Trucking news and briefs for Tuesday, Dec. 28, 2021:
DOT awards grants to certain U.S. ports
Christmas came early for many U.S. ports, as last week the U.S. Department of Transportation Secretary announced the award of more than $241 million in discretionary grant funding for 25 projects to improve port facilities in 19 states and one territory through the Maritime Administration’s (MARAD) Port Infrastructure Development Program (PIDP).
The state of Georgia was awarded funding for Garden City's Colonel’s Island Berth #4. The project will construct a fourth roll-on/roll-off (Ro-Ro) vessel berth at the Port of Brunswick’s Colonel's Island Terminal in order to add needed capacity at the nation’s second busiest Ro-Ro cargo port and more efficiently accommodate the larger 7,000-plus-unit vehicle carrier vessels that are becoming the industry standard for Ro-Ro ships calling at U.S. ports.
The projects that were awarded grants include coastal seaports, Great Lakes ports, and inland river ports. The Fiscal Year (FY) 2021 PIDP includes priorities related to job creation, climate change, and environmental justice impacts.
Commercial Credit, Inc. acquires Keystone Equipment Finance
Commercial Credit, Inc. (CCI), a Charlotte-based equipment and accounts receivable finance company and the parent company of Commercial Credit Group Inc. (CCG) and Commercial Funding Inc., has acquired Keystone Equipment Finance Corp. Terms of the transaction were not disclosed.
Based in Connecticut, Keystone Equipment Finance Corp. provides small-ticket equipment financing specializing in the transportation and construction related industries. Keystone will operate as a wholly owned subsidiary of CCI, gaining and leveraging CCI’s extensive resources. Keystone’s operations and management will remain in place, with no expected change in personnel.
CCI President and CEO Dan McDonough said the Keystone acquisition is highly attractive as it expands his company's transaction range in the industries it serves.