In February, Kirby Corp acquired Higman Marine for $419 Million. Not new news.
- Prior to the buyout, Kirby had 841 inland tank barges with 227 towboats and 56 coastal tank barges with 53 tugboats.
Higmans fleet ADDED 161 inland tank barges with 75 inland towboats.
Kirbys fleet is now over 350 vessels with over 1,000 tank barges including inland and coastal operations.
Quotes from an article about the acquisition in this months Professional Mariner:
“The barges acquired from Higman have an average age of 7 years and we estimate value is about $275 million” So $275 million /161 tank barges = $1.7 million/ inland tank barge
“We estimate the value of the towboats acquired from Higman at roughly $200 million” 200 Million / 75 towboats = 2.66 Million / inland towboat
Market value for equipment aged 7 years in this transaction:
$1.7 million per inland tank barge
$2.66 Million per inland towboat