Seeking Alpha

Barge operator Kirby faces long legal haul over Galveston spill

  • Resolving legal issues arising from the Galveston Bay oil spill that shut traffic at the Houston Ship Channel for days will require years of litigation and cost tens of millions of dollars, experts say.
  • Kirby Corp. (KEX +0.3%), which owned and operated the barge that spilled 168K gallons of fuel after Saturday's collision, faces potential federal fines, cleanup costs and damage payments to residents and businesses.
  • The U.S. government has notified Kirby that it is the responsible party for the spill under federal law; If the company believes other entities played a role in causing the spill, it would have to sue to seek reimbursement for a portion of any penalties or damages it pays.
From other sites
Comments (1)
  • dankourny
    , contributor
    Comments (27) | Send Message
     
    Kirby has a $1Billion dollar accident insurance policy with I believe a $1M deductible so this will likely be headline noise much more than it will ever be a bottom line impact. Particularly considering we are only talking about a few thousand barrels of oil contained to Galveston Bay/Houston Ship Channel not a massive spill.
    27 Mar 2014, 04:49 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs