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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

LNG: Did the Greeks Get it Wrong?

In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Live Fish Carrier Launched at Gondan

At high tide, the vessel “MARTIN SÆLE”, the first Live Fish Carrier built by Gondan Shipyard in Figueras, was successfully launched today. Representatives of the owner of the vessel,

Tanker Trends

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

Asia Tankers-VLCC Rates to Hold, Ample Tonnage Weighs

"Pure" chartering market with little disruption. Rates to hold around W45 for Middle East; W48 for West Africa. Freight rates for very large crude carriers (VLCCs)

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.0681 sec (15 req/sec)