Press releases - American Shipping Company

Press releases

05/122007

AKASA: Successful completion of Aker Philadelphia Shipyard private placement


Aker American Shipping ASA has sold all its 7.6 million shares in the shipbuilding company at a price of NOK 57.50 per share. The sale will give an accounting gain of about USD 7 million, equivalent to approximately NOK 38 million.

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05/122007

AKPS: Successful completion of Aker Philadelphia Shipyard private placement

Aker Philadelphia Shipyard ASA has successfully completed the previously announced private placement and has raised NOK 137.5 million in new equity. In addition to the issue of new shares, Aker American Shipping has sold all its 7,600,000 shares in Aker Philadelphia Shipyards.

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26/112007

Notice of Extraordinary General Meeting

The shareholders in Aker American Shipping ASA are invited to attend the Extraordinary General Meeting to be held on Monday 10 December 2007 at 14.00 hrs at Felix Conference Centre, Byggetorget 3, Aker Brygge, Oslo, Norway.

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26/112007

Aker American Shipping to be split

The Board of Directors of Aker American Shipping has decided to implement a split of the company’s business activities into a shipowning company and a shipyard. The split will establish a solid foundation for further development of two leading US maritime companies.

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26/112007

Go-ahead for Aker Philadelphia Shipyard share sale

The Board of Directors of Aker American Shipping has decided to implement a split of the company’s business activities into a shipowning company and a shipyard. Accordingly, a disbursement sale of shares in the new company Aker Philadelphia Shipyard ASA will be made via a bookbuilding process in the period 27 November through 4 December.

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16/112007

Aker Philadelphia Shipyard Delivers Third Product Tanker

Vessel is the third delivered this year and will operate in US Jones Act market

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06/112007

AKASA Strengthens Ship Management Capacity and Expertise

American Shipping Corporation (ASC) is pleased to welcome Mr. Robert Kurz as its new President. ASC was formed in the second quarter of 2005 to own and bareboat charter out Jones Act vessels.

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19/102007

Invitation to Conference Call: Aker American Shipping‘s Third Quarter Results 2007

Aker American Shipping releases its third quarter results for 2007 on Thursday 1 November 2007 at 09:00 CET.

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08/102007

Keel Laying Takes Place for Fifth Tanker in Aker Philadelphia Shipyard Build Program

Production milestone achieved with setting of complex section in Building Dock

PHILADELPHIA, PA (October 8, 2007) – Keel laying for the fifth tanker in Aker Philadelphia Shipyard‘s series of product tankers took place today in the yard’s Building Dock. The event was particularly noteworthy in that for the first time in the build program, the initial module set in the dock for this vessel (Hull 009) was a complex engine room section of the keel, featuring sweeping curves and intricate outfitting. Previous vessels saw a less complex cargo section of the keel set first in the dock, but targeted efforts to advance production methods have resulted in an improved building sequence first achieved on Hull 009.

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05/102007

Aker American Shipping Vessels to be First Jones Act Shuttle Tankers

Vessels will be first to enter new Shuttle Tanker market in the US Gulf of Mexico

PHILADELPHIA, PA (October 5, 2007) – Aker American Shipping ASA owned vessels will be the first to serve as U.S. flag shuttle tankers pursuant to the agreement announced today between Overseas Shipholding Group, Inc. (OSG) and Petrobras America, Inc. (Petrobras). The two 46,000 dwt Veteran Class tankers will be used to service a Floating Production Storage and Offloading facility (FPSO) at the Chinook and Cascade fields.

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03/102007

Aker American Shipping ASA and Overseas Shipholding Group, Inc. Announce Definitive Agreement for Two Additional Tankers

PHILADELPHIA, PA (October 3, 2007) – Aker American Shipping ASA and Overseas Shipholding Group, Inc. (OSG) announced today that they have signed an agreement pursuant to which Aker Philadelphia Shipyard, a subsidiary of Aker American Shipping, will construct two additional Veteran Class MT-46 Jones Act Product Tankers and transfer them to another subsidiary, American Shipping Corporation, which will bareboat charter the vessels to subsidiaries of OSG for initial terms of 10 years.

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