New York-based Bouchard Transportation Company says it has secured financing to start paying its tug and barge crews, including back pay.
“Over the weekend Bouchard was able to close on financing to start paying back vessel wages and meet other outstanding indebtedness, necessary to meet all our obligations,” President and CEO “Mort” Bouchard said in a letter distributed to the media.
“This could not be better news,” he said.
Since the beginning of the year, Bouchard crews across the country have been withheld pay and forced to remain on board their vessels at the directive of the U.S. Coast Guard as Bouchard chased financing to meet its obligations.
“Last week I was happy to inform you that Bouchard Transportation Co Inc. was issued a DOC for 90 days,” Mr. Bouchard said. “And now with financing in place and as we all focus on stabilizing the company, I wish to assure everyone that we will continue to work towards returning the company to fully meeting the high expectations of our clients, vendors and valued employees.”
The “DOC” refers to Bouchard’s Document of Compliance certificate, which is required by the Coast Guard for persons or companies who own certain U.S.-flagged vessels and certifies satisfactory completion of a safety management audit. A spokesman for the Bouchard said the temporary DOC was issued as Bouchard changes classification societies to DNV GL.
“The past two months, Bouchard Transportation Co Inc. has been faced with enormous challenges both financially and operationally,” said Mr. Bouchard.
“Bouchard has the best tug and barges in the industry supported by the best vessel employees, advisors and management.”
Bouchard Transportation’s website says it is the nation’s largest independently-owned ocean-going petroleum barge company, operating 26 tugs and 25 tank barges across the United States, Canada and the Caribbean. The majority are double-hulled articulated tug and barge units (ATBs). The company was established in 1918 and remains family-owned and run by President and CEO Morton S. Bouchard III, who has been at the helm since 1992.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
The United Kingdom has sanctioned China’s Beihai LNG terminal as part of a comprehensive package targeting Russia’s energy sector and its international enablers, marking a significant escalation in Western efforts...
Swedish prosecutors have closed their investigation into damage to a communication cable between Sweden and Latvia in the Baltic Sea, concluding that the incident was accidental rather than an act...
The world’s shipping regulator is on the verge of green-lighting a global charge on the industry’s emissions, something that has prompted the Trump administration to threaten tariffs in response.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
