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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People in the News

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Bunker Specialists Endofa Name Hoffmann CEO

Endofa, an independent marine fuel supplier and bunker trader, informs it has named Lars Hoffmann as Chief Executive Officer. Prior to joining Endofa, Hoffmann

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation 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: 0.0949 sec (11 req/sec)