Posts Categorized: Growth
TOTE Group Announces Acquisition of Aqua Gulf as Part of New Logistics Focus
December 10, 2024
TOTE Group is excited to announce the acquisition of Aqua Gulf, a leading third-party logistics provider in Puerto Rico and the U.S.
For almost 60 years, Aqua Gulf has delivered cargo for its customers and the people and communities of the island.
“I am excited for Aqua Gulf to join TOTE Group companies. Given our long-term partnership with TOTE, this acquisition was a great opportunity for the future of Aqua Gulf. TOTE Group and Saltchuk are committed to ensuring our family culture and company would continue with the same focus and values that have allowed us to succeed, while also providing a platform for future growth,” said Aqua Gulf Founder Bobby Browne. “I know that we are in great hands by joining the Saltchuk family of companies as part of TOTE Group. This is the best place for Aqua Gulf as we begin the next chapter.”
Ensuring the company continues with the same focus and values, Aqua Gulf’s management will remain the same under this acquisition.
Aqua Gulf will join TOTE Group as part of TOTE Logistics, a new business area. In addition to Aqua Gulf, TOTE Group announced that Carlile, Naniq Global Logistics, and Shoreside Logistics will also join TOTE Logistics as of January 1, 2025. Together, these companies provide a breadth of services from Hawaii and Alaska across the mainland to Puerto Rico.
Mike Noone, Chief Operating Officer at TOTE Group, will assume the role of President of TOTE Logistics, overseeing these companies. Noone brings more than 30 years of experience in the domestic maritime and logistics industries to his new role.
“The addition of logistics services to the TOTE Group companies allows us to offer effective and efficient opportunities for those moving cargo throughout the U.S., particularly in the non-contiguous trades,” said Tim Nolan, President and CEO of TOTE Group. “Mike is the right person to oversee this new venture. His leadership and experience will ensure success for TOTE Logistics.”
Learn more about Aqua Gulf, Carlile, Naniq Global Logistics, and Shoreside Logistics.
Saltchuk Fall Newsletter
November 1, 2024
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Young Brothers Invests Over $45 Million to Enhance Reliability of Interisland Shipping
October 3, 2024
MORGAN CITY, LA – Last week, Young Brothers christened the Kalohi and Nāulu barges, marking a milestone in the more than $45 million investment to enhance the reliability and resilience of the interisland shipping services. Entering service in December 2024, the new barges will provide additional cargo capacity and were designed with advanced technology and features that make it safer and more efficient to load and unload cargo.
The addition of these state-of-the-art vessels – the first new barges in nearly 20 years – is a major step forward in modernizing Young Brothers’ fleet and ensures we are well-positioned to deliver the frequent and reliable interisland shipping service to power Hawai‘i’s economy and connect our island communities,” said Jay Ana, president of Young Brothers.
The Kalohi, a 286-foot-long barge, was designed to serve smaller ports like Kaunakakai (Moloka‘i) and Kaumalapau (Lāna‘i).
“As the only water carrier serving Lānaʻi and Moloka‘i, Young Brothers has a critical kuleana to these communities,” said Ana. “This investment in Kalohi reflects our deep commitment to enhancing the capacity and resiliency of our services moving what matters most for Lānaʻi and Moloka‘i.”
The Nāulu, a 365-foot-long barge, will be the largest vessel with the most cargo capacity in Young Brothers’ fleet. The versatile design enables Young Brothers to transport additional cargo during peak periods and realize significant operational efficiencies in the ease of loading and discharging cargo when volume returns to off peak levels. Nāulu will be homeported in Kawaihae (Hawai‘i Island) and will serve Young Brothers’ four larger ports.
Key Features of the Kalohi and Nāulu Barges
- Ballast technology raises or lowers the vessels in response to changing tidal and ocean conditions, increasing stability, safety and efficiency when loading and unloading cargo in the challenging ocean conditions often present at Young Brothers’ port locations.
- Additional cargo ramps across the barges, giving employees greater flexibility and enabling greater efficiency in safely loading and discharging cargo.
The vessels were custom-designed by Hockema Group, a Washington-based naval architecture firm, and built by Conrad Shipyard, a national leader in the construction of ships for commercial customers and the U.S. governments.
About Young Brothers
Young Brothers, LLC is Hawai‘i’s trusted interisland freight company. Founded more than 120 years ago, Young Brothers is responsible for transporting 100% of all ocean cargo that originates and ends in Hawaiʻi and is the only water carrier to serve Lāna‘i and Moloka‘i. The publicly-regulated company offers 12 weekly sailings between the ports of Nāwiliwili, Honolulu, Kaumalapau, Kaunakakai, Kahului, Kawaihae, and Hilo. More than 400 highly skilled employees move what matters most to Hawai‘i using state-of-the-art shoreside equipment and a fleet of eight barges and eight tugboats, including four fuel-efficient Kāpena-class tugs. Young Brothers is an independently managed subsidiary of Foss and part of the Saltchuk family of companies. For more information, visit www.youngbrothershawaii.com and connect via Facebook, Instagram, Twitter and LinkedIn.
About Conrad Shipyard
Conrad Shipyard, established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls barges, dredges, and dredge support equipment, tugboats, ferries, drydocks, liftboats, offshore supply vessels and other steel products for both the commercial and government markets. The Company provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.
About Hockema Group
Hockema Group, Inc. is an independent, full service naval architecture firm primarily involved in commercial and government projects in various sectors of the marine industry. We provide naval architecture and marine engineering services for tugs, barges, commercial fishing vessels, dredgers, cargo vessels, workboats, passenger vessels and government/military service vessels.
New Bedford Foss Marine Terminal Opens Deep Water Berth to Accommodate Offshore Wind Vessels
August 29, 2024
Foss Transforms Derelict Power Plant Property into Gateway for Wind Industry to Provide Clean Energy
Foss Prevailing Wind docked at new NBFMT deep-water berth
NEW BEDFORD, Mass. – The New Bedford Foss Marine Terminal (NBFMT) this month opened its first deep water berth after two years of demolition and construction to support North America’s emerging wind energy sector. The berth is part of Phase II of the project and was designed specifically to accommodate offshore wind service vessels. A 300-foot bulkhead has been installed and dredging has occurred to further improve the use of the berth for both domestic and international vessels.
Administrators with the operations and maintenance (O&M) facility under development anticipate that once completed, the terminal will host a monthly rotation of up to 300 offshore workers that will be a boon for the local economy, according to Andrew Saunders, a New Bedford native and president of NBFMT.
“It’s great to be part of a project that is transforming a derelict power generating station into a state-of-the-art offshore wind hub able to support projects here in the US Northeast,” Saunders said. “All of the old, outdated buildings are now gone and the recently completed waterside improvements position us to be the gateway to the offshore wind lease blocks. The opening of this new deep-water berth is just the beginning with more waterside and land side improvements that will occur over the next few years.
“We are very excited about what the future will bring for the industry and for the regional economy as a whole. We’re building up to provide advanced management and warehouse space for partners who are servicing the burgeoning Northeast wind industry. With the opening of the deep-water berth, a consistent circulation of industry workers will spend a few days in town every month spending their company dollars on local businesses. Physically and financially, it’s truly a breath of fresh air for New Bedford.”
Future Phase III Completion Rendering
The 27-acre private terminal, owned by Foss Offshore Wind and local business leaders, has progressed through collaborations with city, state and federal agencies, notably New Bedford mayor Jonathan Mitchell, the New Bedford city council, the Port of New Bedford, the Massachusetts Department of Environmental Protection and the Massachusetts Clean Energy Center (MassCEC). MassCEC so far has contributed $15 million to the project.
In order to complete the deep-water berth, The City of New Bedford facilitated state, local and private funds to dredge more than 80,000 cubic yards of contaminated material from the waters just off the site. This work was part of the City’s Phase V Dredge Program that allows for the removal of legacy contamination from decades past. In all, the Phase V Dredge Program will remove and encapsulate more than 500,000 cubic yards of contaminated material from New Bedford harbor. When complete, the terminal will boast four large individual berths and a floating pier system that can accommodate up to eleven offshore wind construction and O&M vessels.
The New Bedford Foss Marine Terminal is a model that Foss intends to emulate in multiple East and West Coast markets as the wind industry grows over the coming years, according to Foss Offshore Wind president Joel Whitman in Boston.
“Our nation needs electricity and we need it from resources that don’t continue to send environmentally damaging materials into the atmosphere,” he said. “The terminal is an investment in the people and ports necessary to make this energy transition possible.”
About NBFMT:
The New Bedford Foss Marine Terminal is a collaboration between Foss Offshore Wind, a Saltchuk Marine company, and Cannon Street Holdings, which is comprised of three local business leaders. Prior to transforming the property into a clean energy hub, the 27-acre property had a history of operating within the energy sector dating back to the whaling era more than a century ago then as a coal and oil facility through the modern era. Foss is developing the property through three phases: demolition that is complete, improvements to address the waterside infrastructure and site ground bearing capacity that is underway and eventual improvements to both expand the waterside capabilities and build out O&M warehouse, fueling capabilities and crew transport support structures. Further development, including a parking garage will coincide with industry growth over the coming decade.
About Foss Maritime
Foss was founded in 1889 in Tacoma, Wash., and grew to become the largest tugboat operation on the West Coast. Foss Offshore Wind was created in 2020 to service the growing offshore renewables market in the United States and globally. Encompassing the expansive service offerings from the Saltchuk family of companies, Foss Offshore Wind is uniquely positioned on the East and West coasts to provide clients with the full range of on- and offshore support services. Visit Foss Offshore Wind’s digital space to stay current on the New Bedford facility and future terminal and service expansions.
Saltchuk Welcomes Overseas Shipholding Group to Its Family of Companies
July 10, 2024
Seattle, WA, Tampa, FL – Saltchuk Resources, Inc. (“Saltchuk”) today announced that it has successfully completed its previously announced tender offer to acquire all of the outstanding shares of common stock of Overseas Shipholding Group, Inc. (NYSE: OSG) not already owned by Saltchuk for a purchase price of $8.50 per share in cash, an enterprise value of approximately $950 million. The transaction closed this morning, and OSG is now a wholly-owned subsidiary of Saltchuk.
“With OSG, Saltchuk now numbers more than 8,500 people who share one thing in common: every day we strive to safely, responsibly, and reliably perform our services,” Saltchuk Chairman Mark Tabbutt stated. “As with our other businesses, OSG will remain standalone and independently managed. We look forward to working alongside the OSG team as we move forward together.”
OSG joins Saltchuk as its seventh business unit, adding energy shipping to its diversified lines of business which include domestic shipping, international shipping, logistics, marine services, energy distribution, and air cargo.
Sam Norton, OSG’s President and Chief Executive Officer remarked, “The transaction with Saltchuk marks a significant development in the long history of OSG and we are very pleased that it has been successfully completed. Leadership at both of our companies sees the value of having our business lie within the Saltchuk family of companies, an organization committed to sustaining the important role of the domestic maritime industry within the USA. The entire team at OSG looks forward to our future together.”
The proposed transaction was announced May 20, 2024 and the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was announced on June 26th.
Computershare Inc. and Computershare Trust Company, N.A., acting as joint depositary and paying agent for the tender, have advised that, as of the expiration of the tender offer, approximately 47,770,076 shares of OSG common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 66% of the issued and outstanding shares of OSG common stock, which percentage does not include Saltchuk’s holdings.
As a result of the completion of the transaction, prior to the opening of trading on the New York Stock Exchange on July 10, 2024, all shares of OSG common stock will cease trading, and the OSG shares will subsequently be delisted from NYSE and deregistered under the Securities Exchange Act of 1934, as amended.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (“OSG”) provides liquid bulk transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG’s 21 vessel U.S. Flag fleet consists of Suezmax crude oil tankers, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.
OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.
Contact
Susan Allan