Philly Shipyard Delivers Second Next Generation Product Tanker to Crowley

  • December 23, 2015

Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the Texas, the second of four next generation 50,000 dwt product tankers that it is building for Crowley Maritime Corporation (Crowley). The 600-foot tanker has a carrying capacity of 14.5 million gallons of crude oil or refined products.

This delivery is the 22nd vessel built by PSINC (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements. The vessel has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS).

“We are proud to deliver another ship to Crowley and the first under our new name, Philly Shipyard. The Texas, like our 21 previously delivered vessels, continues the long tradition of men and women building quality vessels in Philadelphia,” remarked Philly Shipyard’s President and CEO Steinar Nerbovik. “As we continue to build the eight ships in our backlog, we are always looking for more skilled men and women to add to our team.”

The remaining two product tankers for Crowley are currently under construction and have planned deliveries in 2016.  Additionally, the shipyard has started construction on four 50,000 dwt tankers to be delivered to a subsidiary of Kinder Morgan, Inc. The shipyard also has begun construction of two 3,600 TEU containerships for Matson Navigation Company, Inc.

In line with the transaction announced by PHLY on September 22, 2015, at delivery of the Texas, the shipyard sold its interest in the PSINC-Crowley joint venture with respect to that vessel to a subsidiary of Marathon Petroleum Corporation (MPC).

For more information on Philly Shipyard transactions and projects, please visit www.phillyshipyard.com.

About Philly Shipyard:
Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market.  It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Philly Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership.  Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield, Havfisk and Akastor.