Aker American Shipping

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Aker American Shipping ASA
Type Public
Industry Shipping
Shipyard
Founded 1996
Headquarters Oslo, Norway
Area served United States
Key people Dave Meehan (CEO)
Revenue USD 254 million (2005)
Operating income USD 13 million (2005)
Net income USD 9 million (2005)
Employees 1,300 (November, 2007)[1]
Website www.akership.com

American Shipping Company ASA (OSE: AKASA), formerly known as Aker American Shipping ASA, is a Norwegian-American shipping and shipyard company and part of the Aker Group.[2][3] Aker ASA originally owned 53.2% of the company, and in 2008 reduced its ownership share to 19.9%.[4][5] The company is listed on the Oslo Stock Exchange and is headquartered in Oslo, Norway. It was reported in November 2007 that the company has approximately 1,300 employees.[1]

Aker American Shipping consists of the shipyard, Aker Philadelphia Shipyard, and the shipping company, American Shipping Corporation (ASC). Aker American Shipping builds merchant vessels for companies[5] operating under the Jones Act, and through its subsidiaries, owns and leases those ships as well.

The Jones Act requires all water transport between US ports to be operated by US flag ships and requires US flag ships to be built in US shipyards, owned by US citizens, and operated by an American crew.

History[edit]

Aker American Shipping shipyard

Aker Philadelphia Shipyard, originally Kværner Philadelphia Shipyard, began as a product of a partnership of public and private investments used to rebuild and convert 110 acres (0.45 km2) of the former Philadelphia Naval Shipyard, which was closed in 1995. After the acquisition of Kværner, Aker took ownership of the yard.

In 2006, Aker Philadelphia Shipyard delivered the final vessel in a four-ship series of containerships to Matson Navigation Company. With that, the yard transitioned to building a series of Veteran Class MT46 double-hulled product tankers for bareboat charter to Overseas Shipholding Group, a build program that extends into 2012.

Fleet[edit]

  • Overseas Houston
  • Overseas Long Beach
  • Overseas Los Angeles
  • Overseas New York
  • Overseas Texas City

References[edit]

  1. ^ a b "Aker American Shipping to build 13 tankers at Philly shipyard.(Business)". Norfolk, VA: The Virginian-Pilot. November 28, 2007. Retrieved March 27, 2012.  (subscription required)
  2. ^ "Aker American Shipping ASA to split its operations in the US". Nordic Business Report. November 26, 2007. Retrieved March 27, 2012.  (subscription required)
  3. ^ "UPDATE 1-Aker American Shipping places up to $1.3 bln order". Reuters. November 27, 2007. Retrieved March 27, 2012. 
  4. ^ "Aker cuts stake in Aker American Shipping". Reuters. June 6, 2008. Retrieved March 27, 2012. 
  5. ^ a b "American Shipping says lacks financing for 2 ships". Reuters. October 15, 2008. Retrieved March 27, 2012. 

Additional sources[edit]

External links[edit]