Aker Philadelphia Constructing Multiple LNG-Conversion Ready Vessels

| USA, Philadelphia PA

Aker Philadelphia Shipyard, Inc. (APSI), a U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has commenced construction of the third and fourth 50,000 dwt product tankers in a four vessel order for American Petroleum Tankers, a Kinder Morgan Inc. subsidiary (APT). The two LNG-conversion ready product tankers are scheduled for delivery in 2017 and are the culmination of a series of eight product tankers being built at the shipyard for APSI’s customers.

At the steel cutting ceremony, President and CEO of APSI, Steinar Nerbovik, remarked: “With construction underway on these two product tankers, we celebrate the capstone of an exciting eight tanker series that is part of Philadelphia’s contribution to the energy landscape of this country. The 1,100 men and women working at the shipyard will be busy for years to come completing these tankers and the other vessels we have under contract.”

“We are very pleased to be working with the Aker Philadelphia Shipyard on the construction of four, LNG-conversion-ready tankers, and the start of construction of these two vessels marks a milestone for our expanding fleet,” said Robert Kurz, Vice President of Kinder Morgan Terminals and President of APT.

The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements. The tankers will also be constructed with consideration for the use of liquefied natural gas (LNG) for propulsion in the future. When completed, each of the 600-foot tankers will have a carrying capacity of 14.5 million gallons to transport crude oil or refined products.

The four 50,000 dwt product tankers for APT are currently under contract with Philly Tankers LLC.  In line with the announcement made by AKPS on August 10, 2015, each of these contracts will be assigned by Philly Tankers LLC to APT at vessel delivery.

At the beginning of October APSI delivered the Ohio, the first of four next generation LNG-conversion ready 50,000 dwt product tankers that it is building for Crowley Maritime. Also under construction at the shipyard are three more 50,000 dwt product tankers for Crowley with planned deliveries through 2016, the first two 50,000 dwt tankers for APT with planned deliveries in 2016 and 2017, and two LNG-conversion ready containerships for Matson Navigation Company, Inc. with planned deliveries in 2018.

On July 16, 2015, the company announced that it intends to change its name to Philly Shipyard by the end of the year, pending shareholder approval.

(Source: Aker Philadelphia Shipyard)

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