AMSC eyes more Aker Philly newbuilds

AMSC fleet includes ten Aker Philadelphia built products tankers on bareboat charter to OSG AMSC fleet includes ten Aker Philadelphia built products tankers on bareboat charter to OSG

MARCH 14, 2014 — Is American Shipping Company ASA set to buy new product carriers at Aker Philadelphia Shipyard?

Here's what it says in an Oslo Stock Exchange Announcement today:

Aker Philadelphia Shipyard ASA ("AKPS") has previously informed the market that the company expects to build Hulls 025-028 as product tankers with deliveries in 2016 and 2017, and that the company is working with several interested parties to enter into definitive shipbuilding contracts for the four product tankers 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 the company is looking for accretive growth opportunities.

As a consequence, AMSC has decided to enter into discussions with AKPS about a potential transaction involving Hulls 025-028 and possibly also other shipping assets. The discussions are at an early stage, and the form or content of any contract or cooperation has not yet been decided. The discussions are being conducted on an arms-length basis, and are currently non-exclusive and non- binding. AMSC will announce any transaction if and when agreed between the parties.