Foss sells upriver operations on Columbia-Snake system
Foss Maritime Co. said it has agreed to sell selected assets, including two tugs and 20 barges operating on the Columbia Snake River system, to Vancouver, Wash.-based Tidewater Barge Lines.
Seattle-based Foss said the sale was made in order to focus its efforts and investment in its strategic lines of business including ship assist, ocean towing and special projects.
Foss will maintain its Portland-based division, but will no longer provide river barging of grain, wood products and containers.
The sale will help the company maintain its strategic focus and standards of quality, said Scott Merritt, senior vice president of operations.
Contributing to the timing of the sale was a need for additional vessels and upgrades on its existing upriver tugs.
'We would need to make significant investments in new equipment,' said Merritt. 'Unfortunately, in this competitive market, we were not likely to be able to recoup that investment.'
Foss will complete any jobs that are in process at the time of sale's close through a charter arrangement.
Foss sells upriver operations on Columbia-Snake system
