General Dynamics Nassco has announced fresh shipbuilding work from the commercial sector. The Barrio Logan shipyard has a new contract to build a pair of container ships that will run on a unique fuel.
The buyer, TOTE Shipholdings Inc., has an option to buy three additional container ships for a total of five.
Financial terms of the deal were not disclosed.
The 764-foot-long ships will run on liquefied natural gas. “This project breaks new ground in green ship technology,” said Fred Harris, president of General Dynamics Nassco, in a statement distributed by Nassco.
TOTE plans to put the ships into service between Jacksonville, Fla., and San Juan, Puerto Rico.
TOTE Shipholdings is a subsidiary of Princeton, N.J.-based TOTE Inc.
Shares of General Dynamics closed at $66.44 on Dec. 4, rising 1 percent from the previous day’s close. Their 52-week range has been $61.09 to $74.54. The stock trades on the New York Stock Exchange under the symbol GD.
— SDBJ Staff Report