February 19, 2021 By Shelley Byrne
Calumet River Fleeting is leasing the TPG Chicago Dry Dock as part of an agreement in which Calumet expects to buy the facility early next year.
American River Transportation Company (ARTCO) had been leasing the facility from TPG since 2019, but Calumet River Fleeting took over that lease as of January 9.
Terry Hoeckendorff, Calumet’s vice president of operations, said the company already did work in-house on its own vessels, but this will allow it to expand to service other clients, both along the Great Lakes and the inland waterways.
“We’re going to be a full-service shipyard up here,” he said, noting the company will handle carpentry, electrical work on tugs, rudders, shafts and seals and fabrication. It will also perform hull inspections as part of compliance with subchapter M requirements.
Market Review And Update 07February 2021
In our previous report, we stated:
“While I fully expect a reflexive rally next week, that will likely be an opportunity to reduce risk rather than chasing markets. Such will be the case until we see money flows start to turn positive again, suggesting some underlying buying pressure.
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Such was indeed the case as the markets successfully tested and held the 50-dma
(red dashed line.) Despite the fact money flows remained weak, as shown in the chart below, the market did manage to regain previous highs.
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