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TUGS & BARGES Cowen says, “With fundamentals continuing to point in the right direction, we are increasing our price target to $130, based on 10x 2015 EV/EBITDA.” As of press time, Kirby’s stock, trading under the symbol KEX was trading at $111.93 per share. Kirby has two 185,000 bbl ATBs valued at $75 million apiece on order and another 66 inland tanker barges on order, putting 2014 CAPEX in the $330 million range. Speaking at the Marine Log Tugs & Barges

2014 Conference & Expo last month, Charlie Papavizas, Esq., Chair of the Maritime Practice Group at Winston Strawn LLP, pointed out that freight rates for U.S. product tankers are at an all-time high—$100,000 to $110,000 per day. The strength of the Jones Act market has attracted the attention of private equity. Papavizas cited the recent investment by private equity firm Avista Capital Partners in a newly formed joint venture with

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NEW TUGS ENTER FLEET

TIDEWATER BARGE LINES

THREE TUGS

WE’RE BUILDING

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136’ FACTORY LONGLINER 1.855.VIGOR99 VIGORINDUSTRIAL.COM SALES@VIGORINDUSTRIAL.COM

SEVEN EXTENSIVE FACILITIES OREGON

SEACOR Tankers Inc., a subsidiary of SEACOR Holdings Inc. Under the terms of the joint venture, ACP III Tankers LLC, a wholly owned entity of Avista, will fund a portion of the equity for the design and construction of three 50,000 dwt product carriers, each with 330,000 barrel cargo capacity, which SEACOR has contracted to build at General Dynamic’s NASSCO, San Diego, CA, for dleivery in mid 2016, late 2016 and early 2017. The glut of oil in the U.S., also has some thinking about the possibility of exporting crude oil—something that would need action by Congress, since it is currently prohibited, with the exception of Alaska.

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44 MARINE LOG June 2014

ALASKA

ALASKA LONGLINE CO.

Last month, Bouchard Transportation Co., Inc., NY, took delivery of the ATB tug Denise A. Bouchard from VT Halter Marine. The 112 ft x 35 ft, 4,000 hp tug is classed by ABS as +A1 Towing Vessel, Dual Mode, and is equipped with an Intercon Coupler System. It was built at VT Halter Marine’s Moss Point Marine shipyard in Escatawpa, MS. The Denise A. Bouchard is the sister vessel to the Evening Star which was delivered in October 2012, and is part of a major Bouchard fleet expansion currently underway at VT Halter Marine. The ATB tug will be paired with an existing Bouchard ATB 80,000 bbl barge and enter into Bouchard’s fleet service. Operators are also selectively adding harbor tugs to Marine Towing of Tampa, LLC Tampa, FL, recently took delivery of the 60-ton bollard pull ASD harbor tug Patriot. Built by Washburn & Doughty in East Boothbay, ME, the 93 ft long, 5,000 horsepower tugboat is equipped with two EPA Tier 3-compliant 16-cylinder Caterpillar 3516B HD engines that drive two Rolls-Royce 205 Aquamaster Z-drives. With the ability to spray nearly 12,000 gallons of water per minute at a distance of 400 feet, the Patriot will provide additional firefighting capabilities in the port and on open water. “We are thrilled to debut the first new tug to the Marine Towing fleet in over six years,” says Stephen Swindal, partner in Marine Towing of Tampa, “The Patriot, and all of its state-of-the-art capabilities will help Marine Towing of Tampa better serve Port Tampa Bay, Port Manatee and all of Tampa Bay.” You might remember Swindal as onetime heir apparent to the late George Steinbrenner to take over the reins of the New York Yankees. Swindal is now majority shareholder in Marine Towing, and the Chairman of the Tampa Port Authority Board of Commissioners. ■


June 2014 Marine Log