San Diego Business Journal

Nassco Receives Contract to Build 2 Tankers

Thursday, September 12, 2013

General Dynamics Nassco, the shipbuilder based in Barrio Logan, received a contract to build two tankers for Seabulk Tankers Inc, Nassco said.

Financial terms of the deal were not disclosed.

The General Dynamics (NYSE: GD) subsidiary said the 610-foot-long tankers will be able to carry 330,000 barrels of cargo. They will be diesel-powered but ready for conversion to liquefied natural gas propulsion.

Nassco plans to start on the first ship in late 2014, and deliver the ships in the second quarter of 2016 and the first quarter of 2017.

DSEC, a subsidiary of Daewoo Shipbuilding & Marine Engineering of Busan, South Korea, will design the ships.

Since Seabulk plans to operate the tankers between American ports, they must by law be built in a U.S. shipyard.

The buyer is a subsidiary of Seacor Holdings Inc.

Nassco now has orders for six commercial tankers.

— SDBJ Staff Report