Aker Philadelphia Struggles to Stay Afloat

22 September 2009 (Last Updated September 22nd, 2009 18:30)

The US Government has asked Aker Philadelphia Shipyard to secure $150m in loans to build two tankers, or the Navy Yard operations will have to shut down. The shipyard has already ordered the parts for the two tankers but has no buyers, according to bairdmaritime.com.

The US Government has asked Aker Philadelphia Shipyard to secure $150m in loans to build two tankers, or the Navy Yard operations will have to shut down.

The shipyard has already ordered the parts for the two tankers but has no buyers, according to bairdmaritime.com.

Aker Philadelphia is seeking a $150m ‘bridge loan’ from the Maritime Administration at the US Department of Transport.

The company has recently appealed to Philadelphia port officials and state and federal lawmakers to provide financial assistance.

The shipyard said it would manage $40m of its money but would still need $15m in federal maritime funding before it is able to secure the loan.