Port of Houston awarded $19.5 million for Ship Channel expansion; Turn Services completes Bayou Fleet acquisition

Inland Marine News
The Port of Houston received notification from the U.S. Army Corps of Engineers that it has been awarded a “new start” designation and $19.5 million in federal funds to begin construction of the Houston Ship Channel Expansion Channel Improvement Project. The project was authorized in the Water Resources and Development Act of 2020. Full Article

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

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

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