American Eagle Tankers Inc News

Teekay Tankers Ltd. announced the appointment of Mr. Kevin J. Mackay as Chief Executive Officer (CEO) of Teekay Tankers, effective June 20, 2014. Mr. Mackay will join Teekay Tankers from Phillips 66 Corporation (Phillips 66), where he is currently head of the global marine business unit for this industry-leading downstream company. In this role, he is responsible for all aspects of marine transportation, including chartering, operations, demurrage, strategy & freight trading, business improvement and marine risk management. He held a similar role as the General Manager, Commercial Marine at ConocoPhillips from 2009 to 2012 before the formation of Phillips 66. Mr. Mackay started his career working for Neptune Orient Lines in Singapore from 1991 to 1995. He then joined AET Inc.

Malaysian shipping firm Nepline Bhd agreed to sell two crude oil tankers to American Eagle Tankers Inc for $38 million cash. The sales were driven by the recent decision by the European Shipowners' Association to impose restrictions on all single-hull tankers plying European and American waters by 2002. "Although the decision has yet to be enforced, it has prompted Nepline to plan for replacing its single-hull tankers with newer double-hull oil tankers," it said. Nepline said proceeds from the sale would be mainly used to settle the offshore bank borrowings originally taken up to finance the acquisition of the vessels in 1996.

Neptune Orient Lines subsidiary American Eagle Tankers Inc. has contracted Hyundai Heavy Industries to build two new VLCCs. No financial details were given. The two double-hulled vessels, each with a cargo capacity of 352,000 cu. m. are expected to be delivered in 2002.

Crude oil tanker owner and operator American Eagle Tankers Inc. Ltd. has filed for an initial public offering that could raise up to $132 million for the unit of Singapore's Neptune Orient Lines Ltd. American Eagle, which is based in Jersey City, N.J., plans to use the net proceeds from the IPO to expand its fleet of tankers, which currently numbers 24, it said on Tuesday in a filing with the U.S. Securities and Exchange Commission. The company is selling 6.75 million common shares for between $17.60 and $19.50 apiece, which would give it a potential market value of $495 million based on the high end of the price range and about 25 million shares outstanding.

Shipping operations at the Southwest Pass, off Louisiana, were not affected by a minor crude oil spill after two crude oil tankers collided on March 15, Coast Guard officials said. The spill took place approximately 40 miles south of Grand Isle, La., when a lightering vessel owned by American Eagle Tankers Inc., the Eagle Carina, collided with a Chevron oil tanker, the J. Dennis Bonney, while preparing to transfer crude oil from the tanker to the lightering vessel, company officials said. It was estimated that approximately 7,560 to 8,400 gallons of crude oil were spilled. The Coast Guard classifies an offshore spill of this volume as minor. There were no injuries resulting from the collision and no reports of impact to marine wildlife resulting from the spill, officials said.

The U.S. Coast Guard said that shipping operations at the Southwest Pass, off Louisiana, were not affected by a minor crude oil spill after two crude oil tankers collided on Wednesday evening. "The Coast Guard has established a safety zone around the incident area. Normal shipping operations will continue outside the safety zone," said the Coast Guard Marine Safety Office in Morgan City, La. The spill which took place approximately 40 miles south of Grand Isle, La., was not near the Louisiana Offshore Oil Port (LOOP) as earlier reported, said Mark Bugg, scheduling manager for the LOOP, the only deep-water U.S. oil port and a major conduit for the country's crude oil imports.