Car Carrier Bull Market Seems to Be Fading
Since the pandemic, earnings for ships that move cars across the oceans have soared to record levels, fueled by booming global trade in vehicles. The rally is starting to fade.
U.S.-based shipping company TOTE Services is announcing a significant milestone with the 300th fueling operation by its LNG bunker barge Clean Jacksonville at JAXPORT’s Blount Island Marine Terminal.
TOTE called the fueling milestone a significant achievement for the group, which has invested heavily in LNG and was one of the first-movers on the use of the alternative fuel in the container sector.
“We are proud to join our partners at TOTE in celebrating this momentous occasion, which marks the 300th bunkering of the Clean Jacksonville,” said TOTE Services President Jeff Dixon. “TOTE Services has been a reliable, long-term partner committed to the LNG market, working in every aspect from vessel construction, ship management, and technical expertise to help our customers achieve their business and environmental objectives.”
Since 2015, TOTE has invested more than $500 million in LNG assets, including vessels, infrastructure, and technology. Through its subsidiary TOTE Maritime Puerto Rico, the company operates two LNG-powered containerships, which were a “world first” when put into service in 2015 and 2016. The Clean Jacksonville was the first LNG bunker barge built in North America upon its delivery in 2018 by Conrad Shipyard in Orange, Texas.
Two LNG-powered Marlin Class containerships, MV Isla Bella and MV Perla Del Caribe, operate on a Jones Act route between Jacksonville and San Juan, Puerto Rico.
TOTE Services is contracted by TOTE to manage the delivery of LNG from the Clean Jacksonville to the vessels. By using LNG, they can achieve dramatically lower emissions of NOx, SOx, CO2 and particulate matter.
“TOTE has worked closely with its partners to make northeast Florida a world leader in the clean fuel revolution,” said Dixon. “We look forward to continuing our safe and reliable operation of the Clean Jacksonville.”
TOTE Services, along with TOTE Maritime Alaska, LLC and TOTE Maritime Puerto Rico, LLC, are part of TOTE Group, LLC, which is itself a member of the Saltchuk family of companies.
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