McKeil

[kamco]

Rumor around the port is that the Tug George N .Carleton is to be dry docked,date unknown at this time.

[Guest]

Do you know what the first vessel will be and when ?

[Tbayboy]

Heddle Marine Services Thunder Bay Yard is functional.Dock is currently drained and blocks are being set for first vessel.Gate has been re certified by Class.

[Mac Mackay]

I believe most, if not all, of NT's barges are single-hull and therefore no longer suitable for moving petroleum products.

They have four Chinese built double hull cargo / tank barges bought from ITB Marine, and not fully paid for yet. ITB Den Cho #1 to #4. Two are actually owned by the Norterra, but chartered to NTCL.

[Guest]

But they must have a plan for it, do you know if the dry dock in tbay is functional anymore it hasn't been drained in a few yrs

[Tbayboy]

The shipyard in Thunder Bay was not purchased by McKeil. Blair Mckeil is only one of several Investors. The yard is owned by Heddle Marine Services.

[Guest]

Also remember Mckeil bought the shipyard at Thunder Bay they must be planning something.

[Paul Beesley]

I believe most, if not all, of NT's barges are single-hull and therefore no longer suitable for moving petroleum products.

[tugboathunter]

I wouldn't think the Hay River shipyard would be of much value to anybody unless they had a plan to continue the Mackenzie River service.

[Mac Mackay]

NTCL was a basket case, but the company has sold off a number of non-core assets. If the buyer was able to buy only the money earning part of the business at a cost representing the actual value of the assets it might be a good deal.
The underfunded pension plan and other obligations would also be wiped off the books.
The buyer would be left with about a dozen ancient tugs, one newish tug, 60 or so ancient barges and four modern ones, and a modern shipyard (a Heddle partnership on that?) and a diminishing market.
I thing LLT would be a comparable but more desirable opportunity.

[guest]

NTCL would be a option but that is only just come to light this year. TorQuest has been involved with negotiations longer than that. This is why there was a change with LLT staff going towards McKeil. Many could see the writting on the wall. they will be in good shape when it comes time for a merger.

[lakerfan]

I heard a rumour they wanted to buy the distressed assets of
NTCL - Northern Transportation Company Limited.

[astz]

Looks like Mckeil has had some capital injected..wonder if this means
a move on LLT?

http://www.torquest.com/news/year/2016