K-Sea Transportation Partners L.P. Completes Acquisition of Smith Maritime and Sirius Maritime
August 15 2007 - 9:25AM
Business Wire
K-Sea Transportation Partners L.P. (NYSE: KSP) said today that it
has completed its recently announced acquisition of Smith Maritime,
Ltd. of Honolulu, Hawaii and Sirius Maritime, LLC of Seattle,
Washington. President and CEO Timothy J. Casey said: �We are very
excited about welcoming the Smith and Sirius operating teams to
K-Sea. This acquisition immediately increases our barrel-carrying
capacity by 770,000 barrels, or 22% of our capacity of 3.5 million
barrels at June 30, 2007. In addition, our ongoing vessel
newbuilding program, under which we have ten new tank barges under
construction, will add 524,000 barrels over the next three and
one-half years. �These transactions strengthen our operations on
the West Coast and also expand our geographical presence to Hawaii,
thus providing a further platform for future growth. We have also
enhanced our ability to service those of our customers who have
marine transportation requirements in more than one U.S. coastal
market. We believe this strengthens K-Sea�s position as a leading
provider of refined petroleum products transportation services in
the U.S., and expands our ability to provide reliable and efficient
service to our customers.�
K Sea (NYSE:KSP)
Historical Stock Chart
From Jun 2024 to Jul 2024
K Sea (NYSE:KSP)
Historical Stock Chart
From Jul 2023 to Jul 2024