![Pelican State All Tuned Up at Grand Bahama Shipyard [IMAGES]](https://gcaptain.com/wp-content/uploads/2014/06/PS5-207x125.jpg)
After two weeks at the Grand Bahamas Shipyard, the Pelican State, a 2009-built US-flagged product tanker owned by APT - a Kinder Morgan company, had its main engine overhauled and a fresh coat of paint applied to her hull. Dale Harper, the ship's Chief Mate, took the following photos of the ship while in drydock. He notes that the 5-year ABS surveys were also completed and … [Read more...]
Private Equity Investing and the Jones Act
In a week expected to be dominated by otherwise routine festive celebrations, Kinder Morgan Energy Partners, L.P. (NYSE: KMP) announced that it has entered into a definitive agreement to acquire American Petroleum Tankers (APT) and State Class Tankers (SCT) from affiliates of The Blackstone Group and Cerberus Capital Management for $962 million in cash. APT owns five Jones Act … [Read more...]
Kinder Morgan to Acquire Jones Act Tanker Companies
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) has announced a signed agreement today to acquire Jones Act tanker companies American Petroleum Tankers (APT) and State Class Tankers (SCT) from affiliates ofThe Blackstone Group and Cerberus Capital Management. Kinder Morgan, KMP's general partner, is North America's largest midstream energy operator owning an interest in or … [Read more...]
American Petroleum Tankers Files For IPO
Oct 22 (Reuters) - American Petroleum Tankers Partners LP, controlled by Blackstone Group LP, filed with U.S. regulators to raise up to $172.5 million in an initial public offering of common units. The company, which operates tankers that transport crude oil and refined petroleum products between U.S. ports, said in a preliminary prospectus that BofA Merrill Lynch, Barclays, … [Read more...]
NASSCO Wins Order for LNG-Ready Jones Act Product Tankers
San Diego-based shipyard, General Dynamics NASSCO signed a contract today with an affiliate of American Petroleum Tankers (APT) for the design and construction of four 50,000 deadweight ton LNG-conversion-ready product carriers with a 330,000 barrel cargo capacity. The contract includes options to build four additional ships. Fred Harris, President of General Dynamics … [Read more...]
American Petroleum Tankers Places Newbuild Order with NASSCO
American Petroleum Tankers (APT) announced today that it has signed a commitment to build two new state-of-the-art product tankers at the National Steel and Shipbuilding Company (NASSCO) shipyard in San Diego. This order is contingent upon approval of a $340 million Title XI loan guarantee from the U.S. Department of Transportation's Maritime Administration (MarAd) that would … [Read more...]
American Petroleum Tankers Orders Two Tankers But…
A fuel-shipping firm backed by Blackstone Group LP (BX) has ordered two $130-million tankers from a San Diego shipyard, but there is a catch: the firm won't proceed unless the U.S. government approves its long-standing request for a $340 million loan guarantee so that it can refinance five ships it already bought from the shipyard. The conditional deal could intensify a … [Read more...]