AKPS-Crowley Joint Venture Secures Financing for Jones Act Tankers

Aker Philadelphia Shipyard ASA says that its three way partnership with Crowley Maritime Corp. has secured a US $325 million credit score facility to assist pay for a quartet of newbuild product tankers to ply the Jones Act market.

Aker says that the agency USD 325 million senior secured time period mortgage facility was underwritten by a bunch of banks and monetary establishments and that the power will likely be used for post-delivery financing of the 4 product tankers to be included within the AKPS-Crowley three way partnership.

The 4 330,000-barrel, Jones Act-qualifying tankers are being constructed at Aker Philadelphia Shipyard, a wholly-owned subsidiary of AKPS. The 50,000 dwt product tankers are based mostly on a confirmed Hyundai Mipo Dockyards (HMD) design incorporating quite a few gas effectivity options, versatile cargo functionality, and the newest regulatory necessities. The vessels will likely be constructed with consideration for the usage of LNG for propulsion sooner or later. When accomplished, the vessel will likely be 600 toes lengthy and be able to carrying crude oil or refined petroleum merchandise. Deliveries of the brand new tankers are anticipated in 2015 and 2016.