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

Finance

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

 
 
Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1064 sec (9 req/sec)