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Gatx News

10 Jan 2022

Maritime Partners Promotes Livingston to COO

Eric Livingston (Photo: Maritime Partners)

Metairie, La. based Maritime Partners, LLC has promoted Eric Livingston to the position of COO.Livingston joined the towboat leasing company as executive vice president in 2019 and has previously held leadership positions at Citizens Asset Finance, GATX Corporation and ATEL Capital Group.In December, Maritime Partners announced it acquired the towboat and barge fleet of J. Russell Flowers, Inc., making it the largest lessor of marine equipment in the United States.The company is also behind a project to develop the industry's first methanol-fueled towboat, set to hit the water in 2023.

14 May 2020

Rand Completes American Steamship Acquisition

New Jersey-based Rand Logistics said Thursday it has completed its $260 million acquisition of rival Great Lakes shipping company American Steamship Company (ASC) from GATX Corporation.The combination of Rand and ASC moves almost 50 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet, the company said."This transaction is a game-changer for both Rand and our customers. Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes," said Peter Coxon, Chief Executive Officer of Rand…

12 Feb 2020

Rand Logistics to Buy American Steamship Company

New Jersey-based Rand Logistics announced it has entered into a stock purchase agreement to acquire rival Great Lakes shipping company American Steamship Company (ASC) from Chicago-based GATX Corporation for $260 million.Headquartered in upstate New York, ASC operates the Lakes' largest U.S.-flagged fleet, annually transporting more than 27 million tons of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet. ASC reported segment profit of $46.1 million for 2019 (including a one-time gain of $10.5 million), said parent company GATX.Rand, an affiliate of American Industrial Partners (AIP)…

23 Jun 2019

Anthony Veder Boosts Gas Pool Fleet

Anthony Veder, which operate gas tankers in all the segments of gas shipping, from LPG shipping to LNG shipping and from CO2 shipping to ethylene shipping, will take over the commercial management of five gas carriers of Chicago-based GATX Corp.The vessels will start trading in Anthony Veder’s gas pool in June, the Rotterdam-based shipowner said in a press note.With this transaction Anthony Veder further strengthens its position as liquified gas shipping company to a fleet of 38 ethylene, LPG and LNG carriers, it said.The gas carriers previously were part of the Norgas pool and will be renamed starting with Coral, the release noted.Three out of five vessels will transport liquefied petroleum gas and petrochemical gasses such as ethylene.

29 Dec 2016

Energy, Finance & the GoM

© Scott Bufkin / Adobe Stock

Some positive market indicators could presage an investment revival in the U.S. Gulf of Mexico – and beyond. The good news, reported by Bloomberg, is that in the third quarter of 2016, the largest oil companies increased cash from operations by nearly $26 billion. This reflects a 67 percent increase from the previous quarter and more than twice the amount of the first quarter of 2016. Exxon Mobil, Royal Dutch Shell, Chevron, Total and BP indicated that the increase was due to lower spending, increased output and rising crude prices, although the numbers were still below last year’s numbers.

15 Oct 2013

Companies Partner to Protect the Great Lakes

Photo: GATX

American Steamship Company (ASC), a subsidiary of GATX Corporation, and Chicago’s John G. Shedd Aquarium are working collaboratively in pursuit of their common goal of protecting the Great Lakes, and now they’re taking that message to communities along the shores. One of ASC’s 1,000-foot vessels, the MV Indiana Harbor, is displaying each organization’s logo along with the slogan “Working Together to Keep the Lakes Great.” The vessel travels throughout the Great Lakes region including ports in western Lake Superior, southern Lake Michigan, Detroit and Cleveland.

06 Feb 2012

American Steamship Charters ATB

American Steamship Compnay charter New Articulated Tug Barge American Steamship Company (“ASC”), a subsidiary of GATX Corporation (NYSE:GMT), announced its charter of a newly constructed Articulated Tug Barge (“ATB”). David W. Foster, president of ASC, said, “We are very pleased to add this new ATB, designed to transport dry-bulk commodities, to our fleet and look forward to commencing its operation on the Great Lakes during the upcoming sailing season. This U.S.-flagged 10,700 horsepower tug and 740 foot self-unloading barge with a cargo capacity of 34,000 tons, constructed by Donjon Shipbuilding and Repair, LLC of Erie, PA, will allow ASC to more efficiently serve our customers.”

12 Nov 2003

News: Signet Martime Inks Garrett Contract

Signet Maritime Corp. and Garrett Marine, Inc. executed agreements August 29, 2003, for charter and purchase of Garrett's Aransas tug business, finalizing plans that originated in 2002 to expand Signet's presence in the Aransas Pass/Ingleside region. The Garrett family, which has been serving marine tug needs in Texas for almost 50 years, agreed to terms for handing over responsibility for tug operations to Signet for marine and construction firms in the Aransas Pass/Ingleside region. Andy Garrett, Vice President of Garrett Marine, noted the consolidation of Garrett's tugs into Signet's fleet as "the most important task we have undertaken to enhance tug support to the Aransas Region and for our valued customers.

04 Apr 2002

As Banks Step Down, Equipment Finance Companies Step Up

Shipowners are known for having distinct differences of opinion, but the one thing that all agree on is the importance of having access to capital. In an industry in which assets are generally big-ticket items and operating margins can be thin, access to proper financing serves the dual purposes of fleet growing the generation of healthy operating returns. Most shipowners would also agree that financing for maritime assets generally isn't easy to find. There are various reasons for this. One reason is that few lenders focus exclusively on marine finance and a result most lending institutions are not familiar enough with marine assets to feel comfortable financing them.

09 Jan 2001

NOL To Buy GATX Logistics For $210M

Shares of Singapore shipping and logistics firm Neptune Orient Lines (NOL) rose 7.5 percent on Tuesday, buoyed by its deal to buy U.S.-based GATX Logistics for $210.5 million in cash. "They (NOL) have always said logistics is going to be a growth area for them. So, having made a significant acquisition, people tend to look at it positively because they are moving in the right direction," said Seah Hiang Hong, head of research at Kim Eng Securities. NOL said the acquisition would boost revenues for the group's unit APL Logistics -- the vehicle used to buy GATX -- by 70 percent or more than $300 million. GATX, owned by GATX Corp. until last June, is the second largest warehouse-based contract logistic company in the United States with about 21 million sq ft of warehousing space.

24 Jan 2001

People & Company News

Maritime Surveys Ltd., Shoreham, Sussex, U.K., recently took delivery of the first SeaBat 8160 multibeam echosounder system from RESON A/S. The SeaBat 8160 was installed on one of Maritime's survey vessels, the Scotian Shore. Alastair MacDonald, managing director of Maritime Surveys, commented on the success of the sea trials: "The SeaBat 8160 delivered the highest quality multibeam survey data in a swath width of 1,300 meters at 3,000 meters water depth, even when experiencing a near 20 degree roll and 12 degree pitch. The excellent data quality combined with the system's portability makes the 8160 extremely valuable for our operations." During these trials the system was supported by GSE Rentals of Aberdeen who supplied a TSS POS M/V 320 system.

06 Jun 2006

Oglebay Norton Sells Six Vessels

Steamship Company, a wholly-owned subsidiary of GATX Corporation. Middletown, S/S Courtney Burton, and M/V Fred R. White. progressing with its negotiations for the sale of the M/V David Z. Earl W. Oglebay to an unidentified purchaser. Great Lakes through a favorable, long-term contract of affreightment.

07 Sep 2001

NOL Reports First Half Profit of $11M

In summarizing his company's results, Mr. Flemming R. "We have achieved much. We came from a difficult past and we are on the right track to return to full health, but we are not there yet. We would have preferred a little more time to consolidate all we have achieved and are achieving before having to deal with a severe downturn in the economic environment like this one. "2001 is proving a tough year -- and, while this result is disappointing, we have to remember where we started from and accept that sustained profitability is not achieved magically overnight," Jacobs said. The Group recorded serious losses in 1997-98 when the Asian crisis hit just as it had purchased the American liner business, APL.