Marine Transport Corporation buys Mormac Marine Group ocean bullk businesses
Mormac Marine Group Inc.'s ocean bulk transportation businesses will join the Marine Transport Corporation group of companies which include Marine Transport Lines, Intrepid Shipping and MTL Petrolink.
Mormac operates 10 U.S. flag vessels, including
* two tankers involved in crude oil transportation for another owner,
* three product carriers owned by Mormac employed on time charter and contracts of affreightment, and
* five vessels for the Maritime Administration.
Operation of the two tankers trading in crude will be combined with Marine Transport Lines' ship management group. The three Mormac product carriers will be bareboat chartered by Marine Transport Lines and traded as a "pooled" fleet with MTC's three similar product tankers. Mormac's government operation will be maintained as a separate unit with its Baltimore office.
The total price paid by MTC for the Mormac businesses is based on their performance over a five year period. The minimum amount payable is approximately $7 million.
Marine Transport chairman and chief executive Richard du Moulin termed the deal another step in the much-needed consolidation of the Jones Act shipping trade in the U.S., where we see MTC as one of the leaders. Ourstrategy continues to be focused on acquiring profitable businesses with excellent customer relationships, contract portfolios and experienced, committed personnel who share our vision for shipping in the U.S."
MTC announced it had completed a transaction whereby $25 million in cash was added to its balance sheet through the monetization of future charter earnings from an extended bareboat charter of its vessel Marine Columbia to BP Amoco. These funds are available to it for merger/acquisition activities, the chemical transportation joint venture with Stolt-Nielsen, and other initiatives.
OMI Corporation did have Marine Transport Corporation.
Crowley Marine compleated the acquisition of Marine Transport Corporastion in February 2001.
Richard du Moulin
President, Intrepid Shipping
After graduating from Dartmouth College in 1969, Mr. du Moulin served in the US Navy from 1969 to 1972. In 1974, he graduated with an MBA from Harvard Business School and began his career at OMI Corporation. During his 15 years with OMI, he served as Executive Vice President, Chief Operating Officer, and as a member of the company's Board of Directors. He left OMI in 1989 to start his own company, known as, Intrepid Shipping. That same year, he led a group of partners in a buy out of Marine Transport Lines (MTL), the oldest transportation company in America, after which Intrepid took on the name of MTL. The company later went public and became Marine Transport Corporation (MTC) where du Moulin served as Chairman and Chief Executive Officer. After the acquisition of several competitors, Mr. du Moulin and partners sold MTC to Crowley Maritime in 2000, paving the way for him to re-establish Intrepid Shipping in 2002.
Intrepid Shipping LLC
2187 Atlantic Street, 10th Floor
Stamford, CT 06902
Our email addresses are: