fbpx
02/07/2018

Kirby buys Higman Marine for $419 Million

Written by Emily

Kirby buys Higman Marine for $419 million in an all cash purchase

The largest inland and offshore tank barge company in the U.S. is purchasing Higman Marine. Higman Marine has provided inland marine tank barge and logistics solutions since 1917. Based in Houston, the company’s 159 barges and 75 towboats transport:

  • Refined petroleum products
  • Crude oil
  • Condensates
  • Black oil products
  • Chemicals and petrochemicals

Purchase of Higman will increase Kirby’s inland fleet to 1,000 barges and 302 towboats

Kirby’s purchase of Higman will increase the company’s core inland marine business. In a presentation to investors, Kirby lists Higman’s “young, high quality, and well-maintained fleet” as a benefit of buying Higman Marine. In addition to acquiring Higman’s fleet, Kirby will be retaining “high-quality Higman personnel.”

Kirby describes itself as “the only marine transportation provider offering liquid products distribution throughout the Mississippi River System, the Gulf Intracoastal Waterway, Along all three U.S. Coasts, and along the coasts of Alaska and Hawaii.” Kirby already operates the largest inland and offshore tank barge fleet in the U.S. Kirby lists an anticipated uptick in inland barge traffic in its investor presentation as a reason for buying Higman Marine. By adding Higman’s fleet to its own, Kirby is expanding its inland barge capacity from 841 barges and 227 towboats to 1,000 barges and 302 towboats.

Emily Corwin

02/07/2018

Leave a Reply

Your email address will not be published. Required fields are marked *