August 27, 2007
NASSCO starts construction of first in product tanker series
General Dynamics NASSCO, a wholly-owned subsidiary of General Dynamics (NYSE:GD), today began construction of its first product carrier for U.S. Shipping Partners (NYSE:USS). NASSCO is building the ship from designs provided through its collaboration with DSEC of Korea, a subsidiary of Daewoo Shipbuilding and Marine Engineering.
The San Diego shipyard is scheduled to lay the ship's keel in December and deliver the ship in early 2009.
"Start of construction of a lead ship is the most significant activity for a shipyard," said Frederick J. Harris, president of General Dynamics NASSCO. "As the leading builder of ocean-going Jones Act ships in the nation today, we are ready to build this ship. We have taken a proven ship design and adapted it for efficient construction in this shipyard."
In August 2006, NASSCO received a $1 billion contract from U.S. Shipping Partners to build nine ships. The 49,000 dwt double-hulled ships will be 183 meters (600.4 feet) in length, and will have a cargo capacity of about 331,000 barrels.
They are designed to carry petroleum and chemical products in the Jones Act trade.
U.S. Shipping Partners has decided to name the first ship, Golden State, in honor of California where the ship is being built and is expected to operate. The other ships of the class will bear the nicknames of American seaboard states.