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

Stocks in this article: CKH GD





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.

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