Philly Shipyard delivers new product tanker to APT

22 November 2017 (Last Updated November 22nd, 2017 11:04)

Philly Shipyard (PSI) has delivered the final unit in a series of four product tankers to Kinder Morgan's subsidiary American Petroleum Tankers (APT).

Philly Shipyard (PSI) has delivered the final unit in a series of four product tankers to Kinder Morgan’s subsidiary American Petroleum Tankers (APT).

The next-generation, 50,000dwt tanker has been named American Pride and features a Hyundai Mipo Dockyards (HMD) design, which comprises various fuel efficiency features and a flexible cargo capability.

The 600ft vessel complies with all recent regulatory requirements and has received liquefied natural gas (LNG) Ready Level 1 approval from American Bureau of Shipping (ABS).

"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."

American Pride is capable of carrying 14.5 million gallons of crude oil or refined products and was developed under an initial contract with Philly Tankers, which was originally formed in 2014 by PSI and a number of other investors to serve the world’s major oil companies under the US Jones Act.

Philly Tankers subsequently signed definitive agreements with APT to finalise the shipbuilding contracts and related assets in August 2015.

Philly Shipyard president and CEO Steinar Nerbovik said: “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.”

The latest delivery also represents the successful conclusion PSI’s plan to invest in eight Jones Act product tankers with an approximate contract value of $1bn via the PSI-Crowley joint venture and Philly Tankers.

Additionally, PSI has signed a letter of intent (LoI) with TOTE Maritime to build and sell up to four new, cost-efficient and environmentally friendly containerships for use along the Hawaii trade route.

The first two contracted units are expected to be delivered by 2020.

PSI is also engaged in the construction of two 3,600 twenty-foot equivalent unit (TEU) containerships for Matson Navigation Company.

The ships are planned for delivery by 2018 and 2019 respectively.