Handicapping the industry as if it were a horse race

When I was a young man I had a bookie named Duke. In those days only Vegas and Atlantic City had casinos and placing a bet legally in New Orleans outside of going to the racetrack was virtually impossible. And when I couldn’t get to the track, I could always call up Duke. (There were no offtrack betting facilities then.)

I haven’t used a bookie in 25 years and I heard old Duke moved back to Texas years ago. But I was thinking recently about how he would handicap the different sectors of the workboat industry in terms of a horse race. (That’s the way my mind works. What can I say?)

First he would probably say that the offshore industry’s glory days are over. But it can still be a force to be reckoned with once it gets over some injuries. For now, it would be looked at as a long shot.

The barge industry has some good legs, but it got in its own way in recent years by overbuilding equipment. I’d say Duke would put its odds at somewhere around 25-1.

Tugs is a sector that is consistently dependable, not a lot of highs and lows. It would go off at even money.

The favorite would definitely be the passenger vessel industry and its owners and operators. That sector would go off at around 2-5 odds if the race were run tomorrow.

As for shipyards, those that build for the passenger vessel and other non-energy markets will finish in the money while others will have a harder time.

In WorkBoat’s upcoming February issue cover story, Dale DuPont takes a look at how well the passenger vessel industry is doing. “The industry at large is experiencing great economic conditions. As a result many operators are looking at buying or building new vessels,” Passenger Vessel Association executive director John Groundwater told Dale. “Several shipyards who were once members of PVA are looking to rejoin the association because they want to re-enter the passenger vessel market.”

It wasn’t always this way. In Capt. Alan Bernstein’s Captain’s Table column in the February issue, he writes, “From 2008 up until the past few years, the passenger vessel industry has been coping with a sluggish business climate. This caused us to reevaluate and restructure our businesses to cope with changing markets. While this exercise was painful, I believe it was absolutely necessary.”

And it’s paying off now. Passenger vessel owners and operators are in the money, and they’re enjoying the ride. You can bet on it.

About the author

Ken Hocke

Ken Hocke has been the senior editor of WorkBoat since 1999. He was the associate editor of WorkBoat from 1997 to 1999. Prior to that, he was the editor of the Daily Shipping Guide, a transportation daily in New Orleans. He has written for other publications including The Times-Picayune. He graduated from Louisiana State University with an arts and sciences degree, with a concentration in English, in 1978.

2 Comments

  1. I’m a Horseplayer and a retired Towboat Captain from Kirby.I like high paying long shots,so I’m putting my bet on the river barge industry. President Trump has opened up the coal mines so coal will start moving by inland barge again, also he will open up the Gulf for drilling again so crude will be moving to refineries up river beyond Baton Rouge in higher quantities, and now they are experimenting with containers by inland barge,they do it on the Columbia River, so why not on the Mississippi River System? Passenger vessels depend on individual people to pay their fare. If they don’t have the money to spare for a boat trip, you could see a good bit of your favorites tied up as “also ran’s”.

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