Kirby Closes On Savage Inland Marine Acquisition
Kirby Corporation announced April 2 that it has completed the acquisition of Savage Inland Marine’s inland barge fleet, announced January 30. The total consideration paid was approximately $278 million and was financed with additional borrowings.
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. Savage also operates a significant ship bunkering business as well as barge fleeting services along the Gulf Coast. Savage’s customers include large midstream and global integrated oil companies, many of which are current Kirby customers for inland tank barge services.
Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts, and in Alaska and Hawaii.