Tuesday, February 21, 2017

Port Business? Who's paying the Bill?

The Port of Pensacola declares in what has recently been rare news that an actual ship is coming to the Port.

The website shows that Eagle Stavanger, a HUGE tanker, is coming in for repairs from February 20 to March 3.

http://portofpensacola.com/692/Daily-Ship-Report

A few questions that you might ask:

  • It's the 21st of February and no ship.  Where is it?  Well as of 09:41:07 this AM it was anchored outside the Pensacola Pass.
  • Bigger question, is this an Offshore Inland project?  If so, GREAT!
  • Biggest question, has CFO Tricky Dick Barker realized that you can't kill your golden goose when you only have ONE goose? (Offshore Inland)
You see Barker has Offshore Inland in a financial pickle.  The following is from the December Quarterly Report to Council.

All Port lease payments have been paid and are current. The lease payments due from Offshore
Inland Marine are current. However, dockage and other vessel fees, which Offshore Inland recovers from its customers then remits to the Port, continue to be slower to pay. At the end of the fourth quarter this account had an outstanding balance of $665,422.33.

As previously reported to Council, the Port received a $2 million FDOT economic development grant
for construction of a heavy-lift overhead crane facility to support Offshore Inland’s operations. Currently, grant reimbursement of certain project-related expenses incurred by Offshore Inland is in question. To assist Offshore Inland with their cash flow while this issue is being resolved, Port – with the Chief Financial Officer’s consent – is allowing Offshore Inland to hold open up to $363,000 in receivables which represents an amount approximately equal to the amount which Offshore Inland is claiming to be “out of pocket” on the crane facility work. 

In light of Offshore Inland’s inability to maintain their account balance within those parameters, they have been advised that dockage and vessel fees on all future vessels must either be paid in advance of the vessel’s departure or they will be billed directly to the vessel. Once the grant reimbursement issue is resolved, Offshore Inland’s outstanding receivables balance will be addressed further.

Either:
  • The ship's captain better have a Black AMEX card, or
  • Offshore Inland may have some cash to pay before it leaves or
  • Tricky Dick is making deals that Council has not been informed of and contrary to his communications to them.
We shall see!

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