Lykes Bros. Acquires Argonaut Line, Parent Company Of Farrell
New Orleans-based Lykes Bros.
Steamship Co. recently announced that it has agreed to acquire 100 percent ownership of Argonaut Line, Inc., the parent company of U.S.-flag ship operator Farrell Lines, New York, N.Y.
"The combination of Farrell and Lykes will be an improved service for our customers," said Richard V. Parks, president of Farrell Lines. "They and our suppliers will realize more frequent sailings to a greater range of ports than is currently served by either company.
Because there will be a greater opportunity for use of U.S.-flag vessels, the American flag presence in the Mediterranean will also be strengthened," he added.
"We are delighted to be merging with a carrier of such position in the industry," said Carl J. Horn, senior vice president, Mediterranean services, Lykes. "The Farrell family has a long history in this industry, and Lykes intends to build on that history and our own 90-year reputation for excellence." Lykes will obtain four 1,100-TEU container vessels and one LASH vessel from Farrell. The Argonaut, Freedom, Patriot and Resolute will become part of Lykes' present 10- vessel container fleet, while the LASH vessel, Rainbow, will remain on charter to the Navy's Military Sealift Command.
"Lykes' acquisition of Farrell will also permit us to expand our breakbulk service to the Mediterranean and the African continent," said E.F. McCormick, president and chief operating officer of Lykes. "Lykes has been the industry forerunner in assuring self-sustaining breakbulk service to the developing world." he said.
W.J. Amoss Jr., chairman, Lykes Bros. Steamship Co., Inc., said, "Six years ago this month we became an independent company. Our goal then was to commence the replacement and procurement of assets either by construction or acquisition and the expansion of our services in those areas most profitable for our company. We remain fully committed to that strategy."