Philly Tankers Secures Charter Contracts for Two Newbuild Jones Act Product Tankers

Philly Tankers AS introduced immediately that its wholly owned U.S. subsidiary, Philly Tankers LLC, has entered into binding long-term time constitution contracts with a home end-user for the 2 50,000 dwt product tankers it has on order with Aker Philadelphia Shipyard (AKPS). The charters will begin after supply of the vessels in 2016 and 2017.

“This is an important milestone for Philly Tankers and we are proud of the long-term partnership that the company has established with a reputable end-user,” stated Kristian Rokke, Chairman of AKPS and Board member of Philly Tankers AS. “We continue to see interesting opportunities in the Jones Act tanker space, including potential strategic partnerships, and we´ll continue to pursue those opportunities as we look to grow Philly Tankers.”

Philly Tankers holds an choice for 2 further product tankers with deliveries in 2017, which the Company expects to declare, topic to elevating the mandatory fairness capital, Aker Philadelphia stated in a press release Thursday.

Philly Tankers was solely just lately established in June 2014 as a pure play tanker proprietor inside the Jones Act market. The firm is majority owned by Aker Philadelphia Shipyard (54%), with American Shipping Company ASA and Apollo Global Management and different U.S. institutional traders holding minority stakes within the firm. Philly Tankers is listed on the Norwegian OTC.

Its two LNG-ready 50,000 dwt tankers are primarily based on the confirmed Hyundai Mipo Dockyard design and have been ordered at a complete contract worth of USD $250 million.

The home “reputable end-user” on this case was not recognized.