New York-listed Kirby Corporation on Thursday (2 April) announced it has completed the acquisition of the Savage Inland Marine (Savage) inland barge fleet.
Savage is an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States, it said.
In an official statement, Kirby confirmed the total consideration paid was approximately $278 million and was financed with additional borrowings.
The company also said Savage’s tank barge fleet consists of 90 inland tank barges with approximately 2.5 million barrels of capacity and 46 inland towboats.
Savage primarily moves petrochemicals, refined products, and crude oil on the lower Mississippi River, its tributaries, and the Gulf Intracoastal Waterway, notes the company.
Savage also operates a significant ship bunkering business as well as barge fleeting services along the Gulf Coast, it added.
Savage’s customers include large midstream and global integrated oil companies, many of which are current Kirby customers for inland tank barge services.
Manifold Times in late January reported Kirby Corporation signing a definitive agreement to acquire the inland tank barge fleet of Savage for approximately $278 million in cash and the assumption of leases.
Related: Kirby Corporation to acquire Savage Inland Marine and its bunkering business
Photo credit: Kirby Corporation
Published: 6 April, 2020
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