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Philly Tankers Agrees to Sell Four Product Tanker Contracts to Kinder Morgan (10.08.15)

Philly Tankers Agrees to Sell Four Product Tanker Contracts to Kinder Morgan (10.08.15)

Philly Tankers AS announced today that its wholly-owned U.S. subsidiary, Philly Tankers LLC, has signed definitive documentation with a subsidiary of Kinder Morgan, Inc. for the assignment of its existing contracts for the construction of four 50,000 dwt product tankers. The vessels will be constructed by Aker Philadelphia Shipyard, Inc. and are planned to be delivered between November 2016 and November 2017.

Each of the four contracts will be assigned by Philly Tankers LLC to the Kinder Morgan entity immediately prior to delivery of the relevant vessel. The transaction is valued at a total of $568 million. It is...


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