Chao to Receive AOTOS Award
The United Seamen’s Service announced that U.S. Secretary of Transportation, The Honorable Elaine L. Chao, will receive the 2019 Admiral of the Ocean Sea Award based on her career-long commitment to the maritime industry. The other, previously announced recipients are James Given, President of the Seafarers International Union of Canada; Anil Mathur, President and CEO of Alaska Tanker Corp.; and Joseph Pyne, Chairman of the Board of the Kirby Corporation.The award will be presented at the 50th annual AOTOS gala at the Sheraton New York Times Square Hotel, New York City, on November 1, 2019.
Kirby Posts 2019 Q1 Results
Kirby Corporation announced net earnings attributable to Kirby for the first quarter ended March 31, 2019 of $44.3 million, or $0.74 per share, compared with earnings of $32.5 million, or $0.54 per share, for the 2018 first quarter. Excluding certain one-time charges, 2018 first quarter net earnings attributable to Kirby were $37.9 million, or $0.63 per share. Consolidated revenues for the 2019 first quarter were $744.6 million compared with $741.7 million reported for the 2018 first quarter.David Grzebinski…
Campbell Transportation Appoints Buese EVP
Campbell Transportation Company, Inc. said that Kyle Buese will be joining the company as Executive Vice President of Operations effective January 7, 2019.Buese is a graduate of Tulane University where he received his Master of Business Administration degree and a graduate of Loyola University of New Orleans where he received his Bachelor of Business Degree. Buese is also an active CFA charterholder.Buese has worked at Kirby Corporation since 2006 where he has served in several key roles including General Manager…
Harley Marine Hires Adlakha as CFO
Harley Marine Services is pleased to welcome Sterling Adlakha to its executive team where he will assume the role of Chief Financial Officer. A graduate of the U.S. Coast Guard Academy, Sterling served 10 years in the U.S. Coast Guard. He began his career as an engineer on a 210' cutter before moving to the West Coast and becoming a double-ended marine inspector and plank owner of the country's first Sea Marshal program following the 9/11 terrorist attacks. He later earned a Masters…
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.
National Waterways Foundation Elects Mecklenborg as Chairman
At its November 15, 2016 meeting in Cincinnati, the National Waterways Foundation (NWF) elected the following Trustees and Officers. Dan Mecklenborg, Senior Vice President, Chief Legal Officer and Secretary, Ingram Barge Company, was elected Chairman. He succeeds Mark Knoy, President and Chief Executive Officer, American Commercial Barge Line, who remains on the Foundation as Immediate Past-Chairman. Michael Toohey, President and CEO, Waterways Council, Inc., was named Foundation President.
Silver Bell Awards Honor Maritime Leadership
Celebrating the maritime connection essential to modern-day life, SCI’s annual awards ceremony lauded the contributions made by persons who strengthen the bonds of community and camaraderie. On Thursday, June 9, 2016, the Seamen’s Church Institute (SCI) hosted its 39th Annual Silver Bell Awards Dinner at Pier Sixty in New York, raising over $800,000 for the Institute’s programs and services for mariners. At the event, SCI honored Joseph H. Pyne, Chairman of Kirby Corporation, the Italian Navy and Coast Guard and the Hellenic Coast Guard. The Institute gave its Silver Bell Award to Joseph H.
AWO Holds Spring Convention
AWO members converge on Washington D.C. The American Waterways Operators’ (AWO) 2016 Spring Convention attracted more than 200 members to Washington, D.C. April 19-21, including 36 first-time attendees. The annual event included a day of organization-wide and sector-specific meetings to discuss priority industry issues, the 14th Annual Barge-In, the Annual Membership meeting, at which AWO’s new member leadership was elected and new members of the Board of Directors were enrolled, and the Board of Directors meeting.
American Waterways Operators Elects Chairman
The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders during AWO's Spring Convention held recently in Washington, D.C. James F. Farley, Corporate Vice President – Industry Relations, Kirby Corporation, was elected Chairman. Edward J. "Ted" Tregurtha, President of Moran Towing Corporation, was elected Vice Chairman. Mr. Farley succeeds outgoing Chairman David G. Sehrt, Senior Vice President and Chief Engineering Officer of Ingram Barge Company.
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.
Middle Market Mergers and Acquisitions: A Primer
Over the past few years, we have provided regular analysis of the maritime and offshore industry mergers and acquisitions (M&A) markets. But what goes into those decisions and transactions? This quarter, an overview of the basics of mergers and acquisitions – the players, the process and the terminology – will simplify the language of M&A. In simple terms, there are really two types of buyers in the M&A world: Financial Buyers and Strategic Buyers. A ‘strategic’ is generally a larger company with operations that are similar to those of the ‘target’ company…
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010, tracing the flow of deals in the post-financial crisis era. In this edition, we take a closer look at relevant U.S. offshore energy industry deal flow and market movements as they relate to oil prices over time, and highlight some recent middle market transactions.
Kirby Corp. Announces Record 3Q Results
Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability. Kirby Corporation announced record net earnings attributable to Kirby for the third quarter ended September 30, 2014 of $76.7 million, or $1.34 per share, compared with $69.1 million, or $1.21 per share, for the 2013 third quarter, which included a $0.08 per share benefit due to the reduction of the United earnout liability.
Hundreds of Veterans Attend Military2Maritime Event
More than 400 veterans attended a Military2Maritime career fair this week sponsored by the American Maritime Partnership (AMP), the voice of the domestic maritime industry. The event was hosted by the Port of Houston and is part of a national program to help connect the nation’s servicemen and women with jobs in the American maritime industry that support families and build communities. The domestic maritime industry’s goal is to provide the more than 720,000 servicemen and women out of work with an opportunity to maximize their professional strengths.
Energy Growth Fuels Transactions
North America’s energy revolution is starting to have a profound impact on the maritime and offshore sectors. North America is undergoing a gradual revolution in energy production, and the transformation has begun to have a profound impact on the maritime and offshore sectors. Despite a few volatile years and mixed performance of public companies in the offshore service and drilling markets, the outlook for energy services seems to be positive according to most analysts. Recovery…
Kirby Corp. CEO Joe Pyne is "No Ordinary Joe"
When Joseph H. Pyne joined Dixie Carriers in 1978, little did he know the maritime juggernaut he would help to create. When he took over as president in 1984, the company owned about 20 boats and 50 barges, with a value of about $35m. Today, after nearly 30 years, 50 acquisitions, it has a market cap well in excess of $4B, and its fleet hovers around 350 boats and 950 barges, commanding approximately 35% of the U.S. market. Joseph H. Pyne, 65, recently spent some time with Maritime…
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…
Insights: Maritime Mergers and Acquisitions - All About Risk
Risk is at the heart of all financial transactions. That said; in cases of Mergers and Acquisitions, buyers and sellers of companies can and do have contrasting goals and very different notions of risk in a deal. Sellers often take their company or division to market in order to reduce risk, exchanging an operating unit for cash or securities. In the case of a closely-held business, the owner may hold almost all of his or her wealth in the stock of one company and selling the company is the path to diversifying their personal portfolio.
Kirby CEO Urges Support for Jones Act at House Subcommittee Hearing
Testifying on behalf of the American Maritime Partnership, Kirby Corporation Chairman & CEO Joseph Pyne urged Members of Congress to strongly support the Jones Act for the economic, national security and homeland security benefits it provides to the United States. Mr. Pyne delivered his testimony at a May 21 hearing before the House Subcommittee on Coast Guard and Maritime Transportation on “The Role of U.S. Ships and Mariners.” The first panel consisted of government witnesses who discussed the government’s role supporting U.S.
ACL Selected to Serve on the IWUB
American Commercial Lines (ACL) has been selected to serve as a representative on the Inland Waterways Users Board (IWUB), an advisory board established to monitor the Inland Waterways Trust Fund (Fund) and make recommendations to the Army Corps of Engineers and to Congress on investment priorities using resources from the Fund. Comprised of representatives of the barge transportation industry and the customers it serves, the IWUB provides input to help identify and prioritize investment in inland navigation infrastructure.
Coast Guard Foundation to Honor Kirby’s Joseph Pyne
The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of Coast Guard members and their families, announced that its 33rd annual Salute to the United States Coast Guard will take place on Thursday, October 10, 2013 in New York City. This year’s event will honor the bravery and heroism of U.S. Coast Guard members across the country and pay special tribute to Joseph Pyne of Kirby Corporation for his strong support of the Foundation, and its programs and projects that benefit the Coast Guard and its service members.
AWO's Allegretti Touts Merits of Domestic Maritime Industry
During an address today in New York City at the TradeWinds 2013 Jones Act Shipping Forum, American Maritime Partnership Chairman and American Waterways Operators President & CEO Tom Allegretti hailed the nation’s domestic maritime industry as a crucial element of America’s economic, national and homeland security, calling the Jones Act, which serves as the industry’s foundation, both a commercial and a public policy success. In his remarks, Mr. Allegretti highlighted the thriving industry’s role in the nation’s economy.
Postal Service to Honor Barge Fleeting
U.S. Postal Service to dedicate Earthscapes Forver stamps to include "Barge Fleeting," an aerial view of towing vessels. WHAT: The United States Postal Service will dedicate a series of Forever Stamps entitled “Earthscapes,” one which features an aerial view of Kirby Corporation’s Apollo and Enterprise Marine Services LLC’s Taurus commercial tow boats positioning themselves against liquid tank barges in the Old River Barge Fleeting area near the Houston Ship Channel in Texas. WHEN: 2:30 p.m., Monday, October 1, 2012; the event is free and open to the public. WHO: Speakers will be William J.
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…
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…
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.