February 17, 2006
Kirby ups stake in Osprey Line
Container-on-barge specialist Osprey Line, LLC, says Kirby Corporation (NYSE:KEX) exercised its existing option to increase its ownership to 66 2/3 percent interest in Osprey Line on January 1, 2006.
Cooper/T.Smith will continue in its 33 1/3 percent participation in Osprey Line's ownership.
Christian O'Neil has been promoted to President of Osprey Line and Mike McQuillan has been promoted to Executive Vice President. They will form the senior management team for Osprey Line.
Osprey Line specializes in ocean and inland container on barge transportation. Osprey Line also offers project cargo transportation and logistic services.
The exercise of Kirby's option to increase its ownership in Osprey Lines allows Kirby to more fully integrate Osprey into Kirby's marine operation.
Cooper/T.Smith's stevedoring expertise is very complimentary to Kirby's marine expertise. It is the intention of both Kirby and Cooper/T.Smith to continue to expand Osprey's service along the U.S. Inland Waterway System between U.S. Coastal ports.
Osprey Line offers container on barge services to ports in the Gulf of Mexico and along the U.S. inland waterway system including Houston, Lake Charles, New Orleans, Baton Rouge, Memphis, Chicago, Pascagoula and Mobile.