LAKE OSWEGO, Ore., June 2, 2020 /PRNewswire/ -- Greenbrier
Marine, a division of The Greenbrier Companies, Inc. (NYSE:GBX),
announced today that it has delivered the OSG 204, a 204,000 barrel
capacity oil and chemical tank barge for dual-mode ITB service
pursuant to U.S. Coast Guard NVIC 2-81, Change 1. The barge has
been built in compliance with MARPOL Annex VI Regulation 13 Tier
III standards regarding nitrogen oxide emissions within emission
control areas. The state-of-the-art 581' tank barge is among the
largest in the history of Greenbrier Marine, with origins on the
Willamette River in Portland
dating to 1919.
The OSG 204 has been paired with an existing tug within the OSG
fleet, the OSG Endurance, and will travel to the Gulf of Mexico, where it will contribute to
OSG's growing presence in the Jones Act trade. The ATB unit
has been fixed to a long-term charter commitment, with delivery to
the charterer occurring late in the second quarter of 2020.
Greenbrier Marine is also constructing a second sister barge, which
has a scheduled delivery date during the fourth quarter of
2020.
"OSG is a great customer and a dedicated business partner and we
appreciate the opportunity to work together on the construction of
this vessel. The launching of OSG 204 was completed in December and
the christening was celebrated on May
19 at the first virtual barge christening in the
history of Greenbrier Marine, an adaptation necessitated by
COVID-19," said Richard Hunt,
General Manager of Greenbrier Gunderson in Portland, Oregon. "We are thankful for
the collaborative work with OSG and all major equipment vendors and
suppliers and are pleased to deliver this Jones Act-compliant barge
as the start of a long-term relationship with OSG."
"Completing a complex engineering and construction project on
time and on budget is a challenge under any circumstances," stated
Sam Norton, OSG's President and CEO.
"Having done so under the constraints imposed by COVID-19 makes
that achievement all the more laudable. OSG is gratified to have
partnered with Greenbrier Marine in the building of OSG 204, a
barge that will serve for many years to come as a visible statement
of OSG's continued commitment to supporting the U.S. Maritime
industry. Together with her paired tug, "Endurance," this ATB
will perform one spot voyage to reposition the unit to the
Gulf of Mexico, after which she
will give delivery into a previously contracted one year time
charter with a long-standing OSG customer. The additional
earnings and cash flow that will be contributed by this new asset
will allow OSG to build on momentum demonstrated in its recent
financial performance. Celebrating achievements such as this
is particularly meaningful in these unusual times and we are
pleased to be able to mark this day as a momentous one."
"I am very pleased to add the OSG 204 into OSG's fleet. I want
to thank our site team and Greenbrier's team for the high quality
work on completing the OSG 204," said Patrick O'Halloran, Chief Operations Officer for
OSG. "I look forward to continuing the excellent cooperative
relationship with Greenbrier Gunderson into the future."
About Greenbrier
Greenbrier, headquartered in Lake
Oswego, Oregon, is a leading international supplier of
equipment and services to global freight transportation markets.
Greenbrier designs, builds and markets freight railcars and marine
barges in North America.
Greenbrier Europe is an end-to-end
freight railcar manufacturing, engineering and repair business with
operations in Poland, Romania and Turkey that serves customers across
Europe and in the nations of the
Gulf Cooperation Council. Greenbrier builds freight railcars and
rail castings in Brazil through
two separate strategic partnerships. We are a leading provider of
freight railcar wheel services, parts, repair, refurbishment and
retrofitting services in North
America through our wheels, repair & parts business
unit. Greenbrier offers railcar management, regulatory compliance
services and leasing services to railroads and related
transportation industries in North
America. Through unconsolidated joint ventures, we produce
industrial and rail castings, tank heads and other components.
Greenbrier owns a lease fleet of 10,275 railcars and performs
management services for 389,000 railcars. Learn more about
Greenbrier at www.gbrx.com.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded
company providing energy transportation services for crude oil and
petroleum products in the U.S. Flag markets. OSG is a major
operator of tankers and ATBs in the Jones Act industry. With the
addition of this barge, OSG's 24 vessel U.S. Flag fleet consists of
three crude oil tankers doing business in Alaska, three conventional ATBs, two
lightering ATBs, three shuttle tankers, ten MR tankers, and two
non-Jones Act MR tankers that participate in the U.S. Maritime
Security Program. OSG also owns and operates two Marshall Islands flagged MR tankers which
trade internationally. In addition to the currently operating
fleet, OSG has on order another Jones Act compliant barge which is
scheduled for delivery in late 2020. OSG is committed to setting
high standards of excellence for its quality, safety and
environmental programs and is recognized as one of the world's most
customer-focused marine transportation companies. OSG is
headquartered in Tampa, FL. More
information is available at www.osg.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This press release may contain
forward-looking statements, including any statements that are not
purely statements of historical fact. Greenbrier uses words, and
variations of words, such as "will", "scheduled", and similar
expressions to identify forward-looking statements. These
forward-looking statements include, without limitation, information
regarding future performance, strategies, anticipated future
marine-related business and deliveries of barges. These
forward-looking statements are not guarantees of future performance
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from the results contemplated
by the forward-looking statements. Factors that might cause
such a difference include, but are not limited to, the COVID-19
coronavirus pandemic and the governmental reaction to COVID-19
having a materially negative impact on our business, liquidity and
financial position, results of operations, stock price,
Greenbrier's ability to convert backlog to revenue, and
Greenbrier's operational plans; the cyclical nature of our
business, economic downturns and a rising interest rate
environment; labor strikes or work stoppages; customers
successfully avoiding contractual obligations owed to us;
governmental policy changes impacting international trade and
corporate tax; the loss of or reduction of business from one
or more of our limited number of customers; shortages of skilled
labor, increased labor costs, or failure to maintain good relations
with our workforce; equipment failures, technological failures,
costs and inefficiencies; inability to compete successfully;
inability to complete capital expenditure projects efficiently, or
to cause capital expenditure projects to operate as anticipated;
inability to design or manufacture products or technologies, or to
achieve timely certification or market acceptance of new products
or technologies; the timing of our asset sales and related revenue
recognition may result in comparisons between fiscal periods not
being accurate indicators of future performance; attrition within
our management team or unsuccessful succession planning for members
of our senior management team and other key employees who are at or
nearing retirement age; changes in the credit markets and the
financial services industry; volatility in the global financial
markets; our actual results differing from our announced
expectations; fluctuations in the availability and price of energy,
marine transportation, steel and other raw materials; inability to
procure specialty components or services on commercially reasonable
terms or on a timely basis from a limited number of suppliers; our
existing indebtedness may limit our ability to borrow additional
amounts in the future, may expose us to increasing interest rates,
and may expose us to a material adverse effect on our business if
we are unable to service our debt or obtain additional financing;
changes in or failure to comply with legal and regulatory
requirements; an adverse outcome in any pending or future
litigation or investigation; potential misconduct by employees;
product and service warranty claims; misuse of our products by
third parties; conversion at our option of our outstanding
convertible notes resulting in dilution to our then-current
stockholders; as a holding company with no operations, our reliance
on our subsidiaries and joint ventures and their ability to make
distributions to us; our governing documents; fluctuations in
foreign currency exchange rates; inability to raise additional
capital to operate our business and achieve our business
objectives; shareholder activism could cause us to incur
significance expense, impact our stock price, and hinder execution
of our business strategy; cybersecurity risks; updates or changes
to our information technology systems resulting in problems;
inability to protect our intellectual property and prevent its
improper use by third parties; claims by third parties that our
products or services infringe their intellectual property rights;
liability for physical damage, business interruption or product
liability claims that exceed our insurance coverage; inability to
procure adequate insurance on a cost-effective basis; changes in
accounting standards or inaccurate estimates or assumptions in the
application of accounting policies; fires, natural disasters,
severe weather conditions or public health crises; business,
regulatory, and legal developments regarding climate change which
may affect the demand for our products or the ability of our
critical suppliers to meet our needs; repercussions from terrorist
activities or armed conflict; unanticipated changes in our tax
provisions or exposure to additional income tax liabilities; the
inability of certain of our customers to utilize tax benefits or
tax credits. More information on these risks and other potential
factors that could cause our results to differ from our
forward-looking statements is included in the Greenbrier's filings
with the SEC, including in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of Greenbrier's most recently filed periodic
reports on Form10-K and subsequent Form 10-Q filing.
Greenbrier has not verified, and is not in a position to
verify, and expressly disclaims any responsibility for the
accuracy, completeness or fairness of any statements made by
representatives of OSG in this press release. Except as otherwise
required by law, Greenbrier assumes no obligation to update any
forward-looking statements or information, which speak as of their
respective dates. Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect management's
opinions only as of the date hereof.
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SOURCE The Greenbrier Companies, Inc.