Tuesday, March 24, 2015

Feds investigate ESCO Marine scrapyard in Brownsville, last stop for CGC GLACIER

ESCO Marine, one of the major ship recycling firms in Brownsville, TX, has gone bankrupt. This is alluded to in the T&I hearing the other day and referenced in other posts. The company is in hot water for taking out over $30 million in loans using ships that still belong to the U.S. Maritime Administration and the U.S. Navy as collateral. Highly suspect, to say the least. ESCO is the yard that ultimately broke up USCGC GLACIER (WAGB-4).


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