3M Italy

Morton S. Bouchard, III, fourth generation leader of family-owned Bouchard Transportation, has been ordered to step down from his role as chief executive officer as the Long Island-based tug and barge operator continues to navigate through bankruptcy and a string of legal challenges.Bouchard, the company's CEO since 1992, was ordered out of his role last week by a bankruptcy judge in Houston, and Matthew Ray of restructuring advisor Portage Point Partners has been appointed as chief restructuring officer of the debtors.Bouchard Transportation filed for Chapter 11 bankruptcy in September after several years of legal and financial difficulties.

Norwegian-headquartered Salt Ship Design said it has completed its acquisition of Serbian naval architecture firm Albatross Ship Design.Albatross was founded in 2001 as a member of Norway's Vik Sandvik Group, working under name Vik Sandvik Albatross until it was acquired by Finnish technology company Wärtsilä and renamed Wärtsilä Ship Design Serbia in 2009. It became a private independent company with the new name Albatross Ship Design in 2016.Salt Ship Design, which specializes in the design of offshore and fishing vessels, said it has previously worked with Albatross Ship Design on various aspects of many vessel projects.Salt now adds 20 employees through the integration of Albatross.

Positioned to expand both its geographic reach and service capacity, the MSHS Group announced a partnership with MPE to accelerate a strategic long-range expansion plan. MSHS Group’s growth plans include broadening its reach in the marine and energy industries with new locations, serving new market segments, and expanding its product and service offerings. The companies specialize in the integration of equipment, services, and control systems for customers in the marine, industrial, government, and commercial segments throughout the world.MSHS Group CEO, David A.

Mobile, Ala. shipbuilder Austal USA said on Tuesday it has named long-time business development executive Larry Ryder as the company’s new vice president of business development and external affairs.In this role, Ryder is responsible for all of Austal’s business development efforts, state and federal legislative activities, customer relations with the U.S. military as well as coordinating external communications and media relations.Ryder joined Austal USA in 2014 as the company’s senior director of business development and customer relations. He has extensive experience with shipbuilding programs and served as the first director of the U.S.

The Baltic Exchange's main sea freight index gained on Tuesday, snapping a four-session run of losses, helped by stronger rates in the capesize and panamax vessel segments.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was up 22 points, or 1.3%, to 1,673.The capesize index, rose 57 points, or 4%, to 1,465, breaking a losing streak of eight sessions.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, added $473 to $12,152.Benchmark iron ore futures on the Dalian Commodity Exchange closed 1.5% higher on Tuesday at 1,155 yuan per tonne.