ACL Recognizes Safe Liquid Cargo Handlers
American Commercial Lines presented Marine Environmental Stewardship Awards on Wednesday, July 16 in Houston, Texas, recognizing 35 customers for safe handling of chemicals, petroleum products and other liquid cargos. The customers recognized by ACL safely handled over two billion gallons of chemicals, petroleum products and other liquid cargoes with the barge transportation company in 2013. Recipients of the award are: Axiall Corporation; BASF Corporation; Bayer Corporation; Bunge North America…
ACL Receives Environmental Achievement Award
American Commercial Lines Inc. (ACL), a U.S. marine transportation service company, was presented with Environmental Achievement Awards by the Chamber of Shipping of America (CSA) at a reception held Wednesday, November 13 in Washington, D.C. A total of 74 of ACL’s fleet of 100 towboats were recognized by CSA for their environmental records. CSA represents U.S.-based companies that own, operate or charter ocean-going tankers, containers ships, or dry bulk vessels in domestic or international trades. The organization has been presenting Environmental Achievement Awards since 2004 to recognize vessel and shore-side personnel for good stewardship of the marine environment and to increase public awareness of the marine transportation industry’s excellent record of environmental accomplishment.
ACL to Haul for SeaRiver Maritime
American Commercial Lines Will Transport Petroleum Products by Inland Barge for SeaRiver Maritime Inc. American Commercial Lines (ACL) is pleased to announce that it has entered into an agreement with SeaRiver Maritime Inc., a marine affiliate of Exxon Mobil Corporation, to provide petroleum barge transportation services on the U.S. inland waterways. As of January 1, 2013, ACL has entered into a multi-year agreement with SeaRiver to transport liquid cargoes via its mainline service and in unit tows. "We look forward to partnering with SeaRiver to transport ExxonMobil cargoes on the inland waterways," Mark Knoy, President and Chief Executive Officer of ACL, stated.
ACL to Begin Transporting Canadian Crude Oil
American Commercial Lines (ACL) is pleased to announce that it will begin transporting crude oil by barge on the U.S. inland waterways for MEG Energy (U.S.) Inc. (MEG Energy), a subsidiary of the Canadian oil company MEG Energy Corp. Crude oil will arrive primarily via pipeline and will be transferred to barges at storage terminals located on the inland waterways for transport by ACL to the Gulf Coast. ACL is dedicating new tank barges built by its manufacturing division Jeffboat into service for MEG Energy, as well as towboats newly repowered and refurbished for maximum efficiency and reliability. "We are committed to providing MEG Energy with the highest quality equipment and the highest level of service by our team of experienced and dedicated maritime professionals…
ACL Names SVP and COO
American Commercial Lines Inc. (ACL), one of the largest and most diversified inland marine transportation and service companies in the United States, announced today the appointment of Paul A. Tobin as Senior Vice President and Chief Operating Officer. An industry veteran, Mr. Tobin's most recent role was Senior Vice President Administration for AEP River Operations. He joined AEP in 2001 with the company's purchase of Memco Barge Line, where he served as Vice President Administration and Director Insurance during his four-year tenure.
American Commercial Lines Announces New Leadership
American Commercial Lines Inc. (ACL), one of the largest and most diversified inland marine transportation and service companies in the United States, announced today the appointments of Mark Knoy as President and Chief Executive Officer and David Huls as Senior Vice President and Chief Financial Officer. Industry veteran Mark Knoy, 52, is joining ACL following a seventeen year career at AEP River Operations, LLC, a subsidiary of American Electric Power Co., Inc., where he spent the last ten years serving as President. Under Mr. Knoy's leadership AEP River Operations grew to become one of the nation's largest and most successful barge lines. "Mark brings to ACL many years of profitable growth on the inland waterways," said Bryan Kelln, President of Portfolio Operations at Platinum Equity.
ACL Launches First in Tanker Barge Series
American Commercial Lines Inc. announced that it launched the first in a series of tanker barges to be constructed at its Jeffboat manufacturing facility through 2012 to replace retiring fleet capacity. The new barges will improve the age profile and quality of ACL's fleet. The first of these barges, launched on Tuesday, May 10 by ACL's President and CEO Mike Ryan, was a clean service tanker with a capacity of 30,000 barrels. It includes a redesigned stainless steel piping system and a new radial rake design that will also be found on the tankers the Company plans to build over the next 20 months. "We are excited to have launched the first of the new replacement tankers that we will be building this year and next to significantly improve the quality of our liquids fleet for our customers…
ACL Announces New Demurrage Terms
American Commercial Lines Inc. (ACL) announced new demurrage terms for its portfolio of dry products. Beginning April 1, 2011, the company will standardize demurrage charges for non-grain bulk and non-bulk dry product shipments. Shippers of these product lines will receive five free days (Sundays and holidays excluded) for loading or unloading, after which they will be charged $300 demurrage per day for the next ten days and $400 per day for the following twenty days. After thirty billable demurrage days, a $500 charge will be assessed daily until the barge is released to ACL. These new charges will apply to all contracts executed on or after April 1, 2011.
Affiliate of Platinum Equity to Acquire ACL
American Commercial Lines Inc. (NASDAQ: ACLI), one of the largest and most diversified inland marine transportation and service companies in the United States, announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Platinum Equity, in a transaction with an enterprise value of approximately $777m. ACL's Board of Directors, acting on the unanimous recommendation of a Special Committee of independent directors, approved the agreement and has recommended the approval of the transaction to ACL's stockholders. Under the terms of the agreement, ACL stockholders, other than GVI Holdings, Inc. and certain of its affiliates (GVI), will receive $33.00 in cash for each share of ACL common stock they hold.
ACL Expands Warehouse Space Shipping by Barge
American Commercial Lines Inc. (NASDAQ: ACLI) announced that they have entered into an industrial development agreement with CNW Resources of Naperville, Ill. CNW Resources is a provider of metallurgical, chemical and foundry products. Under the industrial development agreement, ACL will construct a new warehouse at its barge terminal in Lemont, Ill., located 25 miles southwest of Chicago, to store and transport product for CNW. The new multi-purpose warehouse will significantly increase the indoor storage capacity of the company's Lemont terminal.
Adams Interim President & CEO at OMSA
The Offshore Marine Service Association (OMSA) announced the appointment of James Adams as interim President and Chief Executive Officer. Adams’ appointment followed the resignation of Ken Wells, who has led OMSA since 2004. Wells left the organization in order to pursue other opportunities. Otto Candies, III, the chairman of OMSA’s board of directors stated, “We are sorry to see Ken go as he has served our organization and members energetically for six years. We are excited that Jim Adams has joined us in an interim capacity while we conduct a national search for a new CEO to lead OMSA.” Adams has held a variety of positions in government and public affairs and was most recently Vice President of Government Affairs for American Commercial Lines, Inc.
ACL Names Braman VP, COO Transportation
American Commercial Lines Inc. announced that William A. Braman, II has been appointed to the position of Senior Vice President and Chief Operating Officer, Transportation Services. Braman joined ACL in February 2009 as Vice President and General Manager, Transportation Services. Prior to joining ACL, Braman held the position of Division Manager for CSX Transportation (CSXT), in which he led more than 2,000 employees in operations and customer service for the northeastern U.S. A transportation industry veteran, Braman began his career with CSXT in 1971 as a switchman and worked his way up through the ranks to a series of senior positions, including Assistant Vice President Automotive Operations and Assistant Vice President Service Design.
Jaworski New ACL Director, Marine Assurance & Vetting
American Commercial Lines Inc. (NASDAQ: ACLI) announced the promotion of Dan Jaworski to the position of National Director, Marine Assurance and Vetting. Jaworski has been with ACL since 1981 and has held a series of senior commercial positions with the company in the liquids sector. In his new role, Jaworski will remain located in Houston, Texas and will now report to Bill Braman, Vice President and General Manager, Transportation Services. The position of National Director, Marine Assurance and Vetting is new for ACL. The role was created to lead the Company's third-party vetting of vendors and to serve as the primary contact for the marine assurance departments of liquids shippers.
ACL Award from Compass Minerals
American Commercial Lines Inc. (NASDAQ: ACLI) announced that it has received the 2009-2010 Service Excellence Award from Compass Minerals. The award was presented by Compass Minerals to 18 of its approximately 350 logistics providers at a banquet at the company's headquarters in Overland Park, Kan. on April 28. Recipients of the Service Excellence Award were selected for consistent service excellence, innovation, and logistics solutions during a two-step panel review process.
ACL GE Energy New Product Introduction Award
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced that it has received the 2010 GE Energy New Product Introduction Award. The award is provided to the company that introduces the most innovative solution to GE Energy's commercial transportation supply chain. ACL was recognized for bringing a water-based, environmentally friendly, economical, and safe solution to GE Energy as an alternative to land-based transportation options.Commenting on the award, Gabe Forir, ACL's Director of Sales, Midwest Region, stated, "We are excited to receive the 2010 GE Energy New Product Introduction Award for our work, along with partner TMO Global Logistics, in developing a barge transportation solution for GE. Transporting wind turbine blades and towers in barges via the U.S.
ACL 2009 Q4 Results
American Commercial Lines Inc. (NASDAQ: ACLI) announced results for the fourth quarter and year ended December 31, 2009. Revenues for the quarter were $226.9 million, a 16.4% decrease compared with $271.6 million for the fourth quarter of 2008. The decrease in revenue in 2009 was primarily due to changes in the mix of commodities shipped by our transportation customers, decreased towing revenue, lower grain freight rates and lower fuel prices (which are generally passed through to our customers). Total ton-mile volume declined by 1.4% compared to the fourth quarter 2008. Income from continuing operations for the quarter was $14.2 million or $1.09 per diluted share, compared to $22.9 million or $1.81 per diluted share for the fourth quarter of 2008.
Jeffboat Safety Milestone
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced that on December 15, its Manufacturing Division, Jeffboat, accomplished the safety milestone of working two million hours without a lost time injury (an injury requiring time off from work) for the first time in its more than 70 years of operation. The shipyard has reached one million hours worked without a lost time injury twice in its history, most recently in June 2009. While Jeffboat has continually decreased injuries since 2004, it continues to implement new safety programs, including providing additional training to employees and conducting detailed investigations to identify root causes of injuries and implement corrective actions. Jeffboat and Teamsters Local Union No.
ACL Reports Q3 Results
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced results for the quarter and nine months ended September 30, 2009. Revenues for the quarter ended September 30, 2009 were $216.0 million, a 31.1% decrease compared with $313.7 million for the quarter ended September 30, 2008. The decrease in revenue was primarily due to changes in the mix of commodities shipped by our customers in the respective quarters into lower revenue commodities and to lower volume in the current year. The impact of lower fuel prices which contractually is passed through to our customers in the current year quarter also contributed to the decline in revenue and was partially offset by the increase in manufacturing segment's revenues in the quarter.
ACL Plans to Build New Covered Hopper Barges
American Commercial Lines Inc. (NASDAQ: ACLI) announced that the Company will build fifty covered hopper barges for use by its Transportation Services Division at the Company's Jeffboat manufacturing subsidiary in the first quarter of 2010. Commenting on the build plan, ACL President and CEO Mike Ryan stated, "We are executing the next phase of our long-term strategic plan. We recently completed the realignment of our field-based Transportation Services management team, establishing new northern and southern region headquarters locations. Now, we are beginning our dry barge replacement program in order to reduce the age of our fleet. This is an ideal time to build barges as we have the best steel prices that we have had in several years.
SEC Closes Inquiry Involving ACL
American Commercial Lines Inc. (NASDAQ: ACLI) (ACL) announced that the U.S. Securities and Exchange Commission (SEC) has confirmed it will not take action against the company and has closed an inquiry related to an e-mail sent by the company's former Senior Vice President and Chief Financial Officer on June 16, 2007 and disclosed by the company in the filing of a Form 8-K on June 18, 2007. The executive ceased being an employee of ACL in March 2008. The Commission has issued a cease and desist order, consented to by the former employee, mandating that he not violate Regulation FD in the future. (www.aclines.com)
ACL Realigns Transportation Services Division
American Commercial Lines Inc. (NASDAQ: ACLI) announced it is realigning its Transportation Services Division to reduce costs, improve efficiencies, and streamline communication. The company will be moving leaders in operations management to field locations, closer to its employees and customers. Headquartered in Jeffersonville, Ind., ACL operates a fleet of more than 2,600 barges and approximately 130 towboats on a network of more than 12,000 miles of U.S. inland waterways. It also operates terminals, as well as fleeting, shifting, cleaning, and barge and boat repair services throughout its network. The company is realigning its Transportation Services business into two regional divisions.
ACL, O'Rourke Marine Services Agreement
American Commercial Lines Inc. (ACL) (Nasdaq: ACLI) announced that it has entered into a long-term industrial development lease agreement with O'Rourke Marine Services, LP of Houston, Texas. Under the lease agreement, O'Rourke will provide full-service towboat fueling and lubricant services to the inland marine industry from ACL's property in Channelview, Texas. The agreement provides O'Rourke with a strategic operating location in the Houston ship channel. In addition to fueling and lubricant services, O'Rourke will collect used oil and bilge discharge at their new facility.
ACL Reverse Stock Split
American Commercial Lines Inc. (NASDAQ:ACLI) (ACL) announced that its Board of Directors has approved implementation of a one for four reverse split of the company's outstanding shares of common stock. The reverse stock split will take effect prior to the opening of markets on Tuesday, May 26, 2009 and will be effective with respect to stockholders of record at the close of business on Monday, May 25, 2009. As a result of the reverse stock split, each four shares of common stock will be combined into one share of common stock and the total number of shares of common stock outstanding (excluding treasury shares) will be reduced from approximately 50.9 million shares to approximately 12.7 million shares.