US Shipping Partners L.P. announced that its joint venture for the construction of five US Flag product/chemical tankers took delivery of the product tanker Golden State. The Golden State is the first of a class of five 49,000 DWT product carriers being built for the joint venture by General Dynamics' NASSCO division. At a length of 600 feet, the ship has a cargo capacity of approximately 331,000 barrels and will be used to carry petroleum and chemical products between US ports. The ship is named in honor of the State of California.
US Shipping Partners, which will manage the operation of the Golden State on behalf of the Joint Venture, said that the Golden State began operations on a long-term charter with BP recently. The joint venture is owned by US Shipping Partners and third parties led by affiliates of The Blackstone Group.
The Golden State was christened in a ceremony at the NASSCO shipyard by Mrs. Sarah Ridgway, wife of Mr. John Ridgway, CEO of BP Shipping, Ltd.
Mr. O'Kelley, President and CEO of US Shipping Partners, commended Mr. Fred Harris, President and CEO of NASSCO, for delivering this first-of-class product tanker six months ahead of its original schedule and below budget, while still meeting or exceeding all quality requirements. Mr. O'Kelley emphasized that, "US Shipping is committed to operating one of the most modern, efficient and reliable fleets in the Jones Act trade. The delivery of the Golden State is an important milestone in our program to upgrade our fleet. And, very importantly, it extends our long term partnership with BP."
The Partnership also announced that as part of its overall strategy to modernize its fleet and replace its older ships it had completed the sale of the ITB Groton at the end of 2008. The Partnership has now taken delivery of three new ATBs and one new product tanker and is scheduled to take delivery of another ATB and two additional product tankers this year.
