Marine Log - June 2008 - (Page 45)

Executives involved in the AHL Shipping product tanker construction project gathered at Atlantic Marine Mobile’s shipyard for a ceremonial keel laying low-draft design will enable these vessels to supply ports with limited water depths, such as those in Florida, while maximizing the carrying capacity of the vessels. The three 49,000-dwt tankers are expected to go on long-term time charter to STUSCO in 2009/2010. FIRST U.S. FLAG SHUTTLE TANKER Meanwhile, a ceremonial steel cutting took place late last month at Aker Philadelphia Shipyard for the production of what will be potentially be the first U.S.-flag shuttle tanker for the U.S. Gulf of Mexico. The ceremony marked the construction of the eighth 46,000 dwt tanker in a series of twelve for Aker American Shipping. After delivery from Aker Philadelphia Shipyard, the tanker and will be converted to a shuttle tanker will be sold to Aker American Shipping, then leased to OSG for use in the deepwater U.S. Gulf of Mexico. Shuttle tankers will be needed to serve the first Floating Production, Storage and Offloading (FPSO) vessel being developed for the Cascade and Chinook fields some 180 miles off of the Louisiana coast. The FPSO will have a capacity of about 600,000 bbl of oil and a production rate of 80,000 bbl per day. It will also have gas export facilities of 16 million standard cubic feet per day (MMSCFD). When it goes online sometime in early 2010, it will represent the deepest deployment to date of an FPSO—2,600m. US SHIPPING TANKERS STILL ON TRACK Despite a reported first quarter loss, U.S. Shipping Partners’ tanker project remains on track, according to the Edison, N.J.-based company. USS Products Investor LLC, a joint venture formed and financed by affiliates of The Blackstone Group, other investors and U.S. Shipping Partners L.P. to finance the construction of five 49,000 dwt product tankers by NASSCO, confirmed last month that the $500 million of financing committed by the parties remains in place. Charters have been obtained for four of five vessels. NASSCO is currently scheduled to deliver the first tanker in the second quarter of 2009, the second tanker later in 2009, two tankers in 2010 and one tanker in 2011. The joint venture also holds options for up to four more tankers. ML www.marinelog.com JUNE 2008 YEARBOOK MARINE LOG 45 http://www.mptusa.com http://www.mptusa.com http://www.marinelog.com

Table of Contents Feed for the Digital Edition of Marine Log - June 2008

Marine Log - June 2008 Contents Editorial Second Thoughts Update Inside Washington Innovation Needed to Meet Crew Shortage Optimism Abounds Despite Slowing Economy Can Shipping's Shopaholics Keep Up the Buying Binge? Can Congress Keep Navy Shipbuilding Off the Rocks? Fitting the Ultra-deepwater Pieces Together Generation Next Higher Demand, Higher Prices Demand Up For Large Combination Vessels The Dirty Truth About Emissions SSAS: Realizing Its Potential Fuel Saving Technology Newsmakers Tech News Contracts Events Buyer's Guide Website Directory ML Marketplace Tech Talk

Marine Log - June 2008

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