The 2025-2026 winter layup list is now up and running at https://www.boatnerd.com/winter-lay-up-list-2025-2026
Saltchuk Expands Maritime Portfolio with $1.5 Billion Great Lakes Dredge & Dock Acquisition
Mike Schuler
February 11, 2026
Seattle-based Saltchuk Resources, Inc. has agreed to acquire Nasdaq-listed Great Lakes Dredge & Dock Corporation, the largest dredging contractor in the United States, in an all-cash deal valued at $1.5 billion.
Under the terms announced Tuesday, Saltchuk will launch a tender offer to purchase all outstanding shares of the Houston-based company for $17.00 per share in cash. The offer represents a 25% premium to Great Lakes’ 90-day volume-weighted average price as of February 10 and a roughly 5% premium to its all-time high closing price.
“This transaction delivers immediate and certain value at a premium to our highest valuation,” said Great Lakes Chairman Lawrence R. Dickerson, adding that the board determined the deal to be in shareholders’ best interests after an extensive review.
The acquisition marks another major expansion for Saltchuk, which completed its $950 million purchase of Overseas Shipholding Group in July 2024. The privately held, family-owned company reports annual revenue of about $5.6 billion and employs roughly 8,800 people across its freight transportation, marine services, and energy distribution businesses. Other major brands include TOTE Maritime and Foss Maritime.
Great Lakes President and CEO Lasse Petterson said the deal aligns the company with a long-term owner that shares its focus on safety and people. “Our growth strategy will continue with a partner who shares our vision while preserving our leadership position in U.S. dredging and global offshore energy,” he said.
Saltchuk Chairman Mark Tabbutt said the company plans to retain Great Lakes as a standalone operation and welcomed its roughly 1,200 employees. “Our goal is to provide a permanent home for great companies that serve their communities, and Great Lakes is a strong fit,” he said.
Great Lakes operates the largest and most diverse dredging fleet in the U.S., with about 200 specialized vessels, and says it has never failed to complete a marine project in its 136-year history.
The transaction is backed by fully committed financing from Bank of America, Wells Fargo, U.S. Bank, and PNC, and is not subject to a financing condition. Closing is expected in the second quarter of 2026, pending regulatory approvals and the tender of a majority of outstanding shares.
Following the deal, Great Lakes will continue operating under its existing brand as a Saltchuk subsidiary, and its shares will be delisted from Nasdaq.
Guggenheim Securities and Sidley Austin are advising Great Lakes, while Evercore and Fried, Frank, Harris, Shriver & Jacobson are advising Saltchuk.
[gCaptain]
Fednav places order for four new ocean-going Lakers
Fednav Limited, Canada’s largest dry bulk shipping group, has signed a letter of intent (LOI) with Oshima Shipbuilding to build four 35,000‐dwt ocean‐going Lakers. The vessels will be constructed at Oshima’s shipyard in Japan, with the first vessel expected to be delivered by mid‐2029.
These Fednav‐Oshima‐designed super‐eco Lakers will be built to specifications similar to vessels recently delivered and will replace older ships, which will retire upon delivery. They will achieve at least a 7% improvement in fuel consumption compared with Fednav’s previous generation and at least a 33% improvement over first‐generation models.
“This newbuilding program is a strategic investment in our core Great Lakes and St. Lawrence Seaway trades and in the future of our fleet,” said Paul Pathy, President and CEO of Fednav. “Working once again with Oshima, these vessels will support our ongoing decarbonization journey while ensuring we continue to deliver safe, reliable, and efficient maritime transportation in our niche markets.”
Fednav Ltd. adds new Federal Phoenix to its Laker-Class fleet
MONTREAL – Fednav Ltd. has recently taken delivery of another new vessel for its Laker-Class fleet of ships. Federal Phoenix, IMO 1072610, built in 2026 at the Oshima Shipbuilding Co. Ltd. Shipyard in Oshima, Japan, is the newest addition to the Fednav fleet. The Federal Phoenix is 199.98 meters or 656 feet in length and 23.760 meters or 78 feet wide. It is an Ice Class 1C vessel and it is also listed as being 34,763 SDWT.
Upon joining the Fednav fleet, the Federal Phoenix will also become a chartered vessel to Fednav Ltd. joining four other chartered vessels in the Fednav Ltd. Laker-Class fleet. The others are Federal Yukina IMO 9476977 built in 2010, Federal Alster IMO 9766164 built in 2016, Federal Mosel IMO 9766188 built in 2017and the Federal Ruhr IMO 9766176 built in 2017.
The new Federal Phoenix recently departed from Oshima Nagasaki, Japan, on January 27th to begin her maiden voyage. They are expected to stop in Dangjin, Korea next.
[Denny Dushane]
Port Milwaukee: Sees positive cargo growth in 2025
Growth across key commodities, new vessel traffic
MILWAUKEE – Port Milwaukee is an important driver of our region’s economy and is pleased to report a successful 2025 shipping season with overall cargo volumes rising across nearly every major category and new maritime partners calling on the Port for the first time.
Total municipal port tonnage increased by 3%, while total all-cargo tonnage rose 4% compared to the previous year, reflecting continued strength in regional trade activity and the Port’s expanding role in international and domestic supply chains.
Dry bulk, Port Milwaukee’s largest commodity category, experienced a 6% increase year over year. Though salt tonnage was down, increases in limestone, agricultural products, and other dry bulk materials made up the deficit and positively drove the category’s overall growth. Dry bulk cargo is a significant employer for truck drivers, packagers, and heavy equipment operators in the area.
Steel volume saw a 2% increase, mostly attributed to customers inventorying earlier in the international shipping season in an effort to get ahead of anticipated tariff increases.
Seaway tonnage increased by 78%, which was driven largely by movements of steel and agricultural products. The majority of this activity involved trade with European markets, with additional shipments moving between Port Milwaukee and the Middle East and Northern Africa.
The Port also welcomed one new carrier and 10 first-time vessel visits in 2025. The additional traffic demonstrates growing awareness of Port Milwaukee as a reliable shipping option for new maritime partners.
“Port Milwaukee demonstrated resilience and adaptability in a changing global trade environment in 2025,” Milwaukee Mayor Cavalier Johnson said. “The Port’s growth in international vessel traffic and an increase in key commodities proves the Port’s value to suppliers and manufacturers who depend on efficiency, reliability, and access to global markets.”
“Port Milwaukee’s successful year is due to strong partnerships with terminal operators, carriers, and customers who continue to see the Port as a strategic hub for both Great Lakes and international trade,” Port Director Benji Timm said. “As we head into 2026, Port Milwaukee will continue to work closely with our partners to have a positive impact across the city, state, and region.”
Additional details on Port Milwaukee’s 2025 season will be shared in the coming weeks.
[See Chart in gallery below]
