Towage group Adsteam Marine Ltd unveiled a $55 million investment in an Alaskan barge group last week, a move, which was reportedly designed to drive further growth through a foothold in what many perceive as the fragmented United States market. Adsteam also reported a 44 percent rise in net profit to A$11.44 million, said it was still on track to improve its full year earnings on 1998/99's A$17.12 million net profit. "We are ahead of the same stage last year and we expect to exceed last year at every line," managing director David Ryan said, although he declined to give more details. Ryan said Adsteam, Australia's largest marine towage operator…
