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                                  EXHIBIT 99.1

                                  RISK FACTORS



RISK FACTORS

The following risk factors could have a material adverse effect on ACL's
business, financial condition and results of operations. Refer to Item 7,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and Item 7A, "Quantitative and Qualitative Disclosures About Market
Risk" contained herein above, which are incorporated by reference, for specific
information regarding the extent to which these risk factors could affect ACL's
business, financial condition and results of operations.

COMPANY-SPECIFIC RISKS

RISKS OF ADVERSE WEATHER AND RIVER CONDITIONS

ACL's barging operations are affected by weather and river conditions. Varying
weather patterns can affect river levels and cause ice in Northern United States
river areas. For example, the Upper Mississippi River closes annually from
approximately mid-December to mid-March and ice conditions can hamper navigation
on the upper reaches of the Illinois River during the winter months. In
addition, adverse river conditions affect towboat speed, tow size and loading
drafts and can delay barge movements. Lock outages due to lock maintenance
and/or other interruptions in normal lock operation can also delay barge
movements. Jeffboat's waterfront location is subject to occasional flooding.
Jeffboat's manufacturing operations that are conducted outdoors are also subject
to weather conditions, which may adversely impact production schedules.
Terminals may also experience operational interruptions as a result of weather
and river conditions. It is likely that ACL's operations will be subject to
adverse weather or river conditions in the future and there can be no assurance
that such weather or river conditions will not have a material adverse effect on
ACL's business, financial condition and results of operations.

EXPOSURE TO GRAIN EXPORTS

ACL's dry cargo barging business in North America is significantly affected by
the level of grain export volume handled through the Gulf of Mexico ports. Grain
exports can vary due to, among other things, crop harvest yield levels in the
United States and abroad. Overseas grain shortages can increase demand for U.S.
grain, while worldwide over-production can decrease the demand for U.S. grain.
This variable nature of grain exports can result in temporary barge oversupply
which can drive down freight rates. There can be no assurance that historical
levels of North American grain export volume will be maintained in the future
and, to the extent supply imbalances were to prevail for a significant period of
time, they could have a material adverse effect on ACL's business, financial
condition and results of operations.

SEASONALITY

ACL's business is seasonal, and its quarterly revenues and profits historically
have been lower during the first and second fiscal quarters of the year (January
through June) and higher during the third and fourth fiscal quarters (July
through December) due to the North American grain harvest. In addition, working
capital requirements fluctuate throughout the year. Adverse market or operating
conditions during the last four months of the year could have a greater effect
on ACL's business, financial condition and results of operations than during
other periods.

VARIABILITY

Freight transportation rates may fluctuate from season to season and year to
year, which could result in varying levels of cash flow. The level of dry and
liquid cargoes requiring transportation on the Inland Waterways will vary due to
numerous factors, including global economic conditions and business cycles,
domestic agricultural production/demand as well as international agricultural
production/demand and the value of the U.S. dollar relative to other currencies.
In addition, the number of barges and towboats in the overall industry fleet
available to 



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transport these cargoes will vary from year to year as older vessels are retired
and scrapped and new vessels are constructed and placed into service. The
resulting relationship between available cargoes and available vessels will vary
with periods of low vessel availability and high cargo demand causing higher
freight rates and periods of high vessel availability and low cargo demand
causing lower freight rates. Significant periods of high vessel availability and
low cargo demand could have a material adverse effect on ACL's business,
financial condition and results of operations.

The foregoing factors can also affect market rates. As contracts expire and
terms are renegotiated at then current market rates, the level of revenue can
vary relative to prior years. This has become more evident as the industry has
shifted to shorter term contracts. The impact of these factors could be material
and there can be no assurance that the rates at which contracts are renewed will
not have a material adverse effect on ACL's business, financial condition or
results of operations.

COMPETITION

The barge business is highly competitive and there are few significant barriers
to entry. Certain of ACL's principal competitors have greater financial
resources and/or are less leveraged than ACL and may be better able to withstand
and respond to adverse market conditions within the barging industry. There can
be no assurance that such competition will not have a material adverse effect on
ACL's business, financial condition or results of operations or that ACL will
not encounter increased competition in the future, which also could have a
material adverse effect on its business, financial condition or results of
operations.

EXPOSURE TO INTERNATIONAL ECONOMIC AND POLITICAL FACTORS

ACL's operations may be affected by actions of foreign governments and global or
regional economic developments. For example, global economic events such as
foreign import/export policy or currency fluctuations, could affect the level of
imports and exports. Foreign agricultural subsidies can also impact demand for
U.S. agricultural exports. In addition, foreign trade agreements and each
country's adherence to the terms of such agreements can raise or lower demand
for U.S. imports and exports. National and international boycotts and embargoes
of other countries' or U.S. imports and/or exports together with the raising or
lowering of tariff rates will affect the level of cargoes requiring
transportation on the Inland Waterways. Changes in the value of the U. S. dollar
relative to other currencies will raise or lower demand for U.S. exports as well
as U.S. demand for foreign produced raw materials and finished good imports.
Such actions or developments could have a material adverse effect on ACL's
business, financial condition and results of operations.

RISK OF PROVIDING SERVICES ABROAD

Demand for ACL's services may be affected by economic and political conditions
in each of the countries in which ACL provides services. ACL's foreign
operations are also subject to other risks of doing business abroad, including
fluctuations in the value of currencies (which may affect demand for products
priced in U.S. dollars as well as local labor and supply costs), import duties,
changes to import and export regulations (including quotas), possible
restrictions on the repatriation of capital and earnings, labor or civil unrest,
long payment cycles, greater difficulty in collecting accounts receivable and
the burdens and cost of compliance with a variety of foreign laws, changes in
citizenship requirements for purposes of doing business and government
expropriation of operations and/or assets. There can be no assurance that
foreign governments will not adopt regulations or take other actions that would
have a direct or indirect adverse impact on the business or market opportunities
of ACL or that the political, cultural or economic climate outside the United
States will be favorable to ACL's operations and growth strategy.

EXPOSURE TO FUEL PRICES

Fuel prices are subject to fluctuation as a result of domestic and international
events. There can be no assurance that ACL will not experience increased fuel
prices in the future, which could have a material adverse effect on its
business, financial condition and results of operations.


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REPLACEMENT NEEDS

Barge and towboat replacement represents a significant cost for ACL, and ACL
expects to replace an average of 140 barges per year during the next five years.
Due to the variable nature of the barging industry and the freight
transportation industry in general and the relatively long life of marine
equipment, it is difficult for ACL and other barge companies to accurately
predict equipment requirements. Accordingly, no assurance can be given that ACL
will have sufficient equipment to satisfy market demand or that the industry
will not have an oversupply of equipment. An oversupply of equipment could have
a material adverse effect on ACL's business, financial condition and results of
operations.

COMBINED OPERATIONS

Pursuant to its strategy to pursue synergistic acquisitions in its core business
lines, ACL may expend substantial management time and financial and other
resources for the acquisition and integration of other barging operations. These
acquisitions may pose risks with respect to operations, customer service and
customer acceptance. While ACL's management has successfully combined other
barging operations and it believes that it has sufficient financial and
management resources to accomplish the rationalization and integration of other
barging operations, there can be no assurance that such operations can be
integrated successfully or that ACL will not experience difficulties with
customers, personnel or others. In addition, although ACL believes that the
other barging operations will enhance the competitive position and business
prospects of ACL, there can be no assurance that such benefits will be fully
realized.

DEPENDENCE ON KEY PERSONNEL

ACL is dependent on the continued services of its senior management team. The
loss of such key personnel could have a material adverse effect on ACL's
business, financial condition and results of operations

LABOR RELATIONS

Although ACL believes that its relations with its employees and with the
recognized labor unions are generally good, there can be no assurance that ACL
will not be subject to work stoppages or other labor disruption and, if such
events were to occur, that there would not be a material adverse effect on ACL's
business, financial condition and results of operations.

ENVIRONMENTAL, HEALTH AND SAFETY REQUIREMENTS

ACL's operations are subject to extensive federal, state and local environmental
laws and regulations which, among other things, specify requirements for the
management of oil, hazardous wastes, and hazardous substances and impose
liability for releases of these materials into the environment. A release of
oil, hazardous waste, hazardous substances or other pollutants into the
environment at or by ACL's properties or vessels, as a result of ACL's current
or past operations, or at a facility to which ACL has shipped wastes, or the
existence of historical contamination at any of its properties, could result in
material liability to ACL. ACL has been identified as a potentially responsible
party ("PRP") with respect to the cleanup of certain waste disposal sites.

Federal, state and local governments could in the future enact laws or
regulations concerning environmental matters that affect ACL's operations or
facilities, increase its costs of operation, or adversely affect the demand for
its services. ACL cannot predict the effect that such future laws or regulations
could have on ACL. Nor can ACL predict what environmental conditions may be
found to exist at its current or past facilities or at other properties where
ACL or its predecessors have arranged for the disposal of wastes and the extent
of liability that may result from the discovery of such conditions. It is
possible that such future laws or undiscovered conditions could have a material
adverse effect on ACL's business, financial condition and results of operations.

ACL's domestic vessel operations are primarily regulated by the U.S. Coast Guard
for occupational health and safety standards. ACL's domestic shore operations
are subject to the U.S. Occupational Safety and Health Administration
regulations. There can be no assurance that claims will not be made against ACL
for work related illness or injury, or that the further adoption of occupational
health and safety regulations in the United States or in 



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foreign jurisdictions in which ACL operates will not adversely affect its
business, financial condition and results of operations.

OTHER GOVERNMENT REGULATION

ACL's barging operations are subject to various laws and regulations, including
international treaties, conventions, national, state and local laws and
regulations and the laws and regulations of the flag nations of ACL's vessels,
all of which are subject to amendment or changes in interpretation. Further, ACL
is required by various governmental and quasi-governmental agencies to obtain
and/or maintain certain permits, licenses and certificates respecting its
operations. ACL's domestic towboats are in certain circumstances subject to a
significant federal fuel use tax, which may be increased. Any significant
changes in laws or regulations affecting ACL's operations, or in the
interpretation thereof, could have a material adverse effect on ACL's business,
financial condition and results of operations.

RISKS RELATING TO ACL'S DEBT OBLIGATIONS

SUBSTANTIAL LEVERAGE

ACL incurred significant debt in connection with the Recapitalization. The
degree to which ACL is leveraged could have important consequences to ACL's
business, including, but not limited to: (i) making it more difficult for ACL to
satisfy its obligations with respect to the Senior Notes; (ii) increasing ACL's
vulnerability to general adverse economic and industry conditions; (iii)
limiting ACL's ability to obtain additional financing to fund future working
capital, capital expenditures and other general corporate requirements; (iv)
requiring the dedication of a substantial portion of ACL's cash flow from
operations to the payment of principal of, and interest on, its indebtedness,
thereby reducing the availability of such cash flow to fund working capital,
capital expenditures or other general corporate requirements; (v) limiting ACL's
flexibility in planning for, or reacting to, changes in its business and the
industry in which it competes; and (vi) placing ACL at a competitive
disadvantage compared to less leveraged competitors. In addition, the Indenture
and the Senior Credit Facilities contain financial and other restrictive
covenants that limit the ability of ACL to, among other things, borrow
additional funds. Failure by ACL to comply with such covenants could result in
an event of default which, if not cured or waived, could have a material adverse
effect on ACL's business, financial condition and results of operations. If ACL
cannot generate sufficient cash to meet its obligations as they become due or
refinance such obligations, ACL may have to sell assets or reduce capital
expenditures. In addition, the degree to which ACL is leveraged could prevent it
from repurchasing all of the Senior Notes tendered to it upon the occurrence of
a change of control under the Indenture.


POTENTIAL INABILITY TO REPAY DEBT

ACL's ability to make scheduled payments of principal of, or to pay the premium,
if any, interest or liquidated damages, if any, on, or to refinance, its
indebtedness (including the Senior Notes), or to fund planned capital
expenditures will depend on its future performance, which, to a certain extent,
is subject to general economic, financial, competitive, legislative, regulatory
and other factors that are beyond its control. There can be no assurance that
ACL's business will generate sufficient cash flow from operations, that
anticipated revenue growth and operating improvements will be realized or that
future borrowings will be available under the Senior Credit Facilities or
otherwise in an amount sufficient to enable ACL to service its indebtedness,
including the Senior Notes, or to fund its other liquidity needs. ACL may be
required to refinance all or a portion of the principal of the Senior Notes on
or prior to maturity. There can be no assurance, however, that such refinancing
would be available on commercially reasonable terms or at all.

RESTRICTIONS IMPOSED BY THE SENIOR CREDIT FACILITIES AND THE INDENTURE

The Senior Credit Facilities and the Indenture limit ACL's financial flexibility
in a number of ways. The Senior Credit Facilities and Indenture require ACL to
maintain specified financial ratios and tests, among other obligations,
including a minimum interest expense coverage ratio, a maximum leverage ratio, a
minimum fixed charge coverage ratio and a minimum net worth test. In addition,
the Senior Credit Facilities restrict, among other things, ACL's ability to
incur additional indebtedness, sell assets, create liens or other encumbrances,
incur guarantee obligations, repay the Senior Notes or amend the Indenture, make
certain payments, including dividends or other distributions, 



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make investments, loans or advances and make acquisitions and capital
expenditures beyond a certain level. A failure to maintain specified financial
ratios or otherwise to comply with the restrictions contained in the Senior
Credit Facilities could lead to an event of default thereunder, which could
result in an acceleration of such indebtedness. In such event, the lenders under
the Senior Credit Facilities could elect to declare all amounts outstanding
thereunder, together with accrued and unpaid interest, to be immediately due and
payable, and, if ACL were unable to repay such amounts, such lenders would have
the right to proceed against the collateral granted to them to secure such
indebtedness and other amounts (which is expected to be substantially all of the
assets of ACL). Such an acceleration would constitute an event of default under
the Indenture relating to the Senior Notes. In addition, the Indenture
restricts, among other things, ACL's ability to incur additional indebtedness,
sell assets, create liens or other encumbrances, make certain payments,
including dividends or other distributions, or merge or consolidate. A failure
to comply with the restrictions in the Indenture could result in an event of
default under the Indenture.

ASSET ENCUMBRANCES

In connection with the Senior Credit Facilities, the Parent granted the lenders
thereunder a first priority lien on all of the membership interests of ACL owned
by it as security for its guarantee of ACL's obligations under the Senior Credit
Facilities. In the event of a default under the Senior Credit Facilities or such
guarantee, the lenders under the Senior Credit Facilities could foreclose upon
the assets pledged to secure the Senior Credit Facilities, including such
membership interests, and the holders of the Senior Notes might not be able to
receive any payments until any payment default was cured or waived, any
acceleration was rescinded, or the indebtedness of the Senior Credit Facilities
was discharged or paid in full.





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