Philadelphia shipyard to split into two companies

Philadelphia shipyard to split into two companies Aker American Shipping said it will split into two companies, one a shipowning company and the other a shipyard.
   The announcement is the latest corporate reorganization at a company that has built seven ships — four containerships and three tankers — since reviving a portion of the former Navy Yard in Philadelphia in 2000.
   “Both the shipyard and the shipowning company are already capable of standalone operations,” said Leif-Arne Lang'y, president and chief executive officer of the Norwegian industrial company Aker ASA, which owns 53 percent of Aker American Shipping. He is also chairman of both companies. “Making them into two niche-focused, independent stock-exchange listed companies also highlights shareholder value. The split is an aggressive measure to further advance businesses in the U.S. market.”
   Aker American Shipping and its subsidiary American Shipping Corp. will be the vessel owning company.
   A new company, Aker Philadelphia Shipyard ASA, will take over the shipyard activities.
   Existing and new shareholders will be offered the opportunity to buy Aker Philadelphia Shipyard shares through a secondary sale and Aker American Shipping will receive the proceeds from the secondary sale.
   The yard will also raise $25 million from a private placement.
   Aker built four containerships for Matson Line, and has followed that with a series of product tankers. It plans to build at least a dozen of those tankers. It is retaining ownership of those ships and bareboat chartering them to Overseas Shipholding Group.