Aker Philadelphia Shipyard (AKPS) has announced that Philly Tankers has sold all four of its 50,000 dwt Jones Act product tankers, currently being built at AKPS, to a subsidiary of energy company Kinder Morgan for $568m.
Each of the four contracts will be assigned to Kinder Morgan immediately prior to delivery of each vessel, scheduled between November 2016 and November 2017.
Last month AKPS announced that it plans to change its name to Philly Shipyard along with plans to exit its shipowning investments via its interest in the AKPS-Crowley joint venture and investment in Philly Tankers.
Kristian Rokke, Aker Philadelphia Shipyard’s chairman, commented: “We are pleased to announce today’s transaction with Kinder Morgan as a successful outcome for Philly Tankers’ shareholders. Philly Tankers has made noteworthy achievements since its inception, including securing long-term employment for two of its vessels, the opportunistic exercise of its options and now the assignment of all four of its new building contracts to Kinder Morgan, which provides an attractive return to Philly Tankers’ shareholders.”
Philly Tankers expects to achieve a pre-tax gain of approximately $45m on the transaction.