Coeclerici Coal Acquires Alley-Cassetty Coal Trading Division

MarineLink.com
Monday, September 09, 2013

Coeclerici Coal Network LLC, an American company in which Coeclerici holds a 51% stake, has acquired full ownership of the coal trading division of Alley-Cassetty Companies, Inc., a coal trading and brokerage company that is among the oldest in the United States, with headquarters in Nashville, Tennessee.

This acquisition will allow Coeclerici Coal Network to increase its business, currently concentrated in the Ohio and Mississippi river basins, as well as reinforce the company’s position in markets in the southern and western US, guaranteeing the entire Coeclerici Group direct access to the most important coal reserves in the U.S., one of the most dependable and reliable sources of coal in the world.

Founded in 1879, Alley-Cassetty Coal operates in the coal trading sector in Tennessee and surrounding states. Over the course of 2012, the company generated sales for more than $30 million.

“I’m particularly proud of this result,” said Paolo Clerici, President and CEO of Coeclerici S.p.A., “because it confirms the long-term relationship we’ve established in the U.S. market, one we’ve consolidated over a century of importing coal from America into Italy, acting as exclusive agents for Consol Energy since 1912. This most recent U.S. acquisition reinforces our position in one of the world’s most important markets.”

The Coeclerici Group’s acquisition of Coal Network, completed in January 2013, also includes the possibility for Coeclerici to acquire an additional 35% stake within five years. This would increase Coeclerici’s participation from the current 51% to a total 86% stake in the company.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Bulk Carrier Trends

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

Broad Declines drag Baltic Index down

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday on lower rates for capesize, panamax and supramax vessels.

How to Avoid Claims for Self-cooking Cargo

North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they do not get blamed for cargoes that start ‘cooking’ at sea.

Energy

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

News

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

Keel Laying for Russia's Second Nuclear Icebreaker

Today the Baltic Shipyard in St Petersburg (part of United Shipbuilding Corporation) laid the keel of Ural, Project 22220’s second series-produced nuclear icebreaker.

Guzmán Re-elected Harbor Commission President, Long Beach Port

Harbor Commission President Lori Ann Guzmán was re-elected Monday evening to serve a second one-year term leading the board that oversees the Port of Long Beach, the nation’s second-busiest seaport.

Mergers & Acquisitions

New Container Facility at Krishnapatnam Port

Krishnapatnam Port, India's largest all-weather; deep water port on the east-coast of India has inaugurated CONCOR’s - Port Side Container facility – a Government of India undertaking.

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1126 sec (9 req/sec)