Tim Nolan has been named the next President and CEO of TOTE Inc., the parent company to TOTE Maritime and TOTE Services.
Nolan, who currently serves as the President of TOTE Maritime Puerto Rico, has been with the TOTE family of companies since 2013.
He will take over the helm July 16 from Anthony Chiarello who announced his retirement earlier this year.
“We are pleased that Tim has accepted the role of President and CEO for TOTE. His strong leadership at TOTE Maritime Puerto Rico and more than 20 years in the transportation and logistics industry made him a natural choice to lead Saltchuk’s largest line of business,” Tim Engle, President of the company’s parent, Saltchuk, noted.
As informed, over the coming months, Nolan will work closely with Chiarello to ensure a smooth transition for the entire TOTE organization.
The announcement is being made as TOTE puts its containership project at Philly Shipyard on hold. Namely, the duo has decided not to extend the letter of intent for the construction of four eco-friendly boxships with planned deliveries for the first pair in 2020 and the second pair in 2021.
The decision to halt the shipbuilding deal was made as TOTE’s plans to enter the US mainland to Hawaii containership service were temporarily stopped as a result of its Phase 1 technical review of Piers 1 and 2 in Honolulu Harbor.
Philly Shipyard said that it still intends to resume the project, but as there are no assurances that would be the case, in case of its cancellation, the yard would have to write-off up to USD 20 million for the project.
The shipyard laid off around 10 percent of its employees in the first quarter of 2018 and started idling parts of its facilities as a means of adjusting its business operations to the lack of new orders.
The company said it was continuing to seek new orders, however, should it fail to obtain more work, more layoffs would follow.