Kinder Morgan has announced its plans to expand its product tanker fleet to 16 ships by November 2017 and has signed an agreement with Philly Tankers LLC regarding the construction of four 50 000 DWT, LNG-conversion ready, Tier II tankers. The tankers will be constructed at the Aker Philadelphia Shipyard, Pennsylvania. Each will have a capacity of 337 000 bbl and will incorporate a ballast water treatment system.
Two of the tankers are under long-term contract to a creditworthy oil company whilst conversation takes place regarding the second two vessels.
Kinder Morgan Terminals President, John Schlosser, said that: “This latest transaction clearly underscores Kinder Morgan’s commitment to marine transportation of crude oil, condensate and refined products in the US domestic trade”.
The transaction requires approval from the shareholders of Philly Tankers AS, the parent company of Philly Tankers LLC. A general meeting of the shareholders is to be scheduled in August 2015 for formal approval.
Edited from press release by Callum O'Reilly
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