Kinder Morgan Tankers
American Petroleum Tankers (APT) and State Class Tankers (SCT) are engaged in the marine transportation of crude oil, condensate and refined products in the United States domestic trade, commonly referred to as the Jones Act trade.
APT’s current fleet consists of five medium range Jones Act-qualified product tankers, each with 330,000 barrels of cargo capacity, and is one of the youngest in the industry. Each of APT’s vessels is operating pursuant to long-term time charters with high quality counterparties, including major integrated oil companies, major refiners and the Military Sealift Command. APT’s vessels are operated by Crowley Maritime Corporation, which was founded in 1892 and is a leading operator and technical manager in the U.S. maritime industry.
SCT has commissioned the construction of four medium range Jones Act-qualified product tankers, each with 330,000 barrels of cargo capacity. The vessels are scheduled to be delivered in 2015 and 2016 and are being constructed by General Dynamics’ NASSCO shipyard. Upon delivery, the SCT vessels will be operated pursuant to long-term time charters with a major integrated oil company. Kinder Morgan will invest approximately $214 million to complete the construction of the SCT vessels. In June 2014, Kinder Morgan announced the construction of the fifth tanker. Pricing for the additional tanker is consistent with the previously announced transaction.
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