Boatnerd Discussion Forum

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

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

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.

Paul Beesley wrote: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.

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

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.

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

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

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.

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.

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.

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

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

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