AKER PHILADELPHIA SHIPYARD

Aker Philadelphia Shipyard announces new CEO

Kristian Røkke has been appointed President and CEO of Aker Philadelphia Shipyard ASA (AKPS). He replaces Jim Miller who has been appointed Executive Vice President of Aker Contractors’ US Onshore Engineering & Construction business and member of Aker Contractors’ new Executive Management Team. Mr. Miller is also nominated for the position as Chairman of the Board at Aker Philadelphia Shipyard.   Kristian Røkke will take over as President and CEO of the Yard effective April 5, 2011. Mr. Røkke is currently the Senior Vice President of Operations at Aker Philadelphia Shipyard and has been in key operating positions at the facility for the last 4 years.    “Kristian Røkke has been instrumental in the successful construction and delivery of the 12 product tanker series,” said current CEO Jim Miller. “We know each other well and we will work together to ensure a smooth transition. Kristian has shown remarkable progress and results in all positions he has held at the yard. I congratulate him and have high expectations for his ability to ensure the future success of Aker Philadelphia Shipyard,” Miller said.   From his new position as CEO, Mr. Røkke will lead the transitioning of the Yard to win orders for new Jones Act vessels, particularly in the containership, dry cargo, and barge markets which are expected to be key future markets

Aker and OSG Announce Agreement for up to Six More Tankers

Aker American Shipping ASA and Overseas Shipholding Group, Inc. announced that they have signed an agreement in principle pursuant to which Aker American Shipping subsidiary, Aker Philadelphia Shipyard, will construct up to six additional Veteran Class MT-46 Jones Act Product Tankers (three fixed plus three options) and transfer them to another subsidiary, American Shipping Corporation, which will bareboat charter them to subsidiaries of OSG for initial terms of 10-15 years.

Aker Philadelphia’s 9th Product Tanker

On March 10, Aker Philadelphia Shipyard (Oslo: AKPS) launched Ship 013, the ninth product tanker in a series of 12 to be completed by 2011. The 46,000 dwt vessel was floated off of its blocks and was transferred by tug from the Building Dock to the Outfitting Dock, where it will remain for the next few weeks as it undergoes continuous testing and commissioning in preparation for its upcoming sea trials. When completed, the 600-ft long vessel, to be named the Overseas Martinez

Aker Philadelphia Delivers Third Product Tanker

The third product tanker built by Aker Philadelphia Shipyard was delivered today, marking the first time in the yard’s history that three vessels were delivered in the same year. Following very successful sea trials and final testing and commissioning, the ship joins two sister vessels in American Shipping Corporation‘s growing fleet of double-hull product tankers operating for charter in the US Jones Act Market. As were its two predecessors

Crowley Maritime Re-enters Jones Act Tankship Market

Crowley Maritime purchases two new 'Jones Act' tankers from Aker Philadelphia Shipyard. Crowley Maritime Corporation’s petroleum and chemical transportation group announce that it has purchased two new Jones Act tankers, the Pennsylvania and the Florida , from Aker Philadelphia Shipyard ASA. The tankers, scheduled for delivery in September 2012 and March 2013, mark Crowley’s re-entry into the Jones Act tanker market since its last tanker was retired in 2011.

Matson's New Ship Christened

The new Matson Navigation Co. containership MV Maunalei was christened at the Aker Philadelphia Shipyard. The christening, the traditional kind involving breaking a bottle of champagne, was undertaken by Millie Akaka, wife of Sen. Daniel Akaka. Also on hand were Hawaii Rep. Neil Abercrombie and Guam Rep. Madeleine Bordallo. The MV Maunalei is the fourth new containership built by the shipyard for Matson in the past four years

Tanker Shuffle at Aker Philadelphia

The two shuttle tankers are intended for bareboat charter to Overseas Shipholding Group, who will time charter the vessels to Petrobras for operation in the . Without financing in place for the shuttle tankers, Aker Philadelphia Shipyard cannot draw on its committed construction financing facility to build these vessels and, therefore, the building sequence will be changed. AMSC notes that the shipbuilding contracts and bareboat charters for the shuttle tankers provide flexibility with

Tesoro Affiliate Secures Additional Tankers in Aker Philly Build Program

Charter agreements have been signed for two more of the 10 Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. The agreements were made between Gold Star Maritime Company, an affiliate of Tesoro Corporation (Tesoro), and Overseas Shipholding Group Inc. (OSG), which has partnered in the new fleet with Aker American Shipping (AKASA), parent company of the shipyard. As part of the Aker group of companies, Aker American Shipping, in conjunction with its subsidiaries

Aker Philly Shipyard Lays Keel for Tanker

Aker Philadelphia Shipyard has layed the keel for the second vessel in the series, the sixth ship constructed at the yard since it started production in 2000. The first section of the double-hulled product tanker scheduled for completion in 2007 was installed in the yard’s Building Dock just a few hundred yards behind the first ship in the series, also currently under construction in the dock. When completed, each vessel will weigh 46

Aker Philly Reaches Benchmarks on Tankers

With two tanker vessels already delivered on charter and in service to Overseas Shipholding Group, Inc. (OSG), Aker Philadelphia Shipyard, Inc. (APSI) has achieved major milestones on two subsequent vessels in the build program. The third product tanker in the series, Hull 007, has been floated from its berth in the yard's Building Dock, and steel cutting has been initiated for Hull 010, the sixth vessel in the series, marking start of production on that ship.