This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

General Dynamics NASSCO To Construct Two Product Tankers For Seabulk Tankers, Inc.





FORT LAUDERDALE, Fla. and SAN DIEGO, Sept. 11, 2013 /PRNewswire/ -- General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics (NYSE: GD), has entered into a contract with Seabulk Tankers, Inc., a wholly owned subsidiary of SEACOR Holdings Inc. (NYSE: CKH), for the design and construction of two 50,000 deadweight ton LNG-conversion-ready product carriers each with a 330,000 barrel cargo capacity. Construction of the first tanker is scheduled to begin in late 2014, with deliveries scheduled for the second quarter of 2016 and first quarter of 2017. The tankers will be constructed at the NASSCO shipyard in San Diego.

These new 610-foot-long tankers are a continuation of the ECO tanker design, which offers improved fuel efficiency and incorporates the latest environmental protection features, including a Ballast Water Treatment System. With this order from Seabulk, NASSCO is now under contract for the design and construction of six ECO MR tankers. In May, NASSCO was contracted by another customer to build four vessels of the same design.

The ships will be designed by DSEC, a subsidiary of Daewoo Shipbuilding & Marine Engineering (DSME) of Busan, South Korea. DSEC's ECO design achieves improved fuel efficiency through several features, including a G-series MAN ME slow-speed main engine and an optimized hull form. The tankers will have conversion capable dual-fuel-capable auxiliary engines and the ability to accommodate the future installation of an LNG fuel-gas system and Type C LNG tanks. These additional tankers represent the continuation of NASSCO's successful partnership with DSEC. This contract will be the fourth commercial collaboration between NASSCO and DSEC.

Fred Harris, president of General Dynamics NASSCO, said, "This contract is an indication that NASSCO remains fully committed to continuing to bring the most economical and environmentally sound technology to Jones Act owners and operators. We are very pleased to begin a new partnership with SEACOR and look forward to delivering two high-quality vessels that will serve SEACOR in the Jones Act tanker market for decades."

The construction and operation of the new vessels meet Jones Act requirements that ships carrying cargo between U.S. ports be built in U.S. shipyards.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs