From golf carts to cranes: Par Hawaii to auction off surplus equipment
HONOLULU (HawaiiNewsNow) - For the first time since it took over as the state’s only refiner of petroleum, Par Hawaii Refining is doing some house cleaning.
On Thursday, the Kapolei refinery will auction off hundreds of tons worth of surplus machinery and equipment.
“There’s an abundance of materials and supplies associated with the refinery. Just like what happens in our garage at home, it tends to accumulate,” said Richard Creamer, company vice president.
Some of the equipment dates back to prior ownership, before Par bought the refinery from Island Energy Services in 2018. Some of the machinery has never been used.
“Any refinery has the potential to use some of this equipment,” Creamer said.
GA Global Partners opens the online auction at 10 a.m. Hawaii time. There are about 350 items for sale.
“Any type of machine shops, any type of industrial parts dealers definitely could use this and save a lot of money from buying new,” said Michael Presto, GA Global’s vice president.
Bidders can go after rolling stock like golf carts, trucks and cranes and machinery like generators, pumps and motors.
Creamer said Par chose the auction route because of its reach.
“It reaches a really broad audience and you get broad participation,” he said. “We’re definitely looking forward to seeing the action on it tomorrow.”
Hawaii Pacific University finance professor Charod Dodd thinks revenue from the auction will help Par counter a slow first quarter.
“To me, the sell-off is more because of their disappointing quarter one numbers, where they came in below estimates on their revenue numbers,” he said.
The auction could be a one-and-done deal. As the state’s only petroleum refinery, Par doesn’t foresee another refiner moving into the market.
“What we see happening is a slow transition away from fossil fuels, which we’re prepared to meet,” Creamer said.
Par hopes companies big and small take advantage of the auction so its surplus equipment gets a new lease on life. To see what’s up for auction and to join the bidding, click here.
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