THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Wednesday, July 20, 1994 TAG: 9407200456
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
SOURCE: STAFF REPORT
LENGTH: Short : 31 lines
One of Hampton Roads' two leading tugboat companies has a new owner.
Moran Towing Corp. was purchased for an undisclosed sum last week by Mormac Marine Group, a Moran official confirmed Tuesday.
A subsidiary of Greenwich, Conn.-based Moran, Moran Towing of Virginia Inc. operates 10 tugs in the port of Hampton Roads.
Mormac Marine, based in Stamford, Conn., operates a fleet of tankers and iron-ore bulk carriers on the Great Lakes among other business interests.
The acquisition won't affect Moran Towing's operations, the official said.
Operating out of Norfolk, Moran Towing splits most of the work in the port docking and undocking large oceangoing vessels with McAllister Towing of Virginia Inc., the Newport News-based division of a New York company.
Moran Towing, for example, helps dock most of the coal colliers at Norfolk Southern Corp.'s Lambert's Point coal handling facility in Norfolk, while McAllister handles most of the ships landing at the coal piers in Newport News.
Norfolk-based Bay Towing Corp. also does some ship docking.
In all, Moran works 53 tugs and 11 barges in East Coast ports, including New York and New Jersey, Baltimore and Philadelphia. by CNB