Crowley Manages Tankers for American Petroleum

Thursday, July 30, 2009

The Settlement agreement recently approved by a U.S. Bankruptcy Court Judge in New York became effective July 28, clearing the way for an investor group led by The Blackstone Group to terminate their relationship with U.S. Shipping and to retain Crowley Maritime Corporation to manage five U.S.-flag petroleum tankers for the newly renamed company, American Petroleum Tankers LLC.

The five tankers, two of which are in operation and three of which are due for delivery from shipbuilder NASSCO in San Diego through 2010, were to be owned by a joint venture controlled primarily by affiliates of The Blackstone Group and U.S. Shipping Partners.  U.S. Shipping filed for bankruptcy protection under Chapter 11 earlier this year. 

On July 17, 2009, the Bankruptcy Court approved a Settlement Agreement under which U.S. Shipping agreed to release its ownership interest and management role with the Company.  With the termination of U.S. Shipping's association with the Company, Blackstone is pleased to announce that the Company will continue under the name American Petroleum Tankers.  Crowley Maritime Corporation has been appointed as the construction manager for the three tankers still being built and vessel manager for all five vessels.  The Company also expects to put in place new debt financing led by DVB Bank SE. 

APT's fleet includes the Golden State, which was delivered in January 2009 and is on long-term charter to BP, the Pelican State, which was delivered in June and is on long-term charter to Marathon, the Sunshine State, the Empire State, and the Evergreen State (the latter two are to be chartered to the Military Sealift Command), are scheduled for delivery later in 2009 and 2010.

(www.crowley.com)
(www.blackstone.com)

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

NRC Program Targets Vessel Operating Costs, Safety

Canada’s NRC creating solutions for the growing Canadian shipbuilding, military vessels, marine commercial transportation and offshore resource industries As

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1187 sec (8 req/sec)