Construction Components of Jones Act Tankers at Auction

Friday, January 28, 2011

Hilco Industrial, LLC, and partners Myron Bowling Auctioneers, Maynards Industries, and PPL Group, will conduct a public auction sale of the assets of Keet Seel Tankships, LLC, and First Mesa Tankships, LLC on February 15, 16, and 17, 2011 The auction will feature the components necessary to construct two 49,000-dwt Jones Act Tankers. As recently as 2009, these components were valued at over $200,000,000, making this a truly unprecedented auction event. Many of the components have never been used or installed and are still in their original vendor shipping crates.

In 2007, AHL Shipping committed to build three tankers in conjunction with Shell Trading Company, however construction was suspended in November, 2010, when Dos Raven Tankships (DRT), Keet Steel Tankships (KST), and First Mesa Tankships (FMT) filed for Chapter 11 bankruptcy protection in a Louisiana federal bankruptcy court. According to TradeWinds, a shipping trade publication, speculated that the first vessel, DRT's hull number 103, is 90% complete, KST's hull number 104 is 60% complete and the third ship, FMT's hull number 105 is 35% complete. American Shipper, another industry publication, wrote that the ships were to be shallow draft so they could call at a wider range of ports and were to have twin-screw, diesel electric propulsion engine systems.

Bidders participating in this auction will be able to place bids both on-site and via webcast (www.hilcoind.com). On February 15 and 16, and the morning of February 17, walk-around auction sales will be held in Mobile, Alabama and Harvey, Louisiana. On the afternoon of February 17, assets from the other locations (referenced at Hilco Industrial's website: http://goo.gl/rss99) will be sold in a theater-style auction in Harvey, Louisiana.

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

Icebreaker Murmansk Launched at Arctech Helsinki Shipyard

The 16 MW Icebreaker for the Russian Ministry of Transport was launched at Arctech Helsinki Shipyard on March 25th, 2015. Before floating the vessel, she was

Sino-Global Purchases First Tanker

Sino-Global Shipping America, which was recently listed on Nasdaq, is becoming a shipowner.   The shipping agency, logistics and ship management services company

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar Winch
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: 0.1156 sec (9 req/sec)