Houston-based tank barge operator Kirby Corporation (NYSE:KEX) announced yesterday that the company has purchased Seaboats, Inc. and affiliated companies consisting of three 80,000-barrel coastwise tank barge and tug units. The three coastwise tank barge and tug units, which currently operate along the East Coast and have an average age of five years, were purchased for $42.3 million in cash through Kirby’s $250 million revolving credit facility.
Joe Pyne, Kirby’s Chairman and Chief Executive Officer, said in a statement:
“The purchase of Seaboats’ coastwise fleet consisting of three 80,000 barrel tank barge units furthers our objective of growing our offshore tank barge fleet. The three tank barges are sister barges, built to the same design as our four 80,000 barrel tank barges and will expand our fleet capacity, service capabilities to our customers and provide additional flexibility.”
Unfortunately, one man’s opportunity is another’s loss in this case. According to an anonymous commentor on the gCaptain forum, 30+ employees from Seaboats, Inc. have lost their jobs as a result of the sale, which was a “major surprise” to those let go.
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.
By Yimou Lee TAIPEI, March 7 (Reuters) – China has stepped up grey-zone warfare against Taiwan, aiming to make the areas around the democratic island “saturated” with balloons, drones and civilian boats,...
Austal USA has kicked off plans to construct a new manufacturing facility, marking a significant expansion of its shipyard capacity in Mobile, Alabama in support of U.S. Navy and Coast...
Oldendorff and Norsepower have announced an agreement to install three Norsepower Rotor Sails™ on board a modern bulk carrier to reduce its emissions. The vessel, Dietrich Oldendorff, will be equipped...
February 5, 2024
Total Views: 848
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.