Search results for: AKPS

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  • 10 June 2014
    Business & Finance

    Aker Philadelphia Shipyard ASA (AKPS) today announced the planned establishment of Philly Tankers AS, a Norwegian limited liability company, and its wholly-owned subsidiary, Philly Tankers LLC, a Delaware limited liability company (Philly Tankers). Philly Tankers has successfully secured equity commitments necessary to finance the purchase of two product tankers from AKPS with deliveries in 2016 […]

  • 19 March 2014
    Business & Finance

    Aker Philadelphia Shipyard ASA tody announced that Kristian Rokke, AKPS’s President and CEO, has been nominated to be Executive Chairman of the Board of Directors of AKPS. This nomination is expected to be approved at the company’s Annual General Meeting on April 9, 2014. Steinar Nerbovik, who is currently Senior Vice President of Operations of […]

  • 1 April 2014
    Business & Finance

    Aker Philadelphia Shipyard ASA has entered into an agreement with Crowley for the sale of AKPS’s profit sharing interests in Hulls 17 and 18 for total cash proceeds of USD 40 million. This sale includes the profit sharing on the two product tankers delivered to Crowley in August 2012 (the Pennsylvania) and January 2013 (the […]

  • 1 October 2014
    Business & Finance

     Norway’s Converto Capital Fund, in which Aker ASA holds 99.8 per cent of the invested capital, has decided to remain in the shipping business and scrap the idea of an exit from American Shipping Company ASA (AMSC) through a contemplated secondary offering. The decision came after Converto gained confirmation of the future potential of AMSC and Aker […]

  • 10 July 2014
    Business & Finance

    Philly Tankers has secured all necessary documentation including approval by the general meeting of American Shipping Company, to close the transaction for the purchase of two product tankers from Aker Philadelphia Shipyard ASA (AKPS) with deliveries in 2016 and 2017, the shipyard said in a filling to Oslo stock exchange.   The announcement was made […]

  • 17 March 2015
    Business & Finance

    Oslo-listed Aker Philadelphia Shipyard ASA (AKPS) has, through its wholly-owned U.S. subsidiary Aker Philadelphia Shipyard, Inc. (APSI), executed definitive documentation with PIDC Regional Center for a loan of up to USD 60 million to finance its joint venture tanker deal with Crowley Maritime.  The loan is secured by a lien on the company’s interests in Hulls 021-024, which are the […]

  • 21 August 2012

    Aker Philadelphia Shipyard ASA has announced that certain wholly owned subsidiaries of AKPS and Crowley Petroleum Services, Inc. (CPS) have entered into binding agreements which will result in the sale of two product tankers by Aker Philadelphia Shipyard, Inc. (APSI) to Crowley Tankers, LLC (CT). These vessels are designated as APSI Hulls 017 and 018. […]

  • 21 August 2012
    Business & Finance

    Aker Philadelphia Shipyard ASA has announced that certain wholly owned subsidiaries of AKPS and Crowley Petroleum Services, Inc. (CPS) have entered into binding agreements which will result in the sale of two product tankers by Aker Philadelphia Shipyard, Inc. (APSI) to Crowley Tankers, LLC (CT). These vessels are designated as APSI Hulls 017 and 018. […]

  • 31 August 2012

    Aker Philadelphia Shipyard ASA, a leading U.S. commercial shipyard has delivered to Crowley a Veteran Class MT-46 product tanker. This is the thirteenth product tanker that the shipyard has completed and the seventeenth vessel overall. The product tankers are 600 feet long and have a cargo capacity of 46,000 dwt. The ship is named the […]

  • 14 March 2014
    Business & Finance

    Aker Philadelphia Shipyard ASA (AKPS) is working with several interested parties to enter into definitive shipbuilding contracts for four product tankers (Hulls 025-028) and agreement for joint ownership in the vessels. American Shipping Company ASA (AMSC) has a positive outlook on the Jones Act market for product tankers, and has previously informed the market that […]

  • 31 August 2012

    Aker Philadelphia Shipyard ASA, a leading U.S. commercial shipyard has delivered to Crowley a Veteran Class MT-46 product tanker. This is the thirteenth product tanker that the shipyard has completed and the seventeenth vessel overall. The product tankers are 600 feet long and have a cargo capacity of 46,000 dwt. The ship is named the […]

  • 22 September 2015
    Business & Finance

    U.S. shipbuilder Aker Philadelphia Shipyard, Inc. (APSI) has concluded the buy-out agreement with a subsidiary of Marathon Petroleum Corporation (MPC) for APSI’s interest in its joint venture with Crowley Maritime Corporation related to the operation and chartering of four 50,000 dwt product tankers. The transaction is based on an enterprise value of USD 150 million per […]

  • 22 September 2015
    Business & Finance

    U.S. shipbuilder Aker Philadelphia Shipyard, Inc. (APSI) has concluded the buy-out agreement with a subsidiary of Marathon Petroleum Corporation (MPC) for APSI’s interest in its joint venture with Crowley Maritime Corporation related to the operation and chartering of four 50,000 dwt product tankers. The transaction is based on an enterprise value of USD 150 million per […]

  • 7 March 2014

     Aker Philadelphia Shipyard, Inc. (APSI) has entered into a loan agreement with Caterpillar Financial Services Corporation (Cat Financial) for a USD 120 million loan facility for construction financing on the four product tankers under contract with Crowley Maritime Corporation (Crowley). The loan will be subject to a maximum borrowing amount of USD 58-60 million per […]

  • 2 June 2011

    Aker Philadelphia Shipyard, Inc., the sole operating subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), has entered into a loan agreement with Caterpillar Financial Services Corporation (Cat Financial) for a construction loan facility and contingent floorplan loan facility totaling USD 80 million. Under the agreement, Cat Financial will fund up to USD 40 million per […]

  • 16 July 2015
    Business & Finance

    Oslo-listed Aker Philadelphia Shipyard ASA has revealed plan to divest its portfolio of shipping assets, drawing an end to a build-up of investments as a partial owner in eight Jones Act product tankers with an approximate contract value of USD 1 billion. The divestment coincides with the name change to Philly Shipyard ASA, pending an upcoming shareholder vote […]

  • 26 February 2015
    Business & Finance

    The US Jones Act tanker operator Philly Tankers LLC, a wholly owned subsidiary of Philly Tankers AS, has entered into binding long-term time charter contracts with an unnamed US operator for the two 50,000 dwt product tankers the company has on order with Aker Philadelphia Shipyard (AKPS). The charters will commence after delivery of the vessels in 2016 […]

  • 2 September 2010

    Aker Philadelphia Shipyard (Oslo: AKPS), a U.S. commercial shipyard, delivered to American Shipping Company (Oslo: AMSC) its tenth Veteran Class MT-46 product tanker. The 46,000 dwt vessel, named the Overseas Anacortes, will leave the shipyard in the coming days under the operation of OSG America to transport petroleum products for Tesoro.

  • 26 August 2008

    Lawsuit by Metal Trades Department Against U.S. Coast Guard Rejected PHILADELPHIA–(BUSINESS WIRE)–In a decision filed today the U.S. District Court of the Eastern District of Pennsylvania has upheld the United States Coast Guard interpretation of the Jones Act as it relates to the modern building methods employed by Aker Philadelphia Shipyard (Oslo:AKPS – News). The […]

  • 15 July 2008

    Tanker Will Be the First in the U.S. with Advanced EPA Tier II Compliant Engines PHILADELPHIA–(BUSINESS WIRE)–Aker Philadelphia Shipyard (Oslo:AKPS – News), a leading U.S. commercial shipyard, launched Hull 009, the fifth in a series of 12 product tankers to be completed by the yard in 2011 and sold to American Shipping Company (Oslo:AMSC – […]

  • 9 August 2013
    Business & Finance

    Aker Philadelphia Shipyard ASA announces that its wholly-owned subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), and Crowley Maritime Corporation are expanding the cooperation initiated with the sale and delivery of two product tankers in 2012 and 2013. The expanded partnership includes four new product tankers with deliveries in 2015 and 2016, with the possibility to build […]

  • 9 August 2013

    Aker Philadelphia Shipyard ASA today announced that its wholly-owned subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), and Crowley Maritime Corporation are expanding the cooperation initiated with the sale and delivery of two product tankers in 2012 and 2013. The expanded partnership includes four new product tankers with deliveries in 2015 and 2016, with the possibility to […]