Inland Barges Info Dump ($CNRD)

• From 1999-2005 there were more retirements than new builds (significant net retirements) of inland barges. [pdf]
• Fundamentals from 2006: "The relative lack of profitability in the barge industry over recent years has been a contributing factor to the looming crunch in the fleet renewal, Robbins told the National Ethanol Conference." 
• Marinelog: "The U.S. inland barge fleet expanded 2 percent during 2010. The fleet expanded mainly for the fleet that increased in count for the first time since 1998. There were 873 new barges added to the overall fleet as of the end of last year while 451 barges were retired, according to Informa Economics' just-released Barge Fleet Profile."
• "In the late ’70s and early ’80s, a government tax scheme encouraged many doctors and lawyers to build barges, Barrett explained. The retirement of many of these vessels continues to work through the system with the natural need to replace older equipment." [pdf]
• This presentation has Covered Barge Fleet in 2003 by Age.
• Looks like there are about 1000 barge retirements/year according to this presentation [pdf]?
• Recent observation: "the largest Owner in this market, Kirby Marine, has reported record quarterly results for the fourth quarter 2011 and highlighted 'favorable United States petrochemical production levels and a continuous strong export market.'"
• Repair and maintenance cycle: "The key to longevity of a steel pontoon barge is the quality and maintenance of the coating system. Steel structures provide years of service as long as the protective coatings remain in good condition. This however presents the main drawback of a steel pontoon barge alternative. It is anticipated that a steel pontoon barge would need to go into dry dock at a regular interval of every five years and periodic topside and interior inspections by qualified structural and corrosion engineers would be necessary. During dry dock, the bottom of the pontoon barge would be cleaned of marine growth, inspected, blasted, solvent washed, and new bottom paint applied. Other top side coating would be inspected and repaired as necessary, including deck coatings. All anodes would be replaced with new materials. It is also anticipated that every ten years coating internal to the pontoon barge may need to be repaired." So - you sell a barge and you get the maintenance basically as an annuity too.