Anyone have any insight on this?
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They are money people. When they see it is time to make a profit by selling, that’s what they will do.
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More than likely they are shedding those assets (Centerline) because of the nature of the work (dirty cargo). Asset companies who want to play in the Green Finance space, have to have their balance sheet appropriately situated. They probably realized that these assets will fetch the most money now, where a buyer still sees value, down the line, people will shy away from anything transporting dirty cargo.
Macquarie has wanted to sell (a “liquidity event”) all along. That’s why they booted Harley out in the first place; he didn’t want to sell.
Harley was a jerk that built a jerk company.
It looks like changing the name without replacing all of the upper management couldn’t change that.
Instead of changing the culture to be a better company with a long term vision, it looks like management focused on trying to grow by acquiring distressed ex-Bouchard equipment, while at the same time cutting Mariner pay by switching to a cheaper union, SIU. They did this during Covid when skilled and properly certificated mariners are in short supply. Maybe that didn’t work too well either.
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^ this.
Probally realized it was a mistake buying the bouchard vessels. Every vessel needs a major ship yard and complete engine and machinery overhauls, Not to mention all the Load lines were changed to some french class society which complicates repairs.
Opportunistically buying the ex-Bouchard boats and barges at bankruptcy sale prices (I’m assuming less than 50% of actual value) was probably a very good idea.
Refitting the vessels during the Covid supply and labor delays, and hyperinflation, was undoubtedly more of a challenge than expected.
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Bureau Veritas? Nah, not really a problem at all.
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Still IACS
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I guess What im trying to say is Everytime they need somthing inspected, They have to contact the Office in Ft Lauderdale and wait for someone to fly out, With ABS theres an office in alsmost every port.
It has to be tough to sell a company when they are still in litigation between Centerline and Harley Franco…
Is it still a Jones Act compliant company when Macquarie holds the majority shares at the board table, it holds the majority if Godden is considered as a Macquarie member…
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Can the boats be switched back to ABS? The classes can’t have all that much difference between them.
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Probably about the same way that Maersk Lines Limited can be a Jones Act compliant company.
As long as the requisite percentage of shares are held by American investors, it’s an “American” company.
I imagine that they’ll be switched back to ABS when it makes sense to do so. Probably no hurry.
Yes. As stated above, both are members of IACS, so there is little difference. Not sure why one would want to. Underwriters don’t care about which Class Society (although IACS is preferred). USCG approves. Also as stated above, there may be some delay in getting a surveyor to attend, but that is just a matter of logistics. Hell, there are some US ports without a full time ABS surveyor. I know, I used to cover some. . . .
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Ask the Man himself !
Harley was a sweet man compared to the new POS CEO. Student kills the teacher. Only the student didn’t quite learn everything. At least Harley didn’t destroy people’s livelihoods behind their backs.
With Harley you always knew what you were gonna get. He’d at least give you that.
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Since it became “Centerline” it’s been cut after cut after cut. Don’t know how they stay afloat?
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Seems like they advertise non stop and I don’t know anyone who has applied to them or every worked for them. Do they have enough people to run their boats? Are they in desperate need for people and offering bonuses/ competitive salaries or are they just advertising to see if they can get people at low wages for a steal like some companies do?
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A few years ago I knew people that were working at Harley on the boats and in the office. I don’t think I know anyone there now.
For awhile we saw former Harley people coming onboard elsewhere. That seems to have dried up now. Harley has long had a reputation as a revolving door, but that was probably exaggerated.
Harley was/is big enough that a lot of people have worked for them at one time or another.