TECO mulls sale of barge business
TECO Energy may sell its longtime shipping business within six months to pay down debt from poorly performing investments in out-of-state power plants.
The company has hired Morgan Stanley to help evaluate possible 'strategic opportunities' for the company.
TECO Transport has a fleet of 12 ocean-going tug barge units, 20 river towboats and about 650 inland barges. It also owns a transfer terminal at the mouth of the Mississippi River.
The company has considered selling the company in the past, as recently as 2003.