The secreT of successful invesTing You don’t stay in business very long by making foolish investments. The longevity and success of any company depends on the ability of the company’s leadership to react quickly to changing market conditions. For McAllister Towing & Transportation that business plan has remained virtually unchanged for almost 150 years: Take care of customers, take care of your employees and reinvest resources back into the business. Presenting as the keynote speaker at our Tugs & Barges Conference last month in Stamford, CT, Buckley McAllister, President of McAllister Towing & Transportation, recounted his company’s humble beginnings, which started when his great, great grandfather James McAllister immigrated to the U.S. from Northern Ireland to work as a deepsea mariner. Today, McAllister Towing & Transportation operates tugs in 12 ports
on the U.S. East Coast, as well as the Bridgeport and Port Jefferson Steamboat Co., which runs a ferry service between Connecticut and Long Island, NY. Like other domestic tug operators in the U.S., McAllister Towing has invested in its business based on the economic rules set by the Jones Act. And as far as those who would like to see the Jones Act repealed, Mr. McAllister says, “Suggesting that international vessels should be allowed to work in the domestic trades creates a climate that is not very encouraging for further investment in a resilient domestic maritime industry.” Any kind of modification or weakening of the Jones Act would clearly change the investment strategy for domestic vessel operators. McAllister plans to keep investing. At the conference it announced it was working with the Maine Port Authority on the design
John R. Snyder, Publisher & Editor firstname.lastname@example.org
of a containerized Articulated Tug Barge that would move cargo from Portland, ME, to Brooklyn, NY. You can read more of Mr. McAllister’s comments in our Op-Ed this month, Upholding the Jones Act starting on page 17. For our cover story this month, contributing editor Paul Bartlett uncovers the secret to the success of Norway’s marine and offshore cluster. Norway has been successful in keeping its ship operators, shipyards, designers and marine equipment suppliers busy and profitable despite a cost base that is higher than the European competition. How? A key component of that prosperity is a financing mechanism of export credit guarantees from the Norwegian Guarantee Institute for Export Credits. Read more about it in How Norway is succeeding where others have failed on page 15.
MaritiMe trivia Trivia Question #3 In the old days, why were upside down hatch covers considered bad luck? The first sailor or lubber who correctly answers the Maritime Trivia question will receive a color J. Clary collector print. Email your guess to: email@example.com
Captain Claude McKernan, Manager, Bald Head Island Transportation, Inc., was the winner of last month’s question, “Where is zero sea level officially registered in North American waters?” Answer: At the mouth of the St. Lawrence River at Rimouski, Quebec
4 MARINE LOG June 2013