In a decision filed by 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. The decision rejected a lawsuit filed by the Metal Trades Department of the AFL-CIO. Aker Philadelphia Shipyard President and CEO, Jim Miller remarked “We wish to reiterate that Aker Philadelphia Shipyard is extremely proud to be building ships in full compliance with the legal requirements for vessels to be operated in the Jones Act trade. We are satisfied with the court’s decision and by working closely with our skilled union work force will continue to deliver on our promise to build quality ships for the U.S. market."
Aker Philadelphia Shipyard delivers its first Veteran-class MT-46 product tanker to Crowley Maritime Corp. 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 Pennsylvania and is the first vessel that AKPS has delivered to Crowley. As stated in AKPS’s release on 21 August, 2012
Aker Philadelphia Shipyard delivered the second vessel in an up to 16 ship order of product tankers as the 600-ft. long MT46 Veteran Class Overseas Long Beach was transferred to American Shipping Corporation, a subsidiary of Aker American Shipping. The vessel joins its sister vessel, the Overseas Houston, in American Shipping Corporation's fleet of modern, double hull product tankers for charter in the Jones Act market
Aker Philadelphia Shipyard has begun production on the second of ten vessels in the product tanker build program announced last spring, according to a WPVI-TV report. Steel cutting for the ship, the sixth built by the yard since its opening five years ago, begins just weeks after keel laying for the first tanker in the series. The second vessel is scheduled to be completed in 2007. The steel plates were cut on one of the yard's two plasma cutting machines
Aker Philadelphia Shipyard has commenced production on the third vessel in the ten-ship product tanker build program initiated in April 2005. Steel cutting for the ship, the seventh built by the yard since its opening nearly six years ago, was performed on one of the yard's two state-of-the-art plasma cutting machines. The third tanker vessel is scheduled to be completed in the fourth quarter of 2007. The first steel plates cut for the ship will be used in construction of the engine room of
Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,465 shares in the Company on Oslo Axess at an average price of NOK 158.68 per share, implying a total consideration of NOK 232,466. Following the transaction, AKPS holds a total of 9,785 own shares, constituting approximately 0.08% of the Company's shares and votes.
Aker Philadelphia Shipyard ASA (Oslo: AKPS) announced that its sole operating subsidiary, Aker Philadelphia Shipyard, Inc. (APSI), has signed a Letter of Intent with SeaRiver Maritime, Inc. (SeaRiver), Exxon Mobil Corporation’s U.S. marine affiliate, for the construction of two aframax tankers. The 820 foot long, 115,000 deadweight ton tankers are intended to be used to transport Alaskan North Slope crude oil from Prince William Sound to the U.S. West Coast
Overseas Shipholding Group, Inc. (NYSE:OSG) announced that charter agreements with BP have been signed for two of the Jones Act product carrier newbuildings that OSG will bareboat upon delivery from Aker Philadelphia Shipyard, formerly Kvaerner Philadelphia Shipyard. Morten Arntzen, President and CEO of OSG said, "The strong commercial interest in these U.S.-built product carriers further validates our U.S. Flag expansion strategy, uniquely positioning us in the Jones Act
Metro Machine Corp., a Norfolk, Va., company that came here a dozen years ago with dreams of building a radically new type of tanker ship, is shutting down its Philadelphia operations. The tankers it hoped to build offered innovations to protect the environment, but no one was willing to risk buying the first ship of an unproven design. To sustain its operation here while seeking ship orders, Metro did work including overhauls and scrapping ships
Reference is made to the open market partial tender offer for up to 650,000 shares of Aker Philadelphia Shipyard ASA announced on 7 August 2014. Pursuant to the offer, only a limited number of shares were tendered to the company. AKPS has accepted all shares tendered in accordance with the principles of the previously announced buyback program, which amounted to 166,457 shares. The total consideration was NOK 26,633,120 with a purchase price of NOK 160 per share.
Aker Philadelphia Shipyard ASA announced that its board of directors has appointed Steinar Nerbovik as president and CEO of Aker Philadelphia Shipyard ASA effective today. Nerbovik has served as the company's managing director for the past seven months and was previously the company's senior vice
Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto investment vehicle said in a statement released late on Monday. Converto, the top owner of both Aker Philadelphia Shipyard and
First of four Crowley tankers celebrated in keel laying ceremony at Aker Shipyard The first of four Crowley Maritime Corp. product tankers was celebrated today in a keel laying ceremony held at Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S
The series highlighting the world's most expensive active vessels from online ship intelligence and information service VesselsValue.com focuses this week on the most expensive tanker vessel, which is not a VLCC but a Jones Act aframax. The first-in-class double hull tanker Liberty Bay is an
Aker Philadelphia Shipyard ASA (the "Company") (Oslo: AKPS) has on 21 July 2014 purchased 2,155 shares in the Company on Oslo Axess at an average price of NOK 160.64 per share with a total consideration of NOK 346,190. Following the transaction, AKPS holds a total of 2
]On July 16, 2014, the Board of Directors of Aker Philadelphia Shipyard ASA (Oslo: AKPS) resolved to pay a dividend to the shareholders of AKPS as of expiry of July 22, 2014, of NOK 1.5 per share, in aggregate NOK 18,862,149. The resolution was made pursuant to an authorization granted
The Board of Directors of Aker Philadelphia Shipyard ASA has resolved to initiate a buyback program for up to 10% of the Company's share capital. The decision reflects the Company's focus on maximizing shareholder returns over time, its strong financial position
Following the announcement of 10 June 2014 by Aker Philadelphia Shipyard ASA (AKPS) Philly Tankers had successfully secured equity commitments necessary to finance the purchase of two product tankers from AKPS with deliveries in 2016 and 2017.
Aker Philadelphia Shipyard and financial sponsors, including American Shipping Company and funds affiliated with Apollo Global Management, create pure play Jones Act shipping company, Philly Tankers. Aker Philadelphia Shipyard ASA (OSE: AKPS) is pleased to announce the planned establishment of
Aker Philadelphia Shipyard (AKPS) has reported its highest ever quarterly result, with an EBITDA of USD 24.2 million and net income of USD 17.8 million, an increase relative to Q1 2013 of 27% and 48%, respectively. The increase was driven by the gain recorded from the sale of AKPS’s
Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (AKPS) has released an update regarding an incident that occurred yesterday at its facility. According to Aker, numerous factually incorrect news reports have emerged
Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S. subsidiary of Aker Philadelphia Shipyard ASA (Oslo: AKPS), began production activities today on the first product tanker that it is building for its joint venture with Crowley. Crowley and APSI have signed contracts for the first four
Aker Philadelphia Shipyard, Inc. (APSI) has held a ceremonial keel laying for the second of two Aframax tankers that it is building for SeaRiver Maritime, Inc., a Exxon Mobil Corporation’s U.S. marine affiliate. When completed in 2014
Matson Navigation Company, Inc., a U.S. carrier in the Pacific Ocean, announced an order today for two MAN B&W, 7S90ME-GI dual fuel engines with liquefied natural gas (LNG) capability to be installed aboard two new “Aloha Class” 3
Matson Navigation Company has placed an order for two 3,600 TEU container ships, powered by two MAN B&W 7S90ME-GI dual-fuel engines. The deal includes an option for three further vessels. The engines are the largest dual-fuel engines ever ordered in terms of power output with each engine