Nashville's Ingram Barge Lays Off 47

NASHVILLE, TN — Ingram Barge, a key component of one of Nashville's oldest, largest and most successful conglomerates, laid off 47 employees last week, victims of a weakening coal market leading to lower demand for inland shipping on the company's key waterways of the Cumberland, Ohio and Mississippi rivers.

Twenty-one of the 47 are based in Nashville and the cuts effected both front-office operations and on the boats themselves.

“Any business has to constantly balance their staffing with the volume of work to be done," Ingram spokesman Keel Hunt told The Tennessean. "That's what happened here."

Investing.com reported this week that barge companies are idling their boats because of a decrease in coal demand. Record exports of corn and soybeans led many companies to expand their fleets but the boon in those products isn't enough to make up the difference from coal, particularly for Cumberland and Ohio river operators who rely on moving coal from the Appalachians to major shipping terminals.

Investing.com reported that lease rates in February are 30 percent below the five-year average and at a 90-day low. For more business and job updates and other Nashville news, click here to subscribe to the Nashville Patch, or find your local Middle Tennessee Patch here.

Image via United States Army Corps of Engineers