Aker Philadelphia Shipyard Launches Tenth Product Tanker

Last Saturday, Aker Philadelphia Shipyard (Oslo: AKPS), a leading U.S. commercial shipyard, launched Ship 014, the tenth product tanker in a series of 12 to be completed in 2011. The 46,000 dwt vessel was floated off of its blocks and was transferred by tug from the Building Dock to the Outfitting Dock, where it will remain for the next few weeks as it undergoes continuous testing and commissioning in preparation for its upcoming sea trials.

When completed, the 600 foot long vessel, to be named the Overseas Anacortes, will be sold to American Shipping Company and bareboat chartered to OSG America for use transporting petroleum products.

The vessel is scheduled to be completed in the third quarter of 2010 and will join its nine sister ships in transporting petroleum products for the Jones Act. For more information on Aker Philadelphia Shipyard, a photo from the launch, or information on the other vessels under construction please visit www.akerphiladelphia.com.

Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Aker Philadelphia Shipyard is a member of the Norwegian-based Aker family of global companies, leaders in global growth markets including energy technologies, energy resources, maritime technologies, seafood and marine biotechnology.

American Shipping Company (AMSC) owns and leases world-class quality vessels for operation between ports in the United States. When the current series of ten tankers is completed in 2011, AMSC will own the most modern product tanker fleet in the United States.

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