Page 33: of Maritime Logistics Professional Magazine (Q3 2014)

Power & Fuel Management

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ing as much as one-third of all revenues. Fleshing out that relationship a bit more, Chiarello says, ?The TOTE group has been a core part; it remains a very strong focus of the group, very capital-intensive, the largest capital-intensive group within the Saltchuk division. And, I think it just continues to provide a foundation for our growth in the Jones Act trades.? Chiarello pauses, and adds, ?All of our divisions are very important; we all interact very, very closely. Take Foss, or interstate transpor- tation, as an example. But I think there?s kind of a fondness in their heart for the Tote group of companies because of the fact that was the  rst acquisition that the founders ever had.? TOTE & LNG: underway, full speed aheadAt NASSCO, the  rst hull is already under construction, with the keel laid. With the  rst piece of steel cut in Febru- ary of this year, the launch of that ship will take place April of 2015. Chiarello adds, ?It?s right on schedule, actually a little bit ahead of schedule. And then the launch of the second, hull 496, will take place the end of August 2015. We?ll take delivery early in the 4th quarter of the  rst hull, and delivery of the second hull early in the 1st quarter of 2016. So we?re actually a little bit ahead of schedule.? Options for three additional ships, says Chiarello, have expired. ?We had to ex- ecute. We probably could have held the | Maritime Professional | 3318-33 Q3 MP2014.indd 3318-33 Q3 MP2014.indd 338/15/2014 10:09:16 AM8/15/2014 10:09:16 AM

Maritime Logistics Professional

Maritime Logistics Professional magazine is published six times annually.