Kirby agrees to buy CGBM fleet

HOUSTON - Kirby Corp. announced Nov. 12 the signing of an agreement to acquire most of CGBM 100 LLC's (CGBM) inland marine tank barge fleet for an undisclosed amount. Under the agreement, Kirby will acquire 27 of CGBM's 10,000 barrel inland marine tank barges which have a total capacity of approximately 270,000 barrels. The closing of the acquisition is expected to occur in the 2018 fourth quarter and is subject to customary closing conditions. CGBM is HQ’d out of Kenner, La. (Source: PR Newswire 11/12/18) Gulf Coast Note: Kirby Corp. of Houston conducts operations in two business segments: Marine Transportation and Distribution and Services. The marine segment operates as a major tank barge operator in the U.S., transporting bulk liquid products throughout the Mississippi River System, Gulf Intracoastal Waterway, all three U.S. coasts, and Hawaii. Kirby’s Inland Marine sector has river operations centers in Baton Rouge, La., and Greenville, Miss. Its Distribution and Services segment is HQ’d in Houma, La. CGBM 100 of Kenner, La., charters a fleet of tank barges that are capable of transporting 10,000 barrels of liquid bulk products throughout the Gulf Coast region.