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Philly Shipyard Delivers Fourth and Final Jones Act Tanker to APT

Philly Shipyard Delivers Fourth and Final Jones Act Tanker to APT
Philly Shipyard has delivered the American Pride, the fourth of four next-generation product tankers that it has built for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc.

The 50,000 dwt product tanker is based on a proven fuel-efficient Hyundai Mipo Dockyards design. The 600-foot tanker has a carrying capacity of 14.5 million gallons of crude oil or refined products, and has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS) for conversion to liquefied natural gas fuel in the future.

The 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 certain investors. In August 2015, however, Philly Tankers entered into definitive agreements with APT for the assignment by Philly Tankers of its shipbuilding contracts and related assets to APT.

Philly Shipyard, formerly Aker Philadelphia Shipyard, has delivered 28 vessels in its twenty year history.

“We are proud to deliver the final product tanker in the four ship series for American Petroleum Tankers that began with the promotion by Philly Shipyard of a new Jones Act shipping venture, Philly Tankers, over three years ago,” remarked Steinar Nerbovik, Philly Shipyard’s President and CEO. “As American Pride leaves our dock, there is a piece of each and every one of us at the yard that leaves with her. We celebrate this achievement and wave farewell as she joins the other 27 Jones Act vessels built here in Philadelphia that are currently servicing America’s ports.”

This delivery also marks the successful conclusion to an innovative plan by PSI to invest in eight Jones Act product tankers with an approximate contract value of USD 1.0 billion through the PSI-Crowley joint venture (Hulls 021-024) and Philly Tankers (Hulls 025-028).

“In line with its business strategy, Philly Shipyard will continue to evaluate opportunities to participate in the post-delivery economics of the ships that it constructs, including the container vessels contemplated by the previously announced Letter of Intent with TOTE Maritime,” the company said in a statement.

Currently, the shipyard is in the process of constructing two 3,600 TEU containerships for Matson Navigation Company, Inc. with planned deliveries in 2018 and 2019. The shipyard has also entered into a Letter of Intent with TOTE Maritime for the construction and sale of up to four new, cost-efficient and environmentally friendly containerships for the Hawaii trade for delivery in 2020.

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