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General Dynamics NASSCO to build additional petroleum tankers

General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (NYSE: GD), has entered into a contract with an affiliate of American Petroleum Tankers (APT), a wholly owned subsidiary of Kinder Morgan Energy Partners LP (NYSE: KMP), for the design and construction of an additional 50,000 deadweight ton LNG-conversion-ready product carrier with a 330,000 barrel cargo capacity.

Construction is scheduled to begin the fourth quarter of 2015, with delivery scheduled for the second quarter of 2017.

The new 610-foot-long tanker, supported by a long-term charter, will be constructed at the NASSCO shipyard in San Diego, meeting the Jones Act requirement that ships carrying cargo between U.S. ports be built in U.S. shipyards.

This new tanker is a continuation of the ECO MR tanker design, which is to deliver improved fuel efficiency and incorporates the latest environmental protection features, including a ballast water treatment system.

Including this order, NASSCO is now under contract for the design and construction of eight tankers: five for American Petroleum Tankers and three for Seabulk Tankers Inc. All eight ships are being designed by DSEC, a subsidiary of Daewoo Shipbuilding & Marine Engineering (DSME) of Busan, South Korea.

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