Hvide Completes Lightship Transaction

Tuesday, January 30, 2001
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.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Webinar to Examine 3D Laser Scanning in the Marine Industry

3D laser scanning has taken much interest in the maritime industry as it continues to find greater acceptance in the sector. In an up-close look at 3D laser scanning,

Royal Caribbean Profits Take a Hit

Royal Caribbean Cruises Ltd reported a much lower-than-expected quarterly profit as costs rose and passengers spent less onboard. Shares of the company, whose

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1454 sec (7 req/sec)