Marine Link
Saturday, December 10, 2016

Hvide Completes Lightship Transaction

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 Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News