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

Shipbuilding

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Austal Delivers Final Cape Class Patrol Boat

Cape York, the last of eight new Cape Class Patrol Boats for Australian Border Force (formerly Australian Customs and Border Protection) has been delivered by shipbuilder

Tanker Trends

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Jotun, COSCO Celebrate 10,000th Antifouling Applications

In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum,

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
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: 0.2413 sec (4 req/sec)