Wednesday, November 28, 2012

Barge M&A: "Kirby Corporation Signs Agreement To Acquire Penn Maritime" ($CNRD)

Press release today,

"Kirby Corporation announced today that it has entered into an agreement to acquire Penn Maritime Inc. and Maritime Investments LLC, 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 [...]

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. 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."

6 comments:

John said...

http://www.businessweek.com/news/2012-11-28/obama-urged-to-declare-emergency-for-mississippi-river

CP said...

River won't be low forever.

Also, you need more barges to ship the same amount when water levels are low.

John said...

Good point on water levels vs number of barges. (Second-level thinking!)

Btw, did you notice from the news piece there was a Sen. Conrad? :-)

CP said...

yea

Jack said...

http://www.rbnenergy.com/good-year-for-the-barges

Article offers additional color on industry trends

CP said...

Cool! I'll post it.