Kirby buying 27 tank barge CGBM fleet

NOVEMBER 13, 2018 — Kirby Corporation (NYSE: KEX) says it has signed an agreement to acquire substantially all of CGBM 100, LLC’s inland marine tank barge fleet for an undisclosed amount.

Under the terms of the agreement, Kirby will acquire 27 of CGBM’s 10,000 barrel inland marine tank barges which have a total capacity of approximately 270,000 barrels. The closing of the acquisition is expected to occur in the fourth quarter of this year and is subject to customary closing conditions.

Kenner, LA, headquartered CGBM is in the business of chartering out barges to customers rather than operating them itself.