Aker Philadelphia and Crowley JV starts construction on their first product tanker

6 January 2014 (Last Updated January 6th, 2014 18:30)

Aker Philadelphia Shipyard (APSI) has formed a joint venture (JV) with Crowley and started construction on the first of four product tankers.

Aker Philadelphia Shipyard (APSI) has formed a joint venture (JV) with Crowley and started construction on the first of four product tankers.

The contract value for the four tankers is approximately $500m.

The new 50,000dwt product tankers will feature hyundai mipo dockyards (HMD) designs that have fuel efficiency features, flexible cargo capability and meet regulatory requirements.

The first product tanker will be 600ft long and is expected to be completed in 2015. It will have a carry capacity of 50,000t of crude oil or refined petroleum products.

APSI president and CEO Kristian Rokke said that the partnership with Crowley will provide safe and long-term transportation options for the US petroleum market.

"APSI has a strong history of building similar product tankers that are each playing a fundamental role in moving our nation’s energy today," Rokke said.

APSI is the wholly-owned US subsidiary of Aker Philadelphia Shipyard ASA.

The company is currently constructing two 115,000dwt crude oil tankers for SeaRiver Maritime, the US marine affiliate of ExxonMobil, which are scheduled for delivery in 2014.

APSI also has contracts from Matson Navigation for construction of two 3,600TEU container ships, which will be delivered in 2018.