Marine Museum acquires vintage SS Keewatin passenger ship
Kingston, ON – A 116-year-old steamship that ferried passengers and goods in the upper Great Lakes is bound for the Marine Museum of the Great Lakes at Kingston. The museum announced Friday that it had acquired the SS Keewatin from a development group in Port McNicoll, east of Midland, where it has been a museum ship since 2012.
“We’re pleased to steward the Keewatin through the next phase of its life here in Kingston,” Chris West, chair of the museum’s board, said. “The story of the Keewatin is a story of Canada’s creation as a country. It is vital that the ship, which is the last of its kind, be preserved for current and future generations, and our museum has the expertise, facilities and funding to be able to do this.”
Built in Scotland in 1907 and arriving in Canada the following year, the 336-foot Keewatin had to be cut into two pieces to fit through the Welland Canal. After being reassembled in Buffalo, it entered service and for 53 years sailed between Port McNicoll and Thunder Bay, linking the eastern and western railheads and carrying passengers and goods to ports for the Canadian Pacific Railway’s Great Lakes steamship service.
It was retired from service in 1965 and was sold to an American, who kept the ship docked in Douglas, Mich., as a museum for more than 45 years. Skyline International Development bought the 108-year-old freight and passenger liner in 2011 and towed it to Port McNicoll. It was to be the flagship, literally, for a large development that didn’t come to fruition.
Acquiring the Keewatin was a goal of the marine museum once it returned to its Queen Street location.
“We’re pleased to donate this historic and treasured passenger ship to the Marine Museum of the Great Lakes to ensure its continued long-term preservation,” Blake Lyon of Skyline Investments, the development company that owns the ship, said. “Kingston is an amazing location for the Keewatin to receive maximum exposure, and the marine museum, with its historic dry dock, is well qualified to maintain the Kee and showcase its important history — a goal we all share.”
Hundreds of volunteers in Port McNicoll spent thousands of hours restoring the ship, the last remaining Great Lakes passenger liner and the last of the Edwardian-era passenger liner steamships. The ship was valued at about $48 million by the Friends of the Keewatin, a group that lobbied to keep the ship in its home port.
The Keewatin is expected to arrive at the museum by early fall and is to be docked in the adjacent dry dock. The ship’s transfer to Kingston required approval from Heritage Canada.
Kingston Whig-Standard
LOGISTEC Announces Strategic Acquisition of Fednav’s Terminal Division
LOGISTEC Stevedoring Inc., a subsidiary of LOGISTEC Corporation (TSX: LGT.A and LGT.B), (“LOGISTEC”), a leading North American marine and environmental services provider, announced today that it has entered into a definitive agreement to acquire the Canadian and U.S. marine terminal business of Fednav, including Federal Marine Terminals, Inc. and the logistics division, Fednav Direct (collectively, “FMT”), for a purchase price of US$105 million, subject to customary adjustments. This transaction will allow LOGISTEC to strengthen its presence in Canada and the United States and add specialized expertise to its service offering.
FMT has operated terminal facilities at ports in Canada and the United States for over five decades. Recognized as an industry leader in marine terminal operations, it provides stevedoring, handling and warehousing services for bulk, containerized, project cargo, and general cargo. FMT also offers value-added on-carriage services, inventory management, and 24/7 inland cargo transportation in Canada and the United States. For the year ended December 31, 2022, FMT generated revenue of US$89.8 million (approximately CA$116.8 million) with gross margins comparable to LOGISTEC’s marine segment.
The addition of 11 terminals represents a major expansion of LOGISTEC’s network, bringing its total to 90 terminals in 60 ports across North America. The combined network will provide strategic gateways for existing and future customers, allowing LOGISTEC to gain an important foothold in the Great Lakes region and access prime locations in the U.S. Gulf and East Coast regions.
“We are delighted to welcome FMT to continue to grow together across Canada and the USA,” said Madeleine Paquin, President and CEO of LOGISTEC. LOGISTEC and FMT have had a long-standing business relationship for decades and joining forces is a natural fit, as we share the same values. The combined capabilities and expertise of both organizations will create solid synergies to deliver operational excellence to marine shippers across North America.”
“LOGISTEC, a company with cargo handling as its core business, will ensure FMT’s ongoing success and growth, stated Paul Pathy, Fednav’s CEO and President. In the coming years, Fednav will focus on its pure-play shipping business and continue its expansion journey. Known to innovate and provide the highest standard of service for over 75 years, Fednav has an exciting new chapter ahead.”
“As part of LOGISTEC’s ambitious strategic plan to expand its marine services both geographically and operationally, this acquisition will allow us to gain a footprint in new markets in Canada and the USA,” added Rodney Corrigan, President of LOGISTEC Stevedoring Inc. “Our customers will benefit from a large and efficient network, as well as strong expertise from the FMT team, and together, we will continue to offer quality service to contribute to a safe, reliable supply chain.”
LOGISTEC will benefit from FMT’s solid reputation for excellence in marine terminal operations and a team that is well-trained and safety-oriented, using modern equipment to ensure quality services for its customers.
The transaction is expected to close on or about March 31, 2023, subject to customary closing conditions. The transaction will be financed via an increased CA$450 million revolving credit facility, which has been fully underwritten by BMO Bank of Montréal and TD Securities.
TD Securities is acting as sole financial advisor to LOGISTEC in connection with the transaction and Fasken is LOGISTEC’s legal counsel.
FedNav
