Aker reducing stake in Philadelphia shipowner

Norwegian industrial company Aker ASA said it would reduce its interest in a U.S.-based tanker owner.

Aker said it would cut its interest in Aker American Shipping ASA from 53.2 percent to 19.9 percent, and that its involvement is changing, from being an active industrial owner to becoming a financial investor in the shipowning company.

The company said the shift is an implementation of the plan announced in November 2007 when Aker American also split into a separate company from the Aker Philadelphia Shipyard.

Aker American buys ships built by Aker Philadelphia Shipyard, and it has been chartering them to OSG America, a U.S. flag affiliate of Overseas Shipholding Group.

Aker American has a fleet of four tankers and orders for eight more from the Aker Philadelphia shipyard. It also has options for another 13 ships. 

Source: American Shipper