Hvide Marine Incorporated (HMI) received Hart-Scott-Rodino clearance and has completed the purchase of the remaining 24.25% equity interest in Lightship Tankers LLC previously
held by Newport News Shipbuilding
. The transaction, originally announced on December 22, is valued at $11 million and gives HMI 100% ownership of these five 1998- and 1999-built double-hull, state-of-the-art product tankers.
The five Lightship tankers -- HMI Ambrose Channel
, HMI Brenton Reef
, HMI Cape Lookout Shoals, HMI Diamond Shoals, and HMI Nantucket Shoals -- are engaged in the domestic Jones Act trade, which limits the shipment of cargo between U.S. ports to U.S.-built, U.S.-crewed, U.S.-flagged and U.S.-owned vessels. They are the newest self-propelled vessels in the market and transport petroleum products
, chemicals and crude oil along
the Atlantic, Gulf and Pacific coasts
, and Alaska
Under the terms of the Oil Pollution Act of 1990 (OPA 90), all single-hull vessels must be phased out of the domestic Jones Act trade by 2015. Because of their double-hull construction, the Lightship tankers have no retirement date under OPA 90, and their value is expected to increase over time as the mandated phaseout of single-hull vessels continues.