Kvaerner Philadelphia Shipyard Inc News

Kvaerner Philadelphia Shipyard, Inc. (KPSI), of Philadelphia, PA., today delivered the M.V Manukai, a CV 2600 Philadelphia Class Containership. This is the first ship to be constructed at the new yard located in the former Philadelphia Naval Base. The M.V. Manukai is the first ship in a series of two containerships to be built for Matson Navigation Company, a shipping company based in San Francisco, CA. The U.S. Jones Act ship was christened by Margaret Inouye, wife of Hawaii Sen. Daniel K. Inouye, at Kvaerner Philadelphia Shipyard on July 12, 2003.

Matson Navigation Company’s new MV Manukai has commenced with its delivery voyage and is currently traveling from the U.S. East Coast to the West Coast, via the Panama Canal. The ship will then enter Matson’s Hawaii Service, with the inaugural voyage scheduled for October 1 from Los Angeles to Honolulu. The ship is the first to be built by Kvaerner Philadelphia Shipyard, Inc. and the first new Matson ship of the 21st century. Utilizing today’s GPS technology, the ship’s voyage can be tracked on Matson’s “Birth of a Ship” Web site at www.matson.com/bos. By clicking on the “Track the Manukai” link below, detailed info on the vessel’s geographic position can be accessed.

Matson Navigation Company, Inc.'s new containership MV Maunawili was christened Saturday, July 17 at Kvaerner Philadelphia Shipyard, Inc. (KPSI) by Ms. Maryanna G. Shaw, great grand-daughter of Samuel T. Alexander, one of the founders of Matson's parent company, Alexander and Baldwin, Inc. (A&B). The vessel is the second of a two-ship, $220 million contract with KPSI. Among those present for the ceremony will be Charles M. Stockholm, chairman of the board, A&B, Allen Doane, president and CEO, A&B, James Andrasick, president and CEO, Matson, and the event's keynote speaker, Lt.

While the U.S. commercial shipbuilding industry outperformed the U.S. economy between 1992 and 2001, this period witnessed the construction of barely a dozen large ocean going vessels for our U.S. domestic trades with an aggregate cost of not much more than $500 million. In contrast, U. S. national transportation needs for the current decade will require the construction of four to five dozen such commercial vessels which, taken together with the building of smaller vessels to meet our other domestic needs, will involve shipbuilding contracts in excess of $6 to $7 billion. The majority of this work is federally mandated by the Oil Pollution Act of 1990, or involves the replacement of vessels in our U.S. non-contiguous trades that have reached the end of their useful lives.

Matson Navigation Company, Inc.'s (Matson)today signed a contract with Kvaerner Philadelphia Shipyard Inc. the purchase of two new containerships. late 2003 and in 2004, respectively. quality and value," said C. executive officer. carrier. R. J. the U.S. domestic offshore trades. dry containers. Jones Act vessels at a relatively low cost. as a world class commercial shipyard. Kvaerner Philadelphia Shipyard. in Kvaerner's ability to build high quality ships. Philadelphia Shipyard was built to provide U.S. ships at realistic prices for the dedicated trades of the U.S. Act. customers," Mulholland added. enhanced its fleet to meet the changing needs of our customers. open-top vessels.

Kvaerner ASA and Overseas Shipholding Group, Inc. signed an agreement in principle in which Kvaerner Philadelphia Shipyard, Inc. subsidiary which will bareboat charter them to subsidiaries of OSG for initial terms of five or seven years, with extension options for the charterer. For Kvaerner, the proposed transaction is valued at more than $500 million. The agreement in principle is subject to, among other conditions, approval by the Boards of Directors of Kvaerner and OSG, preparation and execution of final agreements and relevant government approvals. "The proposed construction of ten Jones Act Product Tankers by KPSI is one of the largest commercial ship building transactions undertaken by a U.S.

John Graykowski has joined Kvaerner Philadelphia Shipyard, Inc., as Senior Vice President & General Counsel. John will take up his duties on February 1, 2003. Graykowski will report to Gunnar Skjelbred, President & CEO, Kvaerner Philadelphia Shipyard, and will be responsible for all aspects of marketing, external relations and Legal Affairs. Since 2000, John was a Partner with Blank Rome LLP (formerly Dyer Ellis & Joseph). Prior to joining the firm, Graykowski was Acting Administrator and Deputy Administrator of the Maritime Administration, U.S. Department of Transportation from 1994 to 2000. While at MarAd, Graykowski was responsible for implementing the National Shipbuilding Initiative (NSI)…