Page 46: of Marine News Magazine (November 2020)

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INLAND WATERWAYS

Ingram Barge a $1.5 billion revolving credit led by Bank of America, ticipants, has continued. In early 2020, Kirby acquired the emerged with 95% ownership in the newly capitalized inland barges (92 units aggregating 2.5 million bbl of ca- company. Bankruptcy case ? lings reveal the deleterious ? - pacity ) and ? eet of 45 boats of Savage Marine (along with nancial straits just prior to the ? ling: “As of December 31, a bunkering business) for $279 million. This follows up 2019, ACL generated approximately $974 million in oper- on blockbuster asset acquisitions of 2018 Higman Marine ating revenues for the prior 12-month period and incurred (163 barges) and 2019 Cenac Marine (63 barges). At mid- a net loss of approximately $140 million. Its unaudited year, Kirby controlled 324 river towboats and 1,131 inland balance sheet re? ected assets of approximately $1.441 bil- barges. The league tables in the tank barge sector include lion and liabilities of approximately $1.977 billion as of ACL with 408 tank barges at mid-2020, Canal Barge with

December 31, 2019.” 340, Ingram with 276 and Florida Marine Transporters

Ingram Barge, with a home base in Nashville, is a leader with 270 barges. in the dry segment. operating nearly 4,500 barges (mainly Randy Giveans, Jefferies & Company equities analyst, dry) with a ? eet of more than 150 tug/tow boats. The total writing at the time of a recent Kirby earnings release, dry barge ? eet totals approximately 18,600 units. Other linked the inland tank barge business to developments in large owners include American River Transport (ARTCO, the petroleum and chemicals businesses. Writing about the controlling roughly 1800 covered barges), Marquette overall sector, he explained, “The current economic crisis

Transportation, based in Paducah, Ky., with 800 barges has put downward pressure on both re? nery and petchem and Campbell Transportation, headquartered near the utilization, leading to reductions in both volumes and rates

Monongahela River, with more than 700 barges. for the inland barge market.”

Liquid cargo is also a big mover on the waterways, with Giveans continued, “Utilization had begun to rise, but

NYSE-listed Kirby Corporation providing visibility into a was battered again by recent hurricanes and storms in the business dominated by private entities. Consolidation, in US Gulf while re? ners continued to struggle due to re- the form of corporate acquisitions by well-resourced par- duced demand for fuels. Inland utilization remains below

November 2020 46 MN