Post by ferryfast admin on Jan 16, 2008 14:32:21 GMT -5
January 16, 2008
Possible sale of local commuter ferries to Trinidad is off
By MICHAEL L. DIAMOND
BUSINESS WRITER
www.app.com/
The parent company of SeaStreak America Inc. has broken off negotiations with Trinidad & Tobago and turned its attention to a bid from an unnamed U.S. company, a spokesman said today.
The announcement may ease fears that the region would lose four, high-speed catamarans currently used to ferry passengers from Atlantic Highlands and Highlands to Manhattan.
That decision would be left to the new company, but "the base view is if it is profitable from a commercial point of view, it shouldn't be at risk,'' said Adrian Flook, a spokesman for Sea Containers Ltd. in London.
SeaStreak's fate has been in jeopardy since Sea Containers filed for Chapter 11 bankruptcy in 2006. Sea Containers, which is based in Bermuda, is selling what it deems to be noncore assets, including SeaStreak.
The company appeared to be close to a sale last fall when Trinidad & Tobago newspapers reported that the Caribbean country would buy the high-speed vessels for ferry service there. But Flook said the deal wasn't as far along as the newspapers indicated. The two sides never reached a final agreement.
The company instead is in advanced negotiations with a new group. Flook declined to disclose many details, other than to say it was a U.S. company, but not from New Jersey.
Would the new company use the boats elsewhere? Flook said it would be up to the new owner, but it would make sense to keep what is a profitable service in place.
Separately: SeaStreak canceled two trips this morning -- the 5:50 a.m. from Atlantic
Highlands and the 7:30 a.m. from Sandy Hook -- because it was waiting for the Coast Guard to certify one of the vessels. It hopes the paperwork will be complete later today, general manager David Stafford said.
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