Port Colborne Scrap Yard

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Geest

Re: Port Colborne Scrap Yard

Unread post by Geest »

Guest wrote: September 14, 2023, 5:02 pm Rand Logistics is a no longer an independent company.
It is owned by two private equity firms - Oaktree Management and American Industrial Partners.
American Industrial Partners has assets worth over $7 billion.
Oaktree Capital Management has $179 billion in assets under management.

American Industrial Partners was trying to sell it's interest in Rand earlier this year.

Info on both firms can be found on the internet.
AIP is no longer involved in Rand, they list it as a former holding. I dont know who bought them out or if Oaktree just took over their share or what but AIP is out.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Rand Logistics is a no longer an independent company.
It is owned by two private equity firms - Oaktree Management and American Industrial Partners.
American Industrial Partners has assets worth over $7 billion.
Oaktree Capital Management has $179 billion in assets under management.

American Industrial Partners was trying to sell it's interest in Rand earlier this year.

Info on both firms can be found on the internet.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Guest wrote: September 13, 2023, 12:22 pm Two - they have assets worth billions. The local, State and Federal authorities will have a whole lot to seize if an environmental disaster occurs. Ask BP how aggressive Attorney Generals can be.
Rand bought ASC for $260 million and paid for it by mortgaging the boats. So no assets there. The rest of their fleet is worth its scrap value. Likely those boats are all owned by separate LLCs anyway.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

They bought the CTC #1 not very many years ago precisely because her hull is in good shape with many years of life left in her bones. She's not in danger of sinking.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

I'm surprised they haven't dealt with the issue. One it's not going to get cheaper than now and in a controlled manner. If it sinks, the costs will skyrocket
Two - they have assets worth billions. The local, State and Federal authorities will have a whole lot to seize if an environmental disaster occurs. Ask BP how aggressive Attorney Generals can be.
ejawac6n

Re: Port Colborne Scrap Yard

Unread post by ejawac6n »

so in other words your saying RAND isnt an enviroment friendly company, at least in the u.s. interesting.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

badger wrote: September 10, 2023, 11:55 pm The CTC #1 in south chicago is probably so worn out it might not survive the tow to port colborne
She won't, the hull is in no fit shape for even a 1 way tow. The bigger issue is clearing out all the toxic soup of mud from underneath her to even get her able to be towed. She's taking up US flagged tonnage, so Im sure letting it rot out is preferable than dealing with the alternative for Rand and their investors
guest

Re: Port Colborne Scrap Yard

Unread post by guest »

it all boils down, in most cases to the tax payer {you and i} in some distant time perhaps the "tax payer" in manistee will face the same scenerio!
badger

Re: Port Colborne Scrap Yard

Unread post by badger »

she was a coal burner so their wouldnt be much oil. your right about the towing being a big part of the cost. the CTC #1 in south chicago is probably so worn out it might not survive the tow to port colborne
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

I have heard that several owners had to pay to get their worn out vessels scrapped in recent years at MRC.

Obviously the costs incurred to the taxpayer is related to the towing charges to Port Colborne, insurance and environmental abatement, though how extensive the later would be is anyone's guess. I'm very sure that MRC is not providing the environmental abatement and documents to the Ontario Ministry of Environment for free. It probably costs a lot of money with all the paperwork the government will require.

However, I would think that over the decades any residual oil has been removed, so it would be asbestos that's a liability.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Guest wrote: September 9, 2023, 5:09 pm Todays lead story on Boatnerd -
"Marine Recycling Corporation to dispose of the S.S. Norisle. It’s going to cost the township’s local taxpayers more than $743,000"

I knew that scrap metal prices are really down from their highs but when was the last time someone had to pay to scrap a boat?
This might explain why some boats that should be scrapped are going to remain where they are at until prices improve.
Could the cost incurred be the need to tow the vessel to Port Colborne or other issues such as asbestos removal?
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Todays lead story on Boatnerd -
"Marine Recycling Corporation to dispose of the S.S. Norisle. It’s going to cost the township’s local taxpayers more than $743,000"

I knew that scrap metal prices are really down from their highs but when was the last time someone had to pay to scrap a boat?
This might explain why some boats that should be scrapped are going to remain where they are at until prices improve.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Well the TECUMSEH has arrived at the Port. Didn't see any new videos on YouTube but I assume they finished up on the other LLT boat.

Wonder if they'll scrap the barge first?
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

The Transport was very very well maintained by ULS never spent much time down below so I assume she’s not worn out just Algoma retiring another boat to be replaced by a China build!
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Guest wrote: August 3, 2023, 9:38 am
Guest wrote: May 11, 2023, 3:03 pm Does anyone have an update of the demolition (oops recycling) of the boats?

Has room opened up for another boat - say one sitting across the lake?
They will get Algoma Transport this winter.
I will mourn the departure of this lake freighter when it goes as one of my earliest memories of Great Lakes ships is watching this ship during one of its earliest voyages as it passed upbound at St. Clair Michigan in the summer of 1979. I always liked the large stacks of this ship, and recall seeing it quite often unloading at the now demolished Lambton Generating Station.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Wayne Elliott on his Facebook page back in May mentioned that two ships would be heading to MRC this Summer. We know that one is the Tecumseh but the other we have to wait and see.

Highest prices for scrap metal is in the Indian Sub-Continent, but scrap prices around the Great Lakes would be different, based on demand from local steel mills.

One has to factor in the cost of environmental abatement, (asbestos, oil and chemical contamination - especially after a fire) when a ship is sent for demolition. I doubt shipping companies are getting any money out of the sale to MRC, in fact it could be costing them money.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Guest wrote: May 11, 2023, 3:03 pm Does anyone have an update of the demolition (oops recycling) of the boats?

Has room opened up for another boat - say one sitting across the lake?
They will get Algoma Transport this winter.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Thanks.

Looks like scrap prices are still off the all time highs of a few years ago. Wonder if that has a tremendous bearing on the decision to scrap now or hang on in case prices go "nuts" again.

It's been a couple of years since a boat went overseas.
Guest

Re: Port Colborne Scrap Yard

Unread post by Guest »

Guest wrote: August 1, 2023, 2:41 pm I didn't see either the SPARTAN or the TECUMSEH in the last video. Are those boats already in Port Colborne?

Do you know the name of the tank barge that is docked there now waiting to be scrapped?
A-410
MilwBob
Posts: 379
Joined: May 9, 2010, 7:20 pm

Re: Port Colborne Scrap Yard

Unread post by MilwBob »

Guest wrote: August 1, 2023, 2:41 pm I didn't see either the SPARTAN or the TECUMSEH in the last video. Are those boats already in Port Colborn
Neither is at Pt Colborn and the Tecumseh is the only one confirmed to be going there.
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