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APT to order ships if granted Title XI guarantee

Wednesday, October 24, 2012

American Petroleum Tankers (APT) said this week it will build two new tankers at the National Steel and Shipbuilding Co. (NASSCO) shipyard in San Diego, but said it's commitment to build the ships is contingent on approval of a $340 million Title XI loan guarantee from the U.S. Maritime Administration that would be used to refinance APT’s existing five tankers. APT, which is majority owned by funds managed by the investment company Blackstone, said these would be the firs...

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