Trinity Marine Products has reached a settlement agreement with Florida Marine Transporters, Inc. related to 28 tank barges owned and/or operated by Florida Marine. Trinity Industries (TRN)
, Trinity Marine Products, and Florida Marine will each dismiss their claims filed against one another.
The settlement involves a joint monitoring of the barge coatings and void compartment maintenance procedures, and a mutual release of all claims against one another according to the parties’ representatives. A spokesman for Trinity Industries indicated the settlement would not result in a charge to first quarter earnings because amounts involved were well within the range of amounts previously reserved.