Kinder Morgan Inc. entered a definitive agreement to acquire four new 50,000-dwt product tankers qualifying for intracoastal US trade under the Jones Act.
The $568-million deal with Philly Tankers LLC requires approval of 80% of the seller’s ownership.
The tankers, which are convertible for LNG carriage, will be built at the Aker Philadelphia Shipyard. Each will be able to carry 337,000 bbl of product.
The ships will be delivered between November 2016 and 2017.
Kinder Morgan entered the Jones Act product tanker business when it bought five ships in January 2014 through the acquisition of American Petroleum Tankers and State Class Tankers for $960 million.
Before the latest deal it had seven product tankers in service and five under design or construction.