FIRST AMENDMENT TO REVOLVING CREDIT AND GUARANTY AGREEMENT

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                                                                    EXHIBIT 4.32

                                 FIRST AMENDMENT

                             TO REVOLVING CREDIT AND

                               GUARANTY AGREEMENT

                   FIRST AMENDMENT, dated as of March 13, 2003 (the "Amendment"),

to the REVOLVING CREDIT AND GUARANTY AGREEMENT, dated as of January 31, 2003,

among AMERICAN COMMERCIAL LINES LLC, a Delaware limited liability company (the

"Borrower"), a debtor and debtor-in-possession under Chapter 11 of the

Bankruptcy Code, the Guarantors named therein (the "Guarantors"), JPMORGAN CHASE

BANK, a New York banking corporation ("JPMorgan Chase"), each of the other

financial institutions party thereto (together with JPMorgan Chase, the

"Lenders") and JPMORGAN CHASE BANK, as Agent for the Lenders (in such capacity,

the "Agent") and BANK ONE, NA and GENERAL ELECTRIC CAPITAL CORPORATION, as

Co-Syndication Agents (in such capacities, the "Co-Syndication Agents"):

                               W I T N E S S E T H:

                  WHEREAS, the Borrower, the Guarantors, the Lenders, the Agent

and the Co-Syndication Agents are parties to that certain Revolving Credit and

Guaranty Agreement, dated as of January 31, 2003 (as the same may be further

amended, modified or supplemented from time to time, the "Credit Agreement");

and

                  WHEREAS, the Borrower and the Guarantors have requested that

from and after the Effective Date (as hereinafter defined) of this Amendment,

the Credit Agreement be amended subject to and upon the terms and conditions set

forth herein;

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

                  1. As used herein, all terms that are defined in the Credit

Agreement shall have the same meanings herein.

                  2. Section 5.10 of the Credit Agreement is hereby amended by

deleting the words "forty-five (45) days" appearing therein and inserting in

lieu thereof the words "ninety (90) days"

                   3. Section 6.01 of the Credit Agreement is hereby amended by

(A) deleting the word "and" following clause (iv) thereof and (B) inserting the

following new clause (vi) at the end thereof:

         "; and (vi) Liens on cash collateral in an amount not in excess of

         $1,500,000 in the aggregate at any one time posted to secure

         obligations of the Borrower or the Guarantors in connection with fuel

         hedging arrangements"

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                  4. Section 6.05 of the Credit Agreement is amended in its

entirety to read as follows:

                           "SECTION 6.05 EBITDA.

                           Permit cumulative EBITDA for each period listed below

         to be less than the amount specified opposite such period:

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                                  Period                                   EBITDA

                                  ------                                   ------

<S>                                                                        <C>

                      Three month period ending March 31, 2003              $(13,000,000)

                     Six month period ending June 30