Philly Tankers selling 4 tanker contracts to Kinder Morgan

The 50,000-deadweight-ton product tankers will be delivered in 2016 and 2017.    Philly Tankers said Monday it has agreed to sell contracts for four 50,000-deadweight-ton product tankers to Kinder Morgan.
   The ships will be constructed by Aker Philadelphia Shipyard and are planned for delivery between November 2016 and November 2017.
   Each of the four contracts will be assigned by Philly Tankers to the Kinder Morgan entity immediately prior to delivery. The transaction is valued at $568 million. It is anticipated that Philly Tankers’ pre-tax gain on the assignment of all four contracts will be about $45 million.
   Proceeds from the transaction are expected to be distributed to Philly Tankers AS shareholders after delivery of all four vessels.