Latest News about Bouchard

Is there any new news? Are the boats working or still tied up at random places?

No boats working. Either no customers, no loadline cert. society or vessel’s under arrest.

Or a combo of all the above. Surprised some of the major players haven’t at least tried to put a few the good stuff and recent builds back in the market. Would not be my desire to sit across the bargaining table from certain players in that field.

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B.No.215 sold for $100.00 at Marshall’s sale. More to come.

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They have boats working.

This is a really strange time in petroleum shipping. There is a HUGE glut of capacity. There is such low demand for product. And there is almost NO storage available for all the above reasons.

If Douchard Hadn’t screwed the pooch more companies would be tying up equipment with his 24 units in operation.

It’s actually a blessing in disguise for the industry as a whole. Couldn’t have happened to a nicer guy.

No office staff. No Safety/Maintenance Program. No customers. No Classification Society. A lot of vessels under arrest.

Prospectus out there as Bouchard goes on the market. Vessel descriptions and valuations done by someone who is normally involved in used cars.

Aren’t tankers in high demand for floating storage like last time?

More money is being earned by demurraige than daily rate. It’s a strange time for charterers and vessel owners.

FOR SALE

All they have to sell are tugs and barges. No customer contracts. No market share. And definitely, no good will.

Nor men to crew them apparently. Would like to think at least a few engineers were retained to keep things from sinking or fire watch. Probabability low. Bad market to be selling out, period. Agree on the no good will. That got them in trouble in the get go.

Where did you find that?

Fleet evaluation about 4x too high. Some vessel’s listed are not even owned by Bouchard. Too many vessels have wrong build date and zero value.
Estimated repairs and other debts @25 million. Probably about 1/3 of what it is.

I saw the “for sale” thing on FB tonight and went oh god what did I do :sweat_smile: