Fastship Inc News

FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the first generation high-speed vessels comprised of the FastShip trans-Atlantic transportation fleet. Under the proposed agreement, NASSCO, designer and builder of new ships headquartered in San Diego, will construct four revolutionary vessels in the FastShip fleet. The agreement establishes a timeline to finalize a construction contract to include definitive pricing, delivery schedule and performance guarantees. NASSCO has also agreed to consider a financing commitment to FastShip, Inc.

FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the first generation high-speed vessels comprised of the FastShip trans-Atlantic transportation fleet. Under the proposed agreement, NASSCO, designer and builder of new ships headquartered in San Diego, will construct four revolutionary vessels in the FastShip fleet. The agreement establishes a timeline to finalize a construction contract to include definitive pricing, delivery schedule and performance guarantees. NASSCO has also agreed to consider a financing commitment to FastShip, Inc.

CP Ships has signed an agreement with FastShip to assume commercial and marketing management for FastShip's TransAtlantic services. London-based CP Ships is the TransAtlantic's largest container service operator with twelve separate loops, and the seventh largest world-wide. FastShip, headquartered in Philadelphia, is creating a high-speed Transatlantic transport network. allow for pooling opportunities between FastShip and CP Ships. CP Ships is also taking a small equity position in FastShip. "We see FastShip as a complement to our existing range of TransAtlantic services. By including FastShip as another strong brand among our service offerings we will be able to provide a competitive advantage to customers who require high-speed transport that is less costly than air freight…

The American Shipbuilding Association (ASA) represents the six largest shipbuilding companies in the United States: Avondale Industries, LA; Bath Iron Works, ME; Electric Boat, CT and RI; Ingalls Shipbuilding, MS; National Steel and Shipbuilding Company, CA; and Newport News Shipbuilding, VA and CA. These shipbuilders are the largest private manufacturing firms in five states and represent hundreds of thousands of supplier manufacturing jobs in 46 states. On behalf of the American shipbuilding industry, it is my pleasure to share with the readers of Maritime Reporter & Engineering News the agenda and focus of the American Shipbuilding Association (ASA) as we enter the next century.

FastShip, Inc. has reached an agreement with Philadelphia Gear Corporation to supply sophisticated transmission equipment for the company's high-speed trans-Atlantic fleet. The $35 million order is the largest in Philadelphia Gear's 100-year history, bringing more than 100 direct and indirect jobs to the region. Per the agreement, Philadelphia Gear will supply 20 gearboxes - five in each of FastShip's initial four vessels - plus one spare gearbox and additional parts, as well as a 10-year service maintenance package. The gears will help generate power for the vessels equivalent to two and a half times that of a jumbo jet. Philadelphia Gear will also participate in vendor financing of FastShip, which intends to complete its total financing package by year-end 1999.

FastShip Inc. has reached an agreement with Philadephia Gear Corp. to supply sophisticated transmission equipment for the company's revolutionary high-speed trans-Atlantic fleet. The $35 million order is the largest in Philadelphia Gear's 100-year history. Under the agreement, the company will supply 20 gearboxes - five in each of FastShip's initial four vessels - plus one spare gearbox and additional parts, as well as a 10-year service and maintenance package. The gears will help generate power for the vessels equivalent to 2.5 times that of a jumbo jet. The contract means 100 jobs for Philadelphia Gear and its vendors, including securing or adding 70 full-time jobs over the next two years.

While consolidations and closures continue to reshape the ship and boatbuilding industry worldwide, 1999 ended on some positive notes, particularly for ship and boat building companies in the United States. U.S. builders, who have watched U.S. Navy business dwindle for more than a decade, have – with the help of the U.S. Maritime Administration – invested hundreds of millions of dollars and an endless amount of effort to restructure their shipyard’s structures, machinery and work flows. The result: a smaller but more capable base of companies that are geared to fulfill demands of traditional clients down the block as easily as they fulfill the demands of customers around the world. The efforts of many U.S.

While consolidations and closures continue to reshape the ship and boatbuilding industry worldwide, 1999 ended on some positive notes, particularly for ship and boat building companies in the United States. U.S. builders, who have watched U.S. Navy business dwindle for more than a decade, have – with the help of the U.S. Maritime Administration – invested hundreds of millions of dollars and an endless amount of effort to restructure their shipyard’s structures, machinery and work flows. The result: a smaller but more capable base of companies that are geared to fulfill demands of traditional clients down the block as easily as they fulfill the demands of customers around the world. The efforts of many U.S.

While consolidations and closures continue to reshape the ship and boatbuilding industry worldwide, 1999 ended on some positive notes, particularly for ship and boat building companies in the United States. U.S. builders, who have watched U.S. Navy business dwindle for more than a decade, have - with the help of the U.S. Maritime Administration - invested hundreds of millions of dollars and an endless amount of effort to restructure their shipyard's structures, machinery and work flows. The result: a smaller but more capable base of companies that are geared to fulfill demands of traditional clients down the block as easily as they fulfill the demands of customers around the world.

While consolidation and closures continue to reshape the ship and boatbuilding industry worldwide, 1999 ended on some positive notes, particularly for ship and boat building companies in the United States. U.S. builders, who have watched U.S. Navy business dwindle for more than a decade, have invested hundreds of millions of dollars to restructure their shipyards. The result: a smaller but more capable base of companies that are geared to fulfill demands of traditional clients down the block as easily as they fulfill the demands of customers around the world. A recent swing through the vibrant Gulf of Mexico region helped to quantify the strides that have been made. In particular, much capital has been expended in improving the capabilities processing and cutting steel.