Aker Philadelphia to sell its interest in four tankers to Marathon subsidiary
Aker Philadelphia Shipyard announced Tuesday that it will sell its ship-owning investments in four product tankers to a subsidiary of Marathon Petroleum Corp., based in Findlay, Ohio.
Aker Philadelphia Shipyard announced Tuesday that it will sell its ship-owning investments in four product tankers to a subsidiary of Marathon Petroleum Corp., based in Findlay, Ohio.
The contract value of each vessel is $150 million, Aker said.
The ships, which are used to transport petroleum products and crude oil, will be delivered between now and third quarter 2016. Aker said it expects a pre-tax gain of about $10 million per ship.
Aker is building the vessels in a joint venture with Crowley Maritime Corp.
Kristian Rokke, the shipyard's chairman, said that the "transaction is an important part" of Aker's plans "to divest its shipping investments and realize the value created for shareholders."
In a separate transaction last month, Kinder Morgan Inc. said it would buy four product tankers in design and construction at Aker for $568 million.
Aker, which plans to change its name to Philly Shipyard later this year, has orders to build ships through December 2018 at the Navy Yard in compliance with the U.S. Jones Act, which requires all vessels shipping cargo between U.S. ports to be U.S.-built. The commercial yard in South Philadelphia employs about 1,100.
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