Friday, October 26, 2012

[Ship Building] NASSCO wins PC duo?

NASSCO wins PC duo?

American Petroleum Tankers, the Jones Act shipping company under an umbrella of Blackstone Group, has announced a provisional newbuilding order for two products tankers at National Steel & Shipbuilding Company (NASSCO) in San Diego, the United States.

The shipyard division of General Dynamics could seal the order when the shipowner finalizes ongoing legal procedures on loan guarantee.

American Petroleum Tankers is now having a legal fight with the US Maritime Administration and APT has made the newbuilding order conditional upon MarAd approving its pending $340m application for a loan guarantee.

MarAd’s rejection of the application caused APT to sue MarAd and the US government three months ago, alleging that it stemmed from a bias against private equity.



Published : October 24, 2012


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