Kirby to Order New ATB

Kirby Corporation (NYSE:KEX) announced plans to build a 185,000 barrel/10,000 hp Articulated Tug and Barge (ATB) unit for a total cost of between $75 and $80 million.  Upon delivery in mid-to-late 2015, the vessel will be placed on 4-year charter that includes a 1 year extension.
Joe Pyne, Kirby’s Chairman and Chief Executive Officer, commented, “With the coastal fleet utilization around 90%, increasing demand for the coastwise movements of crude and natural gas condensate, and continued progress in expanding our coastal business to inland customers, new capacity is needed to meet demand.  The 185,000 barrel ATB unit has the flexibility to access ports that restrict larger vessels, while still delivering large volumes of product for our customer.”