Author Topic: Oglebay Norton Co. sells Steamer RESERVE  (Read 3112 times)

Offline Jeff Thoreson

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Oglebay Norton Co. sells Steamer RESERVE
« on: February 14, 2006, 12:01:27 AM »
Oglebay Norton Company Agrees To Sell the S/S Reserve for $4 Million
CLEVELAND, Feb 13, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Oglebay Norton Company's (OTC Bulletin Board: OGBY) wholly owned subsidiary, Oglebay Norton Marine Services Company LLC., announced that it has entered into a definitive agreement to sell the S/S Reserve to K&K Warehousing, Inc. for $4 million. The transaction is scheduled to close at the end of the month. Proceeds from the sale will be used to retire debt.

The Company continues to negotiate the terms of sale for the balance of its Great Lakes fleet.

Oglebay Norton Company, a Cleveland, Ohio-based company with a 150-year tradition of service, provides essential minerals and aggregates to a broad range of markets, from building materials and environmental remediation to the energy and metallurgical industries. For more information, see www.oglebaynorton.com

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The RESERVE is expected to be converted to an ATB unit, similar to her former Oglebay Norton fleetmate BUCKEYE, which was sold to K&K in November 2005. The BUCKEYE is undergoing conversion at Erie Shipbuilding in Erie, Pa, where the RESERVE is expected to undergo conversion.

Offline Magogman

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Re: Oglebay Norton Co. sells Steamer RESERVE
« Reply #1 on: February 14, 2006, 12:35:53 AM »
I suppose it is inevitable that the Buckeye, Reserve and others will be converted into barges but as a fan it is a real tragedy.  I take one photo of the tug/barge combos and file it and pay no further attention to those things.

The Oglebay Norton fleet is a classic collection of lakers and I am said to see them go.  At least I have photos of them.  Hard to think of sitting at the Soo or Port Huron without them going by.  

A sad time for those of use who follow shipping on the Great Lakes of North America
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Offline Chris Mazzella

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Re: Oglebay Norton Co. sells Steamer RESERVE
« Reply #2 on: February 14, 2006, 03:14:14 AM »
I agree. I'm just glade I've been able to see the Reserve and photograph her. I'll probably run up to Duluth where she's in winter lay up and take alot more photos. Along with the Earl W. Oglebay just incase they change her colors to Great lakes fleet.

Offline Jeff Thoreson

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Re: Oglebay Norton Co. sells Steamer RESERVE
« Reply #3 on: February 17, 2006, 02:27:10 PM »
I agree. It is a tragedy that this is happening to these boats, but I supppose it's better than scrapping them.

Personally, for now I'm not going to complain, because all of these barges need tugs that are going to be built at Erie.

 

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