Foss Sells Selected Assets to Tidewater

Thursday, April 03, 2008

Foss Maritime Company announced that it has agreed to sell selected assets, including two tugs and twenty barges currently operating on the Columbia Snake River system, to based Tidewater Barge Lines.
Foss made the decision to sell selected assets in order to focus its efforts and investment in its strategic lines of business including ship assist, ocean towing and special projects. Foss will maintain its based division and will no longer provide river barging of grain, wood products and containers
The sale will help the company maintain its strategic focus and standards of quality, said Scott Merritt, Foss’ Senior Vice President of Operations, citing the need for additional vessels and upgrades on its existing upriver tugs as contributing to the sale’s timing. “The most important thing for Foss is to ensure that we provide our customers with the highest quality service,” said Mr. Merritt. “In order to do that with our upriver lines of business, we would need to make significant investments in new equipment. Foss will complete any jobs that are in-process at the time of sale’s close through a charter arrangement.

Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People in the News

Singapore-issued CoCs need Revalidation

Holders of Singapore-issued certificates of competency (CoCs) need to revalidate their CoCs to meet the requirements of the 2010 Manila amendments to the International

US Shipowner Creates Fund for Families of Missing El Faro Crew

The owners of the cargo ship El Faro that sank after it was trapped in the path of Hurricane Joaquin off the Bahamas last week announced the creation of a family

Foss Hires VP, General Counsel & Chief Ethics Officer

Foss Maritime announced that Lam Q. Nguyen-Bull has joined the company as the Vice President, General Counsel and Chief Ethics Officer.   Based in Seattle, Nguyen-Bull

Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1104 sec (9 req/sec)