Search Results for: Crowley Maritime

Ardent celebrates its first birthday

JUNE 3, 2016 — Houston headquartered Ardent, the company created by the merger of Crowley Maritime’s Titan Salvage and the Maersk Group’s Svitzer Salvage, has just celebrated its first birthday. “One year

Jensen to design two 120 ft tugboats ordered by Kirby

The two, 120-foot long, 35-foot wide tugboats, which will be used for tow operations, will be powered by two Caterpillar 3516C, 2447 BHP at 1600 rpm main engines with Reintjes reduction gears turning two NautiCAN fixed-pitch propellers with fixed nozzles.

The vessels will also have two C7.1 Caterpillar generators for electrical service, one TESD-34 Markey tow winch, one CEW-60 Markey electric capstan and one Smith Berger Town Pin.

“Jensen is proud to have been chosen as the design firm on this project and looks forward to seeing the vessels through from concept to completion,” said Johan Sperling, vice president, Jensen Maritime. “We will embed a full-time Jensen designer in the shipyard for the duration of this project to help with system design and to ensure that the tugboats are built to exacting specifications.”

Keels will be laid for both vessels this fall with complete vessel delivery scheduled for May and November 2017. Both vessels will be fully classed by ABS and compliant with U.S. Coast Guard, as required, at delivery.

Marathon buys Aker Philly interest in four newbuilds

 

This follows last month’s news that Kinder Morgan, Inc. (NYSE: KMI) had agreed the four Jones Act tankers building for the shipyard’s wholly-owned U.S. subsidiary, Philly Tankers LLC.

Marathon’s buy-out of APSI’s interest in the Crowley joint venture with respect to each vessel will occur on its delivery from the shipyard. Deliveries of all four vessels are expected to occur from Q3 2015 to Q3 2016. APSI expects to recognize a pre-tax gain of approximately $10 million per vessel from the transaction.

APSI will make an investment in the vessels during their construction, but will no longer maintain the previously planned long-term investment in the vessels post-delivery, which was expected to be approximately $110 million in the aggregate.

“This transaction is an important part of AKPS’s plan to divest its shipping investments and realize the value created for shareholders,” said Kristian Rokke, Chairman of AKPS. “We are proud of what we have accomplished together with Crowley under the joint-venture and look forward to serving both Crowley and Marathon Petroleum as shipbuilders into the future.”

All four of the vessels subject to the transaction are under construction. APSI has also begun construction of the first two of four additional 50,000 dwt tankers for a subsidiary of Kinder Morgan, Inc., which are planned to be delivered between November 2016 and November 2017.

The shipyard also has contracts for two 3,600 TEU containerships for Matson Navigation Company, Inc., which are planned to be delivered in 2018.

On July 16, 2015, the company announced that it intends to change its name to Philly Shipyard by the end of the year, pending shareholder approval.