Aker and OSG Announce Agreement for up to Six More Tankers

Thursday, February 08, 2007
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.

For Aker American Shipping the full transaction is valued in excess of $700M (before profit sharing) reflecting the higher rates and longer terms. The agreement in principle is subject to, among other conditions, approval by the Boards of Directors of Aker American Shipping and OSG, preparation and agreement of final documentation, and relevant government approvals. OSG also announced that a time charter agreement has been signed between OSG and BP for one more of the prior order of ten 46,000 dwt Jones Act commercial product tanker being built at Aker Philadelphia Shipyard. To date, nine of the ten vessels due for completion in 2010 now have signed time charters in place.

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

People & Company News

WireCo Acquires Netherlands’ Endenburg

Company will open new crane distribution center WireCo WorldGroup Inc., the world’s leading producer and marketer of specialty steel ropes and high synthetic ropes,

Keppel Q1 Profits Dip Slightly

The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million,

Hapag-Lloyd, CSAV Merger Finalized

Hapag-Lloyd and CSAV binding agreement signed / In return for contributing its container business, CSAV becomes new core shareholder of Hapag-Lloyd / Hapag-Lloyd

Tanker Trends

North Sea: Potential VLCC Moves to South Korea

North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia

All Items Approved at Stolt-Nielsen Meeting

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda.

Petrobras, Mitsui Study South Brazil LNG Import Terminal

Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state,

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.2058 sec (5 req/sec)