Conrad takes $12.5 million loss on LNG bunker barge

(ORANGE, Texas) — Conrad Industries has sustained a $12.5 million loss on the construction of a liquefied natural gas (LNG) bunker barge for Totem Ocean Trailer Express (TOTE), Ship & Bunker reported. "Although we have incurred losses on the LNG barge, we believe we have developed resources to position our company as a leader in LNG marine-related construction in North America," said Johnny Conrad, president and CEO of Conrad Industries. In June, the company said the further development of LNG bunker market is "of critical importance," and it sees the fuel's use as "the next logical progression" for the company's history.

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By Professional Mariner Staff