Moody’s Reviews Rating of Midland Enterprises
Moody's Investors Service placed the debt rating of Midland Enterprises debt under review for potential downgrade following the announcement by its parent company, KeySpan Corporation, of KeySpan's intent to sell Midland to Ingram Industries. close during the second quarter of 2002. Moody's review will focus on the treatment of Midland debt securities within Ingram's capital structure, the market position of Midland when combined with Ingram's own inland barge operations, and the prospects for improving free cash flow in the slow growth barge business. Ingram is a privately held company and is presently unrated by Moody's. Moody's will also assess whether sufficient information will be available to monitor the rating of Midland securities once the transaction is closed.
Midland Enterprises Expands With The Times
Since planting its roots in 1925 as a small coal delivery business known as the Ohio River Company (ORCO), Midland Enterprises has evolved from one chartered boat and four barges to more than 85 boats and 2,400 barges moving the entire eastern inland waterways system. Established by Albert Converse Ingersoll, the Ohio River Company's main focus at that time was to float West Virginia coal to Cincinnati using its premiere boat — the E.D. Kenna. Built for its newest customer, Cincinnati Gas & Electric (the company's longest running business relationship), the vessel cost $179,325 in 1926. Subsequent to this successful venture, the company's demand continued to grow, causing a need for added capital. Ingersoll called upon C.E.
Keyspan LNG facility – letter of recommendation
The U.S. Coast Guard issued a Notice stating that, in response to a Letter of Intent to modify the Keyspan liquefied natural gas (LNG) facility in Providence, Rhode Island to accept shipments of LNG by water, the Coast Guard is preparing a letter of recommendation as to the suitability of the Narragansett Bay waterways for LNG marine traffic. Comments pertaining to maritime operation and waterways management aspects of the proposed LNG facility modifications should be submitted by November 1. 69 Fed. Reg. 53454 (HK Law).
KeySpan LNG Proposed Upgrade – Meeting
The Federal Energy Regulatory Commission (FERC) issued a Notice stating that it will hold public meetings in Providence (January 11) and Middletown (January 12) regarding the proposal to upgrade the KeySpan LNG facility in Providence to allow importation of liquefied natural gas (LNG) by ship. Representatives of the U.S. Army Corps of Engineers and the U.S. Coast Guard will participate in the meetings. 69 Fed. Reg. 75532 (HK Law).
Keyspan LNG Facility – Public Meeting
The U.S. Coast Guard is hosting two public meetings regarding the proposed Keyspan liquefied natural gas (LNG) facility in Providence, Rhode Island. The meetings will be in Providence (January 11) and Middletown (January 12). 70 Fed. Reg. 1900 (HK Law).
KeySpan LNG Meeting
The Federal Energy Regulatory Commission (FERC) will meet in Washington, DC to receive comments on the KeySpan LNG, LP proposed LNG facility upgrade at Providence, Rhode Island from U.S. Senators Lincoln Chafee and Jack Reed, U.S. Representatives Patrick Kennedy and James Langevin, Rhode Island Attorney General Patrick Lynch, and Providence Mayor David Cicilline. 70 Fed. Reg. 11010 (HK Law)
Rhode Island Passes Bill on LNG Ship Ops
The House of Representatives today voted 66-0 to approve legislation introduced by Rep. Raymond E. Gallison Jr. to require any LNG tanker to have an LNG-certified American master mariner present on each trip through Rhode Island waters and during transfer of cargo. Representative Gallison, chairman of the Special House Commission to Study the Transportation of Liquefied Natural Gas and a Democrat who represents District 69 in Bristol and Portsmouth, proposed the legislation (2005 - H5362Aaa) as a safety measure should either of the two proposed local LNG terminal projects go forward. “If either of these LNG projects are approved, we…
Rhode Island Passes Bill on LNG Ship Ops
The House of Representatives voted 66-0 to approve legislation introduced by Rep. Raymond E. Gallison Jr. to require any LNG tanker to have an LNG-certified American master mariner present on each trip through Rhode Island waters and during transfer of cargo. Representative Gallison, chairman of the Special House Commission to Study the Transportation of Liquefied Natural Gas and a Democrat who represents District 69 in Bristol and Portsmouth, proposed the legislation (2005 - H5362Aaa) as a safety measure should either of the two proposed local LNG terminal projects go forward. "If either of these LNG projects are approved, we need this…
Portsmouth To Fight LNG
The Portsmouth Town Council has voted to allocate up to $25,000 for legal expenses to help fight a proposed liquefied natural gas (LNG) terminal in nearby Fall River, Mass., the third Rhode Island community to promise money to oppose the project, according to a report on www.turnto10.com. The $250 million Weaver's Cove Energy project was approved on June 30 by the Federal Energy Regulatory Commission. The FERC at that time rejected a proposal by KeySpan LNG to expand an LNG facility in Providence. KeySpan has asked the commission to reconsider its decision. Fall River has hired Washington lawyers to appeal the decision to locate an LNG terminal in the city.
Port of NY/NJ Sets Record, Announces Security Initiatives
International cargo volumes in the Port of New York and New Jersey hit record levels in 2005, New Jersey Governor Jon S. Corzine, Port Authority Chairman Anthony R. Coscia and Port Authority Vice Chairman Charles A. Gargano said today as they revealed new port security initiatives, including a public-private task force and a demonstration of technology to enhance security at the East Coast’s largest seaport. Containerized cargo volumes in the Port of New York and New Jersey rose 7.6 percent in 2005 to a new record high, continuing to exceed the authority’s projected cargo growth levels. The dollar value of all cargo moving through the port exceeded $132 billion for the first time, up 15.6 percent from 2004.
Houston Exploration Obtains Leases In Private Transaction
Houston Exploration has acquired 100 percent working interests in six offshore leases from ATP Oil & Gas Corporation. Varying from 25 to 100 percent, the Gulf of Mexico locales include blocks on Matagorda Island, Vermilion, South Timbalier and Galveston. With total bidding amounting to $1 million, the company is also involved in the formation of another joint venture with KeySpan Energy. The project will entail the exploration and development of the company's current unspoiled offshore acreage.
