K-Sea completes acquisition
K-Sea Transportation Partners L.P. said today it has completed its acquisition of Smith Maritime Ltd. of Honolulu, and Sirius Maritime LLC of Seattle.
K-Sea, which is based on Staten Island, N.Y., operates tugs and barges used in the movement of petroleum products.
Timothy J. Casey, the company’s chief executive officer, said the deal increases the company’s capacity by 770,000 barrels, or 22 percent.
He added that the company has 10 new tank barges under construction that will increase the company’s capacity by 524,000 barrels over the next three-and-one-half years.
“These transactions strengthen our operations on the West Coast and also expand our geographical presence to Hawaii, thus providing a further platform for future growth,” he added.