Bouchard Transportation has secured finance to pay back debt and brings its tugs and oil transportation barges back into operation
This US-based inland transportation group has been challenged financially and operationally this year as it struggled to secure funds to continue commercial operations.
It had tugs and barges restricted by the US Coast Guard and too few funds to pay all of its staff on time.
However, Bouchard Transportation has found the finance to pay back debt and return tugs into operation.
Its chief executive, Morton Bouchard III, told staff this week the group had the necessary finance to meet all its obligations. “Bouchard was able to close on financing to start paying back vessel wages and meet other outstanding indebtedness,” he said.
Bouchard Transportation was issued a Document of Compliance required by the US Coast Guard for 90 days of operations.
“With financing in place, we can focus on stabilising the company,” said Mr Bouchard.
“I wish to assure everyone that we will continue to work toward returning the company to fully meeting the high expectations of our clients, vendors and valued employees.”
Bouchard operates 26 tugs ranging from 2,200 kW to 7,500 kW, with the majority being articulated tug and barge units (ATBs).
It also has 25 double-hulled tank barges ranging from 35,000 barrels to 260,000 barrels capacity as part of these ATBs.
These are used to transport crude and oil products along US coastlines and inland waterways.
Another inland transportation company has increased its fleet this month with a new vessel.
Maritime Partners took delivery of the first of a series of seven towboats it has ordered from Bayou La Batre, Alabama-based shipbuilder Steiner Construction.
Tug Darrell Hiatt has been built to a Farrell & Norton naval architects design. It is 26.8 m long with a 10.4 m beam and moulded hull depth of 3.3 m.
It is powered by twin Mitsubishi S12R main engines, compliant with US Environmental Protection Agency’s Tier 3 requirements and supplied by Laborde Products.
These drive two propellers from Sound Propeller Services, via Twin Disc 5600 reduction gears.
Darrell Hiatt’s deck equipment includes two 40-tonne electric winches by Wintech and fendering was supplied by Schuyler.