TECO ENERGY TO SELL OFF MARINE TRANSPORT OPERATIONS
Florida-based TECO Energy said it plans to divest itself of its marine transportation operations and focus on its power generation business.
TECO Transport comprises three companies: TECO Ocean Shipping, TECO Bulk Terminal and TECO Barge Line.
TECO Transport’s oceangoing operation was initially created in 1959 to carry coal from Louisiana to Tampa, Fla., for Tampa Electric. Today, TECO Ocean Shipping is one of the largest U.S.-flag carriers.
TECO Transport has also become heavily involved in the international transport of U.S. government-financed grain and project shipments.
The proposed sale includes 12 oceangoing tug-barge units and three ships ranging in size from 19,200 deadweight tons to 45,000 deadweight tons. The company also operates about 20 river tugs and upwards of 600 river barge units.
TECO Transport executives told customers in a letter April 17 that they should expect no changes to service from the operating units during the sales process. “The people and the assets will remain the same,” the company said.