Horizon Shipbuilding
Horizon Shipbuilding is a shipyard located in Bayou La Batre, Alabama.
The company was founded by the Short family in 1997 after a previous shipbuilding venture failed.[1] In 2002, Horizon declared bankruptcy after a Nigerian client failed to pay in full for several delivered vessels.[1][2] After emerging from bankruptcy, control of the company passed in full to Travis R. Short, the younger of the father-son founding team.[1] Horizon expended its business through the 2000s, delivering vessels to defense, fishing, and towboat customers.[1] By 2016, the company employed about 350 people and had annual revenue of between $40 and $50 million.[1]
In July 2016, Horizon was one of two shipbuilders awarded a contract to construct new passenger ferries for the NYC Ferry service in New York City.[3] However, during the construction of the vessels, Horizon encountered cash flow challenges and began to fall behind schedule, leading it to employ contract workers that exacerbated its financial difficulties.[4] Horizon president Short said the company had agreed to build each vessel for $2.6 million, lower than the $3 million quoted by the other builder, Metal Shark Boats, which was insufficient to cover expenses.[4] The company filed for bankruptcy in November 2017, citing losses incurred on the ferry construction as well as a series of tugboats that also cost more to build than expected.[5]
References
[edit]- ^ a b c d e "Bayou Shipbuilder Booming". Business Alabama. February 2017. Retrieved 19 November 2017.
- ^ "Horizon Shipbuilding files for Chapter 11". Marine Log. 7 February 2002. Retrieved 19 November 2017.
- ^ "Metal Shark, Horizon Shipbuilding to build NYC ferries". Marine Log. 7 July 2016. Retrieved 19 November 2017.
- ^ a b "New York's Ferries Have Left Some of Their Builders High and Dry". The New York Times. 5 October 2017. Retrieved 19 November 2017.
- ^ "Horizon bankruptcy tied to New York ferry and tug projects". Workboat. 9 November 2017. Retrieved 19 November 2017.