American Commercial Lines Accelerates Organic Growth Initiatives
Posted on: Thursday, 19 April 2007, 15:00 CDT
Integrated marine transportation group American Commercial Lines (ACL) is accelerating several organic growth initiatives designed to pull more freight onto the inland waterways system for barge transportation.
The company claims that barge transportation is the lowest cost, safest and most fuel efficient mode of transportation in the US and is currently estimated to be operating at 50% of capacity.
Commenting on the initiatives, Mark Holden, president and CEO, said: "We are seeing progress on the demand side of our business in winning more freight for our transportation division and in improving our asset utilization. As a result, we are accelerating certain aspects of our strategy to foster organic growth."
The growth initiatives include establishing the headquarters of the company's liquids transportation division in Houston, Texas. ACL also plans to increase its liquid tank barge capacity by over 15% during 2008, with the addition of 30 new 30,000 barrel capacity tank barges, totaling approximately $75 million in capital expenditures.
Furthermore, the Indiana-based group is accelerating its dry cargo barge retirements as a result of improved asset utilization by retiring an additional 200 units, bringing the total number of retirements during the 15 month period to over 500 units, or 20% of its dry cargo fleet and canceling over 100 dry cargo barges that were to be built during 2008 for its transportation division.
Source: Datamonitor
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