Algoma Central Chief Challenges Marine Industry
During the annual Marine Club Dinner, Peter Cresswell, president and CEO of Algoma Central Corp., told 1,200 shipping and marine industry executives the future of the Great Lakes-St. Lawrence Waterway is in peril. "Deregulation in both the rail and trucking industries, and U.S. subsidies favoring the Mississippi marine route, have threatened the economic viability of this transportation wonder," Cresswell said. Excessive user fees, over-regulation and duplication were also cited by Cresswell as significant causes of the waterway's competitive frailty. According to Cresswell, regulators need to instead foster a competitive transportation environment where "rail competes with water and water can compete with rail.
Algoma Central Chief Challenges Marine Industry
During the annual Marine Club Dinner, Peter Cresswell, president and CEO of Algoma Central Corp., told 1,200 shipping and marine industry executives the future of the Great Lakes-St. Lawrence Waterway is in peril. "Deregulation in both the rail and trucking industries, and U.S. subsidies favoring the Mississippi marine route, have threatened the economic viability of this transportation wonder," Cresswell said. Excessive user fees, over-regulation and duplication were also cited by Cresswell as significant causes of the waterway's competitive frailty. According to Cresswell, regulators need to instead foster a competitive transportation environment where "rail competes with water and water can compete with rail.
CSL and Upper Lakes Group Sign Letter of Intent
Sam Hayes, President of The CSL Group Inc. (CSL) and Jack Leitch, Chairman of Upper Lakes Group Inc. (ULS) have announced the signing of a Letter of Intent concerning the purchase by CSL of ULS' 50 percent share of Marbulk Canada Inc. (MCI). MCI is owned jointly by ULS and Algoma Central Corporation (Algoma). Marbulk Shipping Inc. of Salem, Mass., a subsidiary of MCI, operates a fleet of eight self-unloading bulk carriers in international trades on the east coast of North America and in South America, Europe and Asia. The transaction is subject to Board of Directors and regulatory approvals. CSL International Inc. (CSLI), a subsidiary of CSL…
