Aker seeks $100M in foreign financing

Posted: August 16, 2014

The Aker Philadelphia shipyard, awarded approximately a half-billion dollars in taxpayer subsidies when Tom Ridge and Ed Rendell were Pennsylvania's governors, is now looking to borrow $100 million through "international capital markets," according to a stock exchange filing in Norway, the parent company's home.

The financial resourcing from the state was meant to create or preserve hundreds of trade union jobs at the former Navy Yard.

This is a good sign for Aker, writes Aaron Kelley, a shipping analyst: "The search for new sources of financing and other initiatives involving the yard, which is one of two that are active in the construction of Jones Act tankers, serves as a testament to the underlying strength of the group and its core markets."

The Jones Act is a federal law that is meant to sustain the U.S. merchant marine fleet and regulate shipping among U.S. ports.

Kelley reported that Aker has made plans to invest in Philly Tankers, a startup company that recently made an order for a pair of product tankers to be constructed at its Philadelphia shipbuilding facility.

Aker jobs now in progress include a 115,000-ton SeaRiver Maritime tanker, four 50,000-ton Crowley Maritime tankers and two Matson container ships, according to Kelley.


jdistefano@phillynews.com

215-313-3124

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