Philly Shipyard Completes Tanker Series for APT
Philly Shipyard, Inc. (PSI) has delivered American Pride, the final vessel in a series of four 50,000 dwt product tanker newbuilds for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.
The 600-foot product tanker has a 14.5 million gallon carrying capacity and is based on a design from Hyundai Mipo Dockyards (HMD) that incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements, the builder said. The vessel has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS).
American Pride and its three sister ships were originally under contract with Philly Tankers, a Jones Act shipping company established in June 2014 by Philly Shipyard and other investors to provide modern tonnage to oil companies and other end-users. In August 2015, Philly Tankers entered into definitive agreements assigning its shipbuilding contracts and related assets to APT.
The delivery also marks the conclusion to PSI’s plan to invest in eight Jones Act product tankers with an approximate contract value of $1 billion through the PSI-Crowley joint venture (Hulls 021-024) and Philly Tankers (Hulls 025-028).
Philly Shipyard said it will continue to evaluate opportunities to participate in the post-delivery economics of the ships that it constructs, including up to four new container vessels contemplated by the previously announced Letter of Intent with TOTE Maritime for the Hawaii trade. PSI said design, planning and procurement work is progressing, with orders placed for all major long-lead items for the first pair to support their delivery in 2020.
PSI is also currently building two 3,600 TEU containerships for Matson Navigation Company, Inc. with planned deliveries in 2018 and 2019.
This American Pride delivery, which came 10 days ahead of the contract delivery date, is the 28th vessel built by PSI, (formerly Aker Philadelphia Shipyard, Inc.) in its 20-year history.
