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Turn Services completes Bayou Fleet acquisition
New Orleans headquartered Turn Services—one of the largest independent barge fleeting and shifting companies in the U.S.—reports that it has now completed its acquisition of the assets and business of Bayou Fleet. Full Article |
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NTSB reports on contact of tanker with multiple vessels on Lower Mississippi
The National Transportation Safety Board has issued its report on an incident in which a fully laden product tanker plowed into moored vessels, barges and wharves causing some $40.5 million of damages. Full Article |
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TTB: What to do when the bottom falls out: Everything you hope you’ll never need to know about restructuring
In the past year, the tug and barge industry has seen one of its biggest names wind up in a bankruptcy case that’s been anything but a neatly prepackaged restructuring. Others, including the towboat industry, have had to sell off vessels at what can only be called distressed prices. And some family-held firms have come under majority control of private equity investors. So, what are the options when the going gets tough and liquidity gets tight? Full Article |