GATX has owned American Steamship for a good number of years. It's a company with in a company. There has been many years where ASC was the only part making money in a given year.
GATX has been there in good and bad I would say for over 30+ years and as the report said they maid money in 2009 when the economy tanked. and they made money in 2010 and had boats to the wall. So, I would say there is no good reason to sell ASC.
Also, GATX money arm is the banker on the ON buy and on some of the other ones they know own and not a bank.
If it was me I would keep they around. They make money.
Charlie
gatx/asc
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Guest
Re: gatx/asc
I have no idea if they want to sell off the fleet or not. But I read the same press release a few days back and had this reaction: we don't know what the rate of return is and if GATX has better use for the money in mind and, secondly, the best time to sell an asset is when it is profitable, not when it's losing money. So if GATX is thinking of selling, this may be as good a time as any.
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Guest
Re: gatx/asc
From GATX's fall quarterly press release:
American Steamship Company (ASC) reported segment profit of $6.6 million in the fourth quarter 2010 compared to $6.0 million in the fourth quarter 2009. Segment profit for 2010 was $28.6 million compared to $16.1 million in 2009. The full-year segment profit increase was driven by a 32% increase in tonnage carried in 2010 versus 2009, primarily due to greater demand for iron ore shipments. During the current winter lay-up season, ASC will work with its customers to gauge volume expectations for 2011 and plan winter maintenance and future vessel deployment accordingly.
I think, depending on future contracts and a stable steel industry, GATX/ASC will hang in there and not sell off.
American Steamship Company (ASC) reported segment profit of $6.6 million in the fourth quarter 2010 compared to $6.0 million in the fourth quarter 2009. Segment profit for 2010 was $28.6 million compared to $16.1 million in 2009. The full-year segment profit increase was driven by a 32% increase in tonnage carried in 2010 versus 2009, primarily due to greater demand for iron ore shipments. During the current winter lay-up season, ASC will work with its customers to gauge volume expectations for 2011 and plan winter maintenance and future vessel deployment accordingly.
I think, depending on future contracts and a stable steel industry, GATX/ASC will hang in there and not sell off.
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mn brett
Re: gatx/asc
Could someone explain the Main structure of American Steamship?
There is GATX,I see is on the side of the Republic,and ASC witch is The original Boats before the O N buyout,The Oglebay Norton Vessels came on Board as Liberty (I think is the word)and The Sailors,Or Ships were a separate entity as well? Thank You Brett
There is GATX,I see is on the side of the Republic,and ASC witch is The original Boats before the O N buyout,The Oglebay Norton Vessels came on Board as Liberty (I think is the word)and The Sailors,Or Ships were a separate entity as well? Thank You Brett