Memco Barge Line Sold for $270M

Thursday, August 16, 2001
American Electric Power Co. Inc. signed a definitive agreement with Progress Energy Inc. to buy its MEMCO Barge Line Inc. for $270 million, in a deal AEP said would immediately add to its earnings. Columbus, Ohio-based AEP said its AEP Resources Inc. wholly-owned subsidiary will buy 1,200 hopper barges and 30 towboats from Electric Fuels Corp., a Progress subsidiary, making AEP one of the leading barge operators. "The coupling of the MEMCO barge assets with our existing fleet will add earnings and significant information flow in the sometimes-neglected transportation component of our business," said Paul Addis, executive vice president of AEP's Wholesale activities. The deals includes the early termination of lease financing related to certain assets of MEMCO and is expected to close in 60 days, the company said. AEP said the the combined barge fleets annually will move 50 million tons of dry bulk commodities, including grain and coal.

Marine Propulsion

Wärtsilä to Launch Sea-Master at SMM

Set to launch at SMM 2016 in Hamburg September 6-9, 2016, the new Wärtsilä Sea-Master system uses digital technology to monitor shaft bearings and seals to help

First Multi-stream DuPont Scrubbers Installed

DuPont, through its subsidiary Belco Technologies Corporation (BELCO), is installing the first of its proprietary in-line, multi-engine marine scrubbers serving

MN100: MAN Engines & Components

The Company: MAN Engines and Components develops, produces and sells a wide range of efficient diesel and gas engines for extremely varied applications in many industries.

Finance

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.0742 sec (13 req/sec)