American Steamship acquires six freighters for $120 million

The Buffalo News reports that American Steamship has acquired six freighters.

American Steamship Co. has bolstered its fleet by acquiring six vessels for $120 million. The Amherst-based company bought the vessels from Oglebay Norton Marine Services in Cleveland, expanding its fleet to a total of 18 vessels. American Steamship already had the largest U.S.-flag fleet on the Great Lakes prior to the deal.

American Steamship has been operating on the Great Lakes since 1907, transporting dry bulk commodities including iron ore pellets, coal and limestone aggregates. It has been owned by GATX Corp. since 1974.

The Lake Carriers Association reported that in 2005, U.S. flag vessels moved 107.7 million tons of dry-bulk cargo on the Great Lakes, down 3.3 percent from the previous year. Coal shipments were up, while limestone and iron ore shipments were down.