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Aker Philadelphia sells Crowley tanker pair profit share for $33m

Aker Philadelphia sells Crowley tanker pair profit share for $33m
Aker Philadelphia Shipyard ASA (AKPS) is selling its profit sharing interests in two Crowley product tankers, net proceeds of $33m.

Built at AKPS’ US subsidiary yard Aker Philadelphia Shipyard Inc (APSI), the tankers  Pennsylvania and the Florida, delivered to Crowley in August 2012 and January 2013 respectively. The vessels, originally built APSI under its own account were sold to Crowley in August 2012 with the profit sharing interests forming part of the deal on top of a $90m purchase price per vessel. 

AKPS’ president and ceo Kristian Rokke explained: “This sale represents a small step in a larger strategy to maximize the value of our shipping assets over time. This particular step allows AKPS to realise significant profit on a transaction conducted nearly two years ago in tough market conditions.

"Our goal is to put money back in the hands of shareholders, and given our confidence in being able to finance the company's expected investment in Hulls 25-28, I expect AKPS to pay substantially all of the expected net proceeds from this sale as a dividend in May 2014."

AKPS and Crowley also have four 50,000 dwt joint venture vessels, designated as hulls 21-24, under construction at the APSI yard, after contracting the vessels in January for $500m. The first vessel is expected to be delivered in 2015.

APSI is also constructing two 115,000 dwt crude oil carriers for ExxonMobil subsidiary SeaRiver Maritime, as well as contracts for two 3,600 teu containerships with Matson Navigation Company. APSI is also in talks with “several interested parties” for hulls 25-28.

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