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

Shipbuilding

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Third RAmparts 2500 Tug for SMIT-Rebras

Keppel Singmarine BrasilLtda. (KSMB), of Navegantes, Brazil has recently completed the construction of the SMIT Panará, the third of a series of six Robert Allan Ltd.

Russia Doubts France Will Cancel Warships Sale

A senior Russian official said on Monday he doubted France would cancel its sale of warships to Russia, despite coming under pressure from other Western leaders

Tanker Trends

Libya Reaches Deal to Reopen Brega Oil Port

Libya state oil company National Oil Corp (NOC) has reached a deal with security guards to end a protest at eastern Brega oil port, which is expected to allow the terminal to reopen on Tuesday,

Tankship Market & Return of Contango: Analysis

This week, the Brent price curve moved into contango on what was reported to be short-term physical oversupply. In their latest 'Tanker Opinion', Poten & Partners

Bug-O Sees Increased Demand for Zipper Welder

The zipper welder has been in the Bug-O repertoire for quite some time, but the company said it has recently seen a larger demand for it due to increased tank production worldwide.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1000 sec (10 req/sec)