AHL tanker project assets go on auction block

An ambitious attempt to build Jones Act products tankers using a “virtual shipyard” approach is drawing to a sad conclusion. By order of the U.S. Bankruptcy Court, Eastern District of Louisiana, Myron Bowling Auctioneers will auction off on February 15, 16 and 17 what it calls  an “Accumulation of Components to Construct (2) 49,000-dwt Jones Act Tankers.”

The assets to be sold off are those of Keet Seel Tankships, Llc & First Mesa Tankships, the entities set up by AHL Shipping for the tanker building project. According to the auctioneer, there are “over $200,000,000 of available assets” including over 10,000 tons of unused steel (plate, bulb flats, structural, tube) and three MaK Marine Diesel Engines.

This being a “virtual shipyard” attempt, the assets are at multiple locations that were involved in the project. However, they will only be auctioned from two locations.

More details HERE

January 24, 2011