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Aker Philadelphia sells four product tanker newbuild contracts for $568m

Aker Philadelphia sells four product tanker newbuild contracts for $568m
Aker Philadelphia Shipyard has taken a step towards its goal of exiting shipowning as its subsidiary Philly Tankers has agreed to sell four product tanker newbuilding contracts.

The yard's wholly owned shipowning subsidiary will make a pre-tax gain of around $45m on the sale.

The contracts for the four 50,000 dwt product tankers, which are due for delivery between November 2016 and November 2017, have been bought by North American energy infrastructure company Kinder Morgan for $568m.

"We are pleased to announce today's transaction with Kinder Morgan as a successful outcome for Philly Tankers' shareholders. Philly Tankers has made noteworthy achievements since its inception, including securing long-term employment for two of its vessels, the opportunistic exercise of its options and now the assignment of all four of its new building contracts to Kinder Morgan, which provides an attractive return to Philly Tankers' shareholders." said Kristian Rokke, chairman of Aker Philadelphia Shipyard and board member of Philly Tankers.

An extraordinary general meeting (EGM) of Philly Tankers' shareholders will need to approve the transaction when it is convened later this year. The process is a formality as 85% of shareholders have entered irrevocable voting agreements approving the deal, over the 80% threshold needed to green light the sale.