Philly yard reshuffles programme

Norway-listed American Shipping Company (ASC) lacks financing for two out of 12 planned vessels, so it will change the sequence of construction at Aker Philadelphia Shipyard, the companies said.

ASC said in a statement on Wednesday it had not been able to arrange financing for two shuttle tankers in the programme, but it did not expect the change in sequence to affect delivery of the other vessels, which are product tankers. The company said the shipbuilding contracts and charters for the two shuttle tankers were flexible on the terms of delivery and “make this change in building sequence possible”.

The shuttle tankers are intended for bareboat charter to Overseas Shipholding Group, which will provide them to Brazil’s Petrobras for work in the Gulf of Mexico. “Without financing in place for the shuttle tankers, Aker Philadelphia Shipyard cannot draw on its committed construction financing facility to build these vessels and, therefore, the building sequence will be changed,” the shipyard said in a similar statement.