Crowley to manage five tankers
Crowley Maritime Corp. said the Blackstone Group has retained it to manage five U.S.-flag petroleum tankers for American Petroleum Tankers.
Two of tankers are in operation and three are due for delivery from shipbuilder NASSCO in San Diego through 2010. All were to be owned by a joint venture controlled primarily by affiliates of Blackstone Group and U.S. Shipping Partners. U.S. Shipping filed for bankruptcy protection under Chapter 11 earlier this year.
On July 17, the court approved a settlement agreement under which U.S. Shipping agreed to release its ownership interest and management role with American Petroleum Tankers, and Crowley was appointed construction manager for the three tankers still being built and vessel manager for all five vessels.