical companies, most of which are current Kirby customers for inland tank barge services.
Kirby Expects Strong 3Q Earnings
Expected result compares with $.57 per share for the 2010 third quarter, fueled by continued strong inland marine transportation and land-based diesel engine services markets. Kirby to announce 2011 third quarter results on Wednesday, October 26, 2011, with conference call on Thursday, October 27, 2011. Kirby Corporation announced today that it expects its 2011 third quarter net earnings to exceed $.90 per share, above the top end of Kirby's earnings guidance of $.82 to $.87 per share, and substantially above 2010 third quarter earnings of $.57 per share. Kirby will address the 2011 fourth quarter and year guidance when it announces its third quarter results at 5:00 p.m. central time on Wednesday, October 26, followed by its conference call at 10:00 a.m.
AWO Elects New Chair & Vice Chair
The members of the American Waterways Operators (AWO), the national trade association for the American tugboat, towboat and barge industry, elected Timothy J. Casey as Chairman and George Foster as Vice Chairman on Friday, April 3 during the AWO Spring Convention in Washington. Casey is President & CEO of K-Sea Transportation Corp., headquartered in East Brunswick, New Jersey, and served as vice chairman for the past year. Foster is President of JB Marine Service, Inc., headquartered in St. Louis. In his remarks to the AWO Board of Directors following his election as chairman, Mr.
SUNY Maritime Admiral’s Scholarship Dinner
On Tuesday, May 5th, at 6:00 pm, the State University of New York Maritime College will salute the American Bureau of Shipping (ABS), Kirby Inland Marine and Professor Emeritus William Sembler, ’52 at the College’s annual Admiral’s Scholarship Dinner. The event will be held on the college’s waterfront campus in Throgs Neck, New York. ESPN Sailing Analyst and former America’s Cup sailor Gary Jobson will serve as the Master of Ceremonies for the event. ABS is an international classification society devoted to promoting the security of life, property and the marine environment through the development and verification of standards for the design, construction and operational maintenance of marine-related facilities. ABS Chairman and Chief Executive Officer (CEO) Robert D.
Moody's Affirms K-Sea Ratings
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.