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Agreement signed for up to 13 tankers (11/28)

Aker American Shipping has issued the following news release: Aker American Shipping ASA Agreement Signed for 13 Product Tankers The ship owning company Aker American Shipping ASA has entered into an option agreement with Aker Philadelphia Shipyard ASA to build up to 13 product tankers at a total contract value of USD 1.3 billion. With this agreement, Aker American Shipping aims to expand its fleet, from 12 to 25 state-of-the-art vessels. “We have a unique position in the US market, and our goals are ambitious,” says Aker American Shipping President and CEO Robert Kurz. Aker American Shipping’s fleet comprises ten product tankers and two shuttle tankers, all of which are chartered to Overseas Shipholding Group (OSG) under bareboat charter agreements. OSG has already time-chartered 11 of these vessels to oil companies and refineries in the US. The agreement with Aker Philadelphia Shipyard allows for a fleet expansion by an additional 13 vessels, for delivery between July 2011 and July 2015. The vessels are of the robust, double-hull Veteran MT-46 Jones Act product tanker design; they can be easily modified to allow for deployment as shuttle tankers or chemical carriers. Each vessel has an agreed-to price of USD 100 million; however, under the agreement, the final contract value will be adjusted to reflect inflation and cover escalation for materials, equipment and services cost increases from 2011. ###