Americas News
Kirby Purchases Tanker Barge Fleet from Seacor for $88 Million
Kirby Corporation (Kirby) Tuesday announced that it has signed an agreement to purchase the SEACOR Holdings Inc. (Seacor) inland tank barge fleet from subsidiaries of Seacor for approximately $88 million in cash.
The purchase is said to include 27 inland 30,000 barrel tank barges, 13 inland towboats, one 30,000 barrel tank barge, and one towboat that is currently under construction.
Under the agreement, Kirby says it will also transfer the ownership of a Florida-based ship docking tugboat to Seacor.
"The purchase of the Seacor inland tank barge and towboat fleet further expands our inland marine fleet with well-maintained and recently constructed vessels," said David Grzebinski, Kirby's President and CEO.
"Operating primarily in the refined products trade, these assets will be complementary to our existing fleet and will allow us to continue to enhance customer service."
While subject to customary conditions, such as regulatory approvals, the deal is expected to close early in the second quarter of 2016.
Kirby says that the acquisition will likely be funded with funds made available through the company's revolving credit facility.
In September, Ship & Bunker reported that the U.S. Coast Guard estimates as much as 250,000 gallons of HFO cutter stock was spilled into the Mississippi River as a result of two tow boats colliding on the evening of September 2, just north of Columbus, Kentucky.
