This acquisition represents another significant investment in the marine industry on the part of Ingram Barge Company
Nashville, TN (Vocus) August 16, 2010
Ingram Barge Company announced today the acquisition of 92 barges, including 17 tank barges with 10,000 barrel capacity, 62 jumbo covered hopper barges with fiber lift covers, and 13 jumbo open hopper barges from an affiliate of Ospraie Special Opportunities Fund. All of the acquired barges were built between 2004 and 2008.
“This acquisition represents another significant investment in the marine industry on the part of Ingram Barge Company,” said Craig Philip, Ingram Barge’s Chief Executive Officer. “These 92 nearly-new barges will enhance our ability to provide dry-cargo and tank barge transportation services to our growing customer base,” Mr. Philip noted.
Ingram’s plans for the tank barges include deployment for use in a variety of liquid trades and plans for the hopper barges include deployment in the grain, utility, and various other dry cargo trades.
“This strategic acquisition will further enhance Ingram Barge Company’s position as the nation’s largest inland barge transportation company,” Mr. Philip added.
Ingram Barge Company is the leading carrier on America's inland waterways. Ingram operates a fleet of more than 100 line haul towboats and over 4,000 barges to transport coal, aggregates, grain, fertilizer, ores, alloys, steel products and chemicals. Ingram Materials operates a sand and gravel dredging and distribution enterprise serving Tennessee markets. Custom Fuel Services operates 11 floating fueling stations on the Mississippi and Ohio River Systems and provides marine fuels, lubricants, and other miscellaneous services to towboats, barges, stevedoring rigs, and ships. In addition, Ingram owns a ship anchorage in Louisiana and several bulk commodities terminals. For more information, please visit http://www.ingrambarge.com.
Ospraie Special Opportunities Fund is an investment fund affiliate of Ospraie Management, LLC, which is located in New York City.
Contact: Keel Hunt 615.321.3110