Philadelphia reorganized

Plans are being finalized to sell Kvaerner Philadelphia Shipyard to a new group provisionally named American Shipping Corp. This announcement was made by a spokesman for Kvaerner ASA, the shipyard’s Norwegian parent company, who said “The new group will build and own product tankers, but the ships will be leased out to American ship owners and tanker operators on a bare-boat charter basis.”

Kvaerner is also studying the possibility of getting outside investors to take a stake in American Shipping. The South Philadelphia shipyard and the state of Pennsylvania announced they are planning a “major announcement” at the shipyard for April 14 although a no further details are available about what the announcement would entail.