AMERICAN PHOENIX

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Two-Year-Old Jones Act Tanker Sells for $157 Million

Houston headquartered Genesis Energy, L.P. announced on Oct. 23 that it has agreed to acquire the Jones Act-qualifying MT American Phoenix and two related charters and management agreements from Mid Ocean Tanker Company (MOTC) for approximately $157 million. The modern, 330,000 barrel American Phoenix was delivered in October 2012 from BAE Systems in Mobile, Alabama to MOTC, a joint venture between privately-held Mid Ocean Marine and private equity firm Alterna Capital Partners. The vessel is operating under long term charters into 2020 with high quality counter parties, including a major integrated oil company, Genesis said. When it was launched in 2011, the MT American Phoenix was hailed as the biggest ship ever built and launched in the State of Alabama, measuring 616 feet long and 105 feet wide. It has a laden draft of 36 feet and a cargo capacity of 49,000 DWT.

Largest vessel ever built in Alabama commissioned

JULY 18, 2012—The U.S.-flag chemical tanker, 49,000 dwt American Phoenix was recently commissioned by Mid Ocean Tanker Company (MOTC), MarineLog reports. With the length of 616 feet long, beam of 105 feet and draft of 36 feet, the American Phoenix was completed by BAE Systems Southeast Shipyards in Mobile, AL. It is the largest vessel ever built and launched in the State of Alabama. The American Phoenix was originally started by now bankrupt AHL as part of a three-ship order. It was acquired at bankruptcy auction by MOTC for $12.65 million. BAE Systems was then contracted to complete construction of the American Phoenix and prepare it for use. Further reading at http://marinelog.com/index.php?option=com_content&view=article&id=2677:us-tanker-american-phoenix-commissioned-by-motc&catid=1:latest-news&Itemid=195