Transportation Assets News

Institutional investors advised by J.P. Morgan Global Alternatives, in cooperation with Norwegian offshore services firm Havfram, have signed a letter of intent with China's CIMC-Raffles to build "a series of next-generation, state-of-the-art wind turbine installation vessels (“WTIV”)."The jack-up installation units will be offered for market entry in 2024, Havfram said.The first vessels will be built at CIMC-Raffle’s Yantai yard in China for delivery in 2024. "The plan is to…

ASA Sets the Record Straight. The U.S. salvage industry came under attack at a recent Congressional hearing on May 3 by a special commercial interest that is promoting its own agenda. The American Salvage Association (ASA) intends to set the record straight. At the hearing, the attacking group made false allegations that the Salvage and Marine Firefighting (SMFF) resource providers are not willing or contractually obligated to respond and lack the resources to meet regulated response requirements. At the same hearing, this group also criticized the U.S.

J.P. Morgan Global Alternatives has closed a $480 million fund to invest in distressed shipping assets, attracting capital from pensions, endowments and insurance companies, reports Financial News London. The Global Maritime Investment Fund II, which surpassed its $400 million targeted capital raise, is one of the largest dedicated shipping funds. It seeks to invest, through a closed end structure, in modern vessels operating in shipping sub-sectors that are experiencing substantial distress, with values trading near historical lows. The idea is to pick up bargains in an industry that JP describes as a "workhorse" of the global economy.

In a recent statement at a U.S. Congressional hearing, American Salvage Association (ASA) President, Todd Schauer, defended the response capabilities of the industry, and, by extension, the implementation of regulations themselves by the U.S. Coast Guard. “It has come to the attention of the American Salvage Association leadership that the resource and response capabilities of the four national salvage and marine firefighting (SMFF) resource providers have been questioned recently,” he said.

On January 19-20, 2017 Novorossiysk Shipping Company (Novoship), a subsidiary of SCF Group, hosted special events dedicated to the company’s 50th anniversary. The anniversary ceremony was attended by Victor Olersky, Deputy Minister of Transport of the Russian Federation, Head of the Federal Marine and River Transport Agency (Rosmorrechflot); Alexey Kondratenko, Member of the Federation Council of the Federal Assembly of the Russian Federation; Evgeniy Moskvichev, Chairman of the State Duma Transport Committee; Alexey Klyavin, President of the Russian Chamber of Shipping; Yury Sukhorukov, President of the Seafarers’ Union of Russia, and Sergey Frank, President & CEO of PAO Sovcomflot. Novorossiysk Shipping Company was officially established on January 20, 1967.

Container Loading Equipment to Provide Greater Efficiencies for Container on Barge Service Between Baton Rouge and New Orleans. The Port of New Orleans and the Port of Greater Baton Rouge will acquire specialized container loading equipment to increase efficiencies to the current container on barge shuttle service between Baton Rouge and New Orleans with a newly announced grant of $1,758,595 from the Maritime Administration (MARAD). "The container on barge shuttle service, operated by Seacor AMH…

U.S. Transportation Secretary Anthony Foxx today announced $4.85 million in grants to six Marine Highway projects along the waterways of 17 states and the District of Columbia. The goal of the Maritime Administration’s Marine Highway Program is to expand the use of U.S. navigable waterways to relieve landside congestion, reduce air emissions and generate other public benefits by increasing the efficiency of the surface transportation system. “These grants will help us take advantage of the economic and environmental benefits of one of America’s most crucial transportation assets – our coastal and inland waterways,” Foxx said. The grants will help expand existing marine highway operations across New York Harbor…

The Ports of Indiana announced that Indiana Michigan Power has agreed to sell its recently retired Tanners Creek coal plant in Lawrenceburg, Ind., to a brownfield redevelopment company that is working with the Ports of Indiana to evaluate the site for use as the state's fourth port. "Infrastructure critical to our state's economy includes more than just roads," said Governor Mike Pence. "Indiana's ports and waterways have been tremendous catalysts for economic growth in this state for decades, and there is great potential here in southeast Indiana to develop a fourth port that will further energize our economy. St. Louis-based Commercial Development Company, Inc.

SCHOTTEL will present its expertise to the U.S. inland market at the upcoming Inland Marine Expo in St Louis, June 15-17, 2015: strong push boats in Brazil, big cargo vessels in Russia and comfortable river cruise vessels in Europe - recent projects prove the competence of German Rudderpropeller manufacturer SCHOTTEL on inland waterway propulsion. The Paraguay-Paraná river system extends over 2,500 kilometers and is characterized by alterations of the rivers' flow, dams, sedimentation, forestry, silting and pollution which have great impact on a vessel’s propulsion system.

Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said. While most U.S. refiners are either selling benzene or refining it further, Philadelphia Energy Solutions is using the new terminal to help bring the chemical into the facility, according to an IPO document filed last month. The benzene facility is the latest step in building up infrastructure at a plant that was nearly shuttered in 2012. Benzene boosts the octane level of gasoline and reduces knocking in car engines, but is also a carcinogenic and the federal Environmental Protection Agency requires refiners to strip most of it out of the finished product.

LoadStar announces that it has executed five (5) new definitive agreements with customers with terms ranging up to three years in duration. This follows the launch of their new StellarTrak service. The company provides complete GPS-based solutions to help customers improve the security and effectiveness of their shipments, assets, and resources. LoadStar operates worldwide, with offices in North America, Latin America and Asia. "LoadStar and our parent company, Hutchison Port Holdings, are uniquely positioned to provide world-class services for both.

The Ports of Indiana has named Scott Stewart as port director for the Port of Indiana-Jeffersonville. A native of nearby New Albany, Ind., Stewart spent 24 years in positions of increasing responsibility with the Procter & Gamble Company before retiring in 2008 and moving back to Indiana. Upon his return, he served as a senior policy director for Governor Mitch Daniels and most recently as Director of Strategy for the Indiana Department of Transportation on the Ohio River Bridges project. "We're very excited to have someone of Scott's caliber join our team," said Rich Cooper, CEO for the Ports of Indiana. "Scott's management and leadership roles with one of the world's top corporations…

April 2011 marks the 200th anniversary of the key decisions for the construction of the Erie Canal, a monumental public works project that transformed the economy of New York State. Two centuries ago, on April 8, 1811, the state Legislature approved a measure that set into motion the construction of the Erie Canal. This followed the delivery of a report on March 2, 2011 of a report by the original Commission. Brian U. Stratton, Director of the New York State Canal Corporation, "Two hundred years ago, visionary New Yorkers set forth a plan which would revolutionize communication and transportation throughout a young nation, lead to unprecedented prosperity and growth, and forever establish New York the Empire State.

Secretary LaHood for the Department of Transportation addressed the Marine Transportation System National Advisory Council on July 23, 2009. Consistent with America’s Marine Highway Program’s mandates to reduce congestion, conserve energy, and improve the environment, the Secretary charged the Council to better integrate the Marine Transportation System into the surface transportation system. By relocating freight from highways and urban corridors to commercial waterways (where applicable), the same system which provides the transportation of individuals and families in and between cities can provide a more efficient means to move goods to the shelves of retail stores throughout the United States.

The U.S. Department of Transportation announced the establishment of a department-wide Credit Council to enhance oversight and management of the Department’s direct loan and loan guarantee programs that are administered by the Maritime Administration, the Federal Railroad Administration, the Federal Highway Administration and the Office of Small and Disadvantaged Business Utilization. Currently, the Department’s four credit programs are responsible for $7.5 billion in outstanding loans and guarantees (including pending commitments). "As we continue to build a transportation infrastructure and transportation assets that keep our economy moving…

U.S. Secretary of Transportation Norman Y. Mineta named Rear Admiral Richard E. Bennis, USCG, (ret.) as the Associate Under Secretary of Transportation for Maritime and Land Security at the Transportation Security Administration (TSA). Admiral Bennis, who led Coast Guard response in New York to the September 11 attacks on the World Trade Center, will direct TSA exercise of security responsibilities for the nation’s seaports and land transportation assets. In his last Coast Guard assignment as captain of the Port of New York, Bennis directed the successful evacuation by water of approximately 500,000 people from lower Manhattan. “Rear Admiral Bennis’ leadership during an unimaginable situation was remarkable,” said Secretary Mineta. Under Secretary of Transportation for Security John W.

The Ports of Indiana today announced new key initiatives to expand its economic development role. After a year-long strategic planning process involving in-depth research and interviews with industry stakeholders, the organization made the decision to expand its current role and aggressively grow its core business. The Ports of Indiana's new initiatives include spearheading the evaluation of an inland intermodal rail port in Indiana and pursuing increased development financing authority. Indiana's three-port system serves the world's most productive industrial and agricultural region through a combination of strategic locations, intermodal connections and specialized facilities.

President Bush signed into law the Intelligence Reform and Terrorism Prevention Act of 2004 (S. 2845). The major emphasis of the legislation is reform of the U.S. intelligence organization. Other measures, though, may impact the maritime community. The Secretary of Homeland Security is directed to prepare a National Strategy for Transportation Security. This document is identify and evaluate transportation assets (including maritime) in the United States that must be protected from attack or disruption and develop a risk-based priority addressing those security needs. Also, the Secretary is to promulgate a rule requiring operators of cruise ships to provide passenger and crew information so that the Department can develop a “watch list” program similar to that utilized by airlines.

President George Bush has signed into law legislation repealing a four year old rule imposing a 50% duty on the cost of routine repairs and maintenance carried out by U.S. merchant mariners while their vessel is at sea. The elimination of the duty, which customs authorities have levied on US-flag carriers since April 2001, represents a victory for the domestic shipowning community. The community has lobbied hard against it since its introduction. President Bush signed into law the Intelligence Reform and Terrorism Prevention Act of 2004 (S. 2845). The major emphasis of the legislation is reform of the U.S. intelligence organization. Other measures, though, may impact the maritime community.

The Clinton Administration "supports the Jones Act as an essential element of our Nation's maritime policy, and will not be proposing changes to the Act," said a senior U.S. trade official during a mid-summer meeting of the World trade Organization (WTO) in Geneva, Switzerland. Ambassador Susan Esserman, Deputy U.S. Trade Representative, offered the strong endorsement of U.S. cabotage laws as international negotiators prepare for the next round of WTO negotiations on trade in services, which will begin in Seattle, in November. Like the previous round of WTO negotiations, the upcoming negotiations will address maritime services. However, the negotiating guidelines for the previous round specifically excluded cabotage, a position supported by the U.S.

Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions," Kirby CEO and President J.H. Pyne said. As part of the deal, Kirby said it would name C. Berdon Lawrence…

Despite a downgrading in rating from various credit agencies, Kirby Corporation's recent acquisition of Hollywood Marine is designed to reduce costs, as the inland tank barge operations of both companies are highly complementary. Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions…

Unless things change dramatically, I am writing as the last Deputy Administrator of the Maritime Administration (MarAd). At least the MarAd we have known, sometimes loved, but always needed for the last 50 years. As I look at the Administration's budget proposals to transfer management of the Maritime Security Program (MSP) to the Department of Defense (DOD) and eliminate funding for the Title XI shipbuilding loan guarantee program, I cannot help but conclude that MarAd's days are numbered as a freestanding federal agency. This is not simply melodramatic doom saying from a former bureaucrat whose first credo in life is perpetuation of the species (or in this case the agency).