The Aker Philadelphia shipyard, awarded at least half a
billion dollars in taxpayer subsidies under Pa. Govs. Ridge and Rendell in
hopes of creating-preserving a few hundred trade union jobs at the former Navy
Yard, is now looking to borrow $100 million through "international capital
markets", according to a stock exchange filing in Norway, the parent
company's home. More from Bloomberg and Tradewinds (subscription).
This is a good sign for Aker, writes Tradewinds' Aaron
Kelley: "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 (which steam between U.S. ports), serve as a testament to the
underlying strength of the group and its core markets."
He notes Aker has also "unveiled plans to invest in
Philly Tankers, a start-up that recently firmed up an order for a pair of
product tankers at its parent’s Philadelphia, Pennsylvania-based shipbuilding
facility." The company last week offered to buy back up to 5% of its
shares at a price Arctic Securities broker Erik Nikolai Stavseth told
Tradewinds was "a steep discount" to Aker Philly's higher real value,
another bullish marker.
Aker jobs now in progress include a 115,000-ton SeaRiver Maritime tanker, four
50,000-ton Crowley Marine tankers and two Matson container ships, Tradewinds
noted.
Source: Philly.com
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