By Mark Edward Nero
Aker Philadelphia Shipyard said Sept. 23 that it has entered into agreements with a subsidiary of Marathon Petroleum Corp. for the buyout of Aker’s interest in a joint venture with Crowley Maritime Corp. related to the operation and chartering of four 50,000-dwt product tankers.
The transaction, Aker says, is based on an enterprise value of $150 million per vessel, or $600 million total. All four vessels subject to the transaction are now under construction.
The deliveries of all four vessels are expected to occur between the third quarter of 2015 and the third quarter of 2016.
Aker says they will make an investment in the vessels during their construction, but will no longer maintain the previously planned long-term investment in the vessels post-delivery, which was expected to be about $110 million in the aggregate.
“This transaction is an important part of (Aker’s) plan to divest its shipping investments and realize the value created for shareholders,” company Chairman Kristian Rokke said in a statement. “We are proud of what we have accomplished together with Crowley under the joint venture and look forward to serving both Crowley and Marathon Petroleum as shipbuilders into the future.”
In addition to the four tankers subject to the transaction, Aker has also begun construction of the first two of four additional 50,000-dwt tankers for a subsidiary of Kinder Morgan Inc., which are planned for delivery between November 2016 and November 2017. The shipyard also has contracts for two 3,600-TEU containerships for Matson Navigation Co. which are scheduled for delivery in 2018.
