Aker Philadelphia Shipyard began construction today on the ninth product tanker in a series of 12 to be built for American Shipping Co.

The vessel will be 600 feet long and capable of transporting the equivalent of 14 million gallons of liquid product. The average cost of the tankers is $83 million each.

Three other vessels are under construction at the yard, which began shipbuilding operations in 2000 on a portion of the former Philadelphia Naval Shipyard. That yard closed in 1996.

The Philadelphia yard is a part of the worldwide Aker companies, which are based in Norway.

The Philadelphia Industrial Development Corporation (PIDC), a private, not-for-profit corporation, was created in 1958 by the Greater Philadelphia Chamber of Commerce and the Commerce Department of the City of Philadelphia to promote economic development and job creation throughout the City.  PIDC provides financing programs and real estate products to business and developer client groups in all neighborhoods of Philadelphia.

For further information on PIDC's role in The Navy Yard, contact Peter S. Longstreth, President, Philadelphia Industrial Development Corporation, 2600 Centre Square West, 1500 Market St., Philadelphia, PA 19102-2126, phone (215) 496-8181.