Young Brothers to Invest $186m

Tuesday, April 11, 2006
Young Brothers Ltd. announced it will spend $186 million over 10 years on a new fleet of barges, tugboats, shipping containers, lifts and other equipment. The 106-year-old company is Hawaii’s largest interisland cargo line. The company's first new barge, a car-carrying roll-on/roll-off barge that can transport 500 vehicles, is scheduled for delivery late this year, sources said. The vessel, which is enclosed to protect cars from sea spray and salt air, is now being designed by Glosten Associates Inc. of Seattle, a naval architecture firm.

The company now has 11 barges and eight tugboats, but plans to begin retiring some of those in the coming years. The new fleet of eight barges and six tugboats will replace the old vessels with more efficient ones. Hong said the company expects to receive a new barge approximately every year starting at the end of this year. The price tag for the tugs and barges is expected to be about $130 million, company executives said. The typical barge will cost about $8.5 million and the typical tugboat about $10 million. The rest of the investment, some $56 million, will go toward shoreside equipment, shipping containers and the like. The company also plans to invest in new information management systems. Although relatively inexpensive compared with the new barges and tugboats, the technology systems are important because they will provide customers real-time data that they can use to track shipments. In 2005, Young Brothers had 926 barge sailings, an increase of 36 percent over its 683 sailings in 2000. Source: Star Bulletin


People & Company News

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Why Maritime Museums Matter

With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask,

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.0880 sec (11 req/sec)