K-Sea Transportation Partners L.P. Extends Its Vessel Newbuilding Program Through 2010
June 22 2007 - 11:24AM
Business Wire
K-Sea Transportation Partners L.P. (NYSE: KSP) announced today that
it has signed a contract to build four 50,000 barrel tank barges at
Jeffboat LLC, the manufacturing division of American Commercial
Lines, Inc. The total value of the contract is approximately $40
million, and construction will start in the first quarter of
calendar 2009. The first vessel is scheduled for delivery in
December 2009, with an additional vessel delivered every three
months thereafter. The contract also includes an option for up to
four more comparable barges. Timothy J. Casey, President and CEO of
K-Sea, said, �We are pleased with this contract, which extends our
vessel newbuilding program into 2010 and provides further
visibility into our growth opportunities. These barges will improve
the quality of our fleet and enhance our ability to provide our
customers with safe, reliable service.� About K-Sea Transportation
Partners K-Sea Transportation Partners provides refined petroleum
products marine transportation, distribution and logistics services
in the U.S. domestic marine transportation business, and its Master
Limited Partnership Units trade on the New York Stock Exchange
under the symbol KSP. For additional information about K-Sea
Transportation Partners L.P., please visit K-Sea�s website,
including the Investor Relations section, at www.k-sea.com.
Cautionary Statements This press release contains forward looking
statements, which include any statements that are not historical
facts, such as the Company�s expectations regarding the timing of
delivery of the tank barges to be constructed, and the benefits to
be derived therefrom. These statements involve risks and
uncertainties, including, but not limited to, delays or cost
overruns in the construction of the new vessels, insufficient cash
from operations, a decline in demand for refined petroleum
products, a decline in demand for tank vessel capacity, intense
competition in the domestic tank barge industry, the occurrence of
marine accidents or other hazards, the loss of any of the Company�s
largest customers, fluctuations in charter rates, failure to comply
with the Jones Act, modification or elimination of the Jones Act
and adverse developments in the marine transportation business and
other factors detailed in the Company�s filings with the Securities
and Exchange Commission. If one or more of these risks or
uncertainties materialize (or the consequences of such a
development change), or should underlying assumptions prove
incorrect, actual outcomes may vary materially from those
forecasted or expected. The Company disclaims any intention or
obligation to update publicly or revise such statements, whether as
a result of new information, future events or otherwise.
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