Expanding New York-listed Kirby Corporation has signed an agreement to acquire nearly all of CGBM 100's inland tank-barge fleet for an undisclosed amount.
Kirby will buy 27 10,000-barrel units with a total capacity of 270,000 barrels.
The closing of the acquisition is expected to occur in the fourth quarter and is subject to customary closing conditions, it said.
In May, it inked an agreement to buy Targa Resources Corp’s inland marine tank barge business for approximately $69.3m in cash.
The acquisition comprised 16 inland pressure barges with a total capacity of 258,000 barrels. Many of the units are under multi-year contracts, Kirby said.
Earlier this year it brought its acquisition bill in the previous 12 months to $1.2bn with another fleet takeover.
It bought Higman Marine and affiliated companies for $419m in cash.
Higman’s fleet consisted of 159 30,000-barrel inland tank barges, and 75 inland tugs.
This followed up a $68m move for an undisclosed owner's nine specialised pressure tank barges, four 30,000-barrel tank barges and three 1,320-hp inland towboats; and a $710m transaction to buy Stewart & Stevenson (S&S), a manufacturer and supplier for several industries including marine and energy.
