Philly Shipyard Repairs MARAD Ship
Philly Shipyard, Inc. (PSI) , formerly Aker Philadelphia Shipyard, has commenced work on its first contract to perform modernization, repair and maintenance work on a government ship, the SS Antares.The sole operating subsidiary of Philly Shipyard ASA said in a press note that the SS Antares is an Algol class vehicle cargo ship, owned by the U.S. Department of Transportation’s Maritime Administration (MARAD) and managed by TOTE Services, LLC (TOTE) and undergoes routine repair and maintenance during its scheduled dry docking every five years.TOTE…
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…
Great Ships of 2016: Texas
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. Crowley Maritime Corp. took delivery of Texas, the second of four new Jones Act product tankers from Philly Shipyard, Inc. (PSINC). The 50,000 dwt, 330,000-barrel Texas joins sister ship Ohio, which was received by Crowley in October, as the first ever tankers to receive the ABS LNG-Ready Level 1 approval, meaning Crowley has the option to convert the tanker to liquefied natural gas (LNG) propulsion in the future.
Philly Shipyard Delivers APT Tanker
Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc. This delivery is the 25th vessel built by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates numerous fuel efficiency features…
Crowley Christens 2nd LNG-ready Product Tanker
Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. Crowley Maritime Corp. has christened the second of four new Jones Act product tankers yesterday at the South Florida Petroleum Terminal (The Public Dock) in Fort Lauderdale, Fla. The 50,000 dead-weight-ton (dwt), 330,000-barrel-capacity Texas joins sister ship Ohio, which was christened by Crowley in November, as the first ever tankers to receive the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval…
The Top Five Ships of 2015
Maritime innovation never stops, and 2015 was certainly no exception, as a number of “world firsts” hit the high seas. In its December 2015 edition Maritime Reporter & Engineering News (http://digitalmagazines.marinelink.com/nwm/MaritimeReporter/201512/) presented its “Great Ships of 2015;” MarineLink.com takes the process one step further, and here confer the “Top Five Ships” of 2015. With a gross tonnage of 168,666, somewhat smaller than the world's largest Oasis class vessels, Royal Caribbean Cruises Ltd.
Second LNG-ready Tanker Delivered to Crowley
Crowley takes delivery of second of four new LNG-ready Jones Act product tankers from Philly Shipyard, Inc. Crowley Maritime Corp. has today taken delivery of Texas, the second of four new Jones Act product tankers from Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA. The 50,000 dead-weight-tons (dwt), 330,000-barrel-capacity Texas joins sister ship Ohio, which was received by Crowley in October, as the first ever tankers to receive the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval…
Aker Shipyard Declares Dividend
On 4 November 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 10 November 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 15 April 2015. The shares in AKPS will be traded ex-dividend from and including 11 November 2015.
Crowley Christens LNG-Ready Product Tanker
Crowley Maritime Corp. today christened the first of four new Jones Act product tankers at the Tampa Cruise Terminal. The 50,000 dead-weight-tons (dwt), 330,000-barrel-capacity ship Ohio is the first tanker ever to receive the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval, meaning Crowley has the option to convert the tanker to liquefied natural gas (LNG) propulsion in the future. More than 100 guests watched as Pamela Beall, president of MPLX, a Marathon Petroleum Corporation subsidiary, broke a ceremonial bottle of champagne across the hull to christen the vessel.
ABS Deems Crowley Product Tankers 'LNG-Ready'
By achieving compliance with the ABS Guide for LNG Fuel Ready Vessels, Crowley has the option to convert the product tankers to LNG propulsion at a later date having already been granted a conceptual review. “ABS has played a fundamental role in supporting the ambitions of the maritime industry as it moves to embrace the opportunity of LNG as fuel,” said ABS Chairman, President and CEO Christopher J. Wiernicki. According to ABS, who published the Guide for LNG Fuel Ready Vessels in 2014…
Thordon’s COMPAC for US’ Largest Containerships
Thordon Bearings has signed a contract to supply COMPAC seawater-lubricated propeller shaft bearing solutions to two Jones Act containerships under construction at the Aker Philadelphia Shipyard Inc. (APSI) for Matson Navigation Company, Inc. The order represents the first large containership reference for the manufacturer and the largest commercial ship propeller shafts to be fitted with COMPAC bearings, Thordon noted. The 3600TEU Aloha Class vessels, the largest Jones Act containerships ever built…
Construction Begins on Matson’s Aloha Class
Matson, Inc., a U.S. carrier in the Pacific, announced that production has begun on its two new Aloha Class containerships following a steel cutting ceremony at Aker Philadelphia Shipyard Inc. (APSI) in Pennsylvania. Matson subsidiary Matson Navigation Company, Inc. ordered the ships from APSI in 2013 for an aggregate price of $418 million, following on the delivery of four newly-built Jones Act containerships for Matson between 2003 and 2006. At 850 feet long and with 3,600 TEU capacity…
Crowley Acquires Jones Act Tankers
Crowley Maritime Corp. took delivery of Ohio, the first of four new, Jones Act, product tankers this week from Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA. The delivery is momentous not only for Crowley, but also for the industry because it signifies the first time a product tanker has been constructed with consideration for the future use of LNG for propulsion. The remaining three product tankers being built by APSI for Crowley are currently under construction and have planned deliveries through 2016.
Aker ASA Equity Holdings Restructured
Aker ASA has on 30 September 2015 transferred its equity holdings in Converto Capital Fund AS to Aker Capital AS, a wholly-owned subsidiary of Aker. As per 30 September 2015, Converto Capital Fund AS directly held 7,237,631 of the issued shares and votes in Aker Philadelphia Shipyard ASA, or 57.56 per cent of the share capital.
Aker to Sell Product Tanker JV Interest
Aker Philadelphia Shipyard ASA announced today that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has entered into definitive agreements with a subsidiary of Marathon Petroleum Corporation (MPC) for the buy-out of APSI's interest in its joint venture with Crowley Maritime Corporation (Crowley) related to the operation and chartering of four 50,000 dwt product tankers. The transaction is based on an enterprise value of $150 million per vessel. The buy…
Kinder Morgan Buys Four Newbuilding Resales
Kinder Morgan, Inc. is expanding its growing fleet of Jones Act product tankers having signed a definitive agreement valued at an all-in price of $568 million with Philly Tankers LLC to take assignment of contracts for the construction of four, new 50,000-deadweight-ton, Tier II tankers to be constructed at the Aker Philadelphia Shipyard in Philadelphia, Pennsylvania. The transaction requires approval of shareholders holding 80 percent of the shares of Philly Tankers AS. Philly Tankers AS is the parent of Philly Tankers LLC.
Aker Philadelphia Shipyard is Philly Shipyard Now
Aker Philadelphia Shipyard ASA announces its plan to change its name to Philly Shipyard ASA, pending an upcoming shareholder vote at an extraordinary general meeting expected to take place in October 2015. Aker Philadelphia Shipyard, Inc. (APSI) will likewise change its name to Philly Shipyard, Inc. "Changing our name to Philly Shipyard more accurately reflects the shipyard we have become in recent years," remarked Steinar Nerbovik, Aker Philadelphia Shipyard's President and CEO. "We have delivered on our promises and stand firmly on our own two feet as a company.
Røkke is CEO of Akastor ASA
Akastor ASA announced that its Board of Directors has appointed Kristian Røkke as its Chief Executive Officer. Mr. Røkke will succeed Frank O. Reite, who will take the position of Chief Financial Officer at Aker ASA. Kristian Røkke, who is currently Chairman of Aker Philadelphia Shipyard ASA (AKPS), a leading U.S. commercial shipyard, and previously President & CEO of AKPS, will assume his new position in Akastor ASA on August 10, 2015. Aker ASA will propose to the nomination committee of Akastor ASA that Frank O.
Aker Philadelphia Appoints New CFO
Aker Philadelphia Shipyard ASA has appointed Jan Ivar Nielsen as Chief Financial Officer effective September 2015. Since 2009, Nielsen has held the position of CFO of VARD Holdings, a publicly listed global designer and builder of offshore and specialized vessels with 10 facilities across Europe, Asia and South America. From the period 2002 to 2005, Nielsen was CFO of the shipyard in Philadelphia. In 2005, Nielsen was involved in the formation of Aker American Shipping Company, the former parent of both Aker Philadelphia Shipyard and American Shipping Company.
CFO Theisen Quits Aker Philadelphia
Aker Philadelphia Shipyard ASA announced today that its Chief Financial Officer, Jeffrey Theisen, is resigning from his position later this month to pursue other career opportunities outside of shipbuilding and shipping. Art Whittemore, who was previously CFO of Gamesa USA, a manufacturer of wind turbines, is currently serving as interim CFO of AKPS to ensure a smooth transition while a permanent successor is identified.
Aker Philadelphia to Pay Dividend
On 6 May 2015, the Board of Directors of Aker Philadelphia Shipyard ASA resolved to pay a dividend to the shareholders of AKPS as of expiry of 12 May 2015, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of AKPS on 15 April 2015. The shares in AKPS will be traded ex-dividend from and including 13 May 2015.
Aker Philadelphia Shipyard Finalizes $60M Loan
Aker Philadelphia Shipyard ASA informed that its wholly-owned U.S. subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has executed definitive documentation with PIDC Regional Center, LP XXXI for a secured term loan of up to USD 60 million. The loan has a five-year term and a fixed interest rate of 2.75% through maturity. The loan is secured by a lien on the company's interests in Hulls 021-024, which are the four product tankers to be included in the AKPS-Crowley joint venture. The company made its first draw under the facility on the closing date. The loan is made through the Welcome Fund (EB-5) loan program, a source of low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors.
Aker Delivers Tanker to SeaRiver Maritime
Aker Philadelphia Shipyard, Inc. (APSI) has delivered its second Aframax tanker to SeaRiver Maritime, Inc., Exxon Mobil Corporation’s U.S. marine affiliate. The 820 foot long, 115,000 deadweight ton tanker was delivered within the timeframe most recently reported by AKPS and will transport up to 800,000 barrels of Alaskan North Slope crude oil from Prince William Sound, Alaska to the U.S. West Coast. The vessel is equipped with double hull protection, the latest navigation and communications equipment, and an energy efficient engine.