APT Commits to Build Two New Product Tankships in US

Press Release
Tuesday, October 23, 2012

American Petroleum Tankers (APT) affiliate intends to order the new ships from NASSCO Shipyared, San Diego.

An affiliate of American Petroleum Tankers Parent LLC (“APT”), a company majority owned by funds managed by Blackstone on behalf of its investors, announce its commitment to build two new state-of-the-art tanker vessels at the National Steel and Shipbuilding Company (NASSCO) shipyard in San Diego.

The commitment to build is contingent upon approval of a $340 million Title XI loan guarantee from the U.S. Department of Transportation's Maritime Administration (“MarAd”) that would be used to refinance APT’s existing five tankers. Should construction of the vessels proceed, they will be the first new product tankers to be ordered in the U.S. in two years.

The government-guaranteed loan program, Title XI, has historically provided between 80 to 87 percent of new build construction costs to support the U.S. shipbuilding industry. Construction of the new product tankers will help support the future of NASSCO as a key asset in the U.S. industrial base for military and commercial shipbuilding, will sustain up to 500 jobs during construction, and create some 84 long-term seagoing jobs when the vessels become operational.

Rob Kurz, Chief Executive Officer of APT said, “This is a demonstration of our long-term commitment to the U.S. maritime industry and to bolstering job creation in the U.S. It is a win-win for the Maritime Administration and our Company, and we are committed to working with the Maritime Administration and the Department of Transportation to close this financing and support our nation’s important maritime industry.”

APT was formed in 2006 to construct and operate product tankers in the domestic petroleum trades. APT’s current fleet consists of five double-hulled product tankers which were delivered by NASSCO) in 2009 and 2010.



 

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

Shipbuilding

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

Arctic Oil: Bourbon to Enter Arctic Market in 2016

Bourbon plans to enter the growing Arctic Offshore market in 2016 with a new Anchor Handling Tug Supply (AHTS) vessel built by the Vard shipyard. This AHTS (Anchor

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

Tanker Trends

DNV GL Approvals for SAACKE Scrubbers

Classification increases planning certainty for exhaust gas scrubber operators.   The classification society DNV GL has certified the SAACKE exhaust gas scrubber

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

 
 
Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1915 sec (5 req/sec)