US Merchant Marine: Eight New Tankers:

By MarEx

August 10, 2013

Construction contracts have been signed with APSI for the first four 330,000-barrel tankers with deliveries in 2015 and 2016.  Additional agreements between the two parties include options for building up to four more tankers and for expanding the cooperation initiated with Aker's sale and delivery of two product tankers, the Florida and Pennsylvania, to Crowley in 2012 and 2013. If all options are exercised, Crowley's industry-leading Jones Act petroleum fleet will grow to ten 330,000-barrel tankers and 17 articulated tug barges (ATBs), ranging in capacity from 155,000 to 330,000 barrels.  

"Through this expansion and cooperative agreement with Aker we will be providing our customers with more options for transporting their product with greater safety and efficiency than they can get from any other U.S. service provider," said Tom Crowley, company chairman and CEO. "We expect these new ships to be well received by longstanding customers as well as new customers, who should clearly be able to see the advantages of utilizing Crowley's multi-dimensional fleet and operational expertise."   

The new 50,000 DWT product tankers are based on a proven Hyundai Mipo Dockyards (HMD) design which incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements. The vessels will be constructed with consideration for the use of LNG for propulsion in the future. HMD and APSI collaborated on the successful construction of 14 product tankers at APSI between 2007 and 2013. Design and procurement activities are already underway to support the start of construction of Crowley's first newly-contracted tanker in January 2014.

APSI expects to invest in the partnership for the first four vessels, consistent with the requirements of the Jones Act. Crowley will maintain control over the ownership, technical operation and commercial management of the vessels. APSI and Crowley will share in the economics of the operation and chartering of the new vessels.

"The shale revolution is creating industrial opportunities throughout the United States and specifically here in Philadelphia. We are pleased to expand our partnership with a first-class operator like Crowley to help meet the nation's longstanding goal of energy security," Kristian Rokke, President and CEO of Aker, said. "This strategic opportunity allows us to capitalize on the increased demand for Jones Act tankers in a way that will transform APSI in the years ahead. Diversifying our assets enhances Aker Philadelphia Shipyard's resilience and creates long-term value for both our customers and shareholders."

"We are very pleased to be partnering again with Aker in the construction of these new tankers," said Rob Grune, Crowley senior vice president and general manager, petroleum services. "They are a well established and highly respected shipbuilder.  We appreciate working with Aker to supply our customers and the nation with the necessary tonnage to bring U.S. petroleum to market."

On the other hand, it's prudent to consider the potential salary and career prospects before settling on your degree plan. After all, you want to make an educational investment in something that will pay the bills, give you a relatively good chance of finding a job and make you happy.

With that in mind, take a look at the list of the most profitable bachelor's degrees in Texas.

No. 1 probably won't come as a surprise. It's petroleum engineering, and the 315 college graduates in 2011 earned an average annual starting salary of $84,298, according to the list from the Texas Higher Education Coordinating Board.

No. 2 is marine transportation. The 36 graduates in 2011 launched their careers with an average annual salary of $70,454. Even No. 20 on the list - civil engineering - paid its 734 graduates an average of $47,256.

While the top 20 degrees pay great starting salaries, most Texans aren't studying those disciplines. In fact, only two of the top-paying bachelor's degrees - mechanical engineering and registered nursing - are among the most popular.

A glance at the 20 most popular majors shows an unsettling trend - average annual salaries are falling in half of them.

The top choice among students, a bachelor's degree in interdisciplinary studies, fits that pattern. There were 8,810 graduates in 2011, and their average annual salary was $30,111.

Business administration graduates did better, earning an average wage of $41,217.

Psychology majors didn't fare nearly as well. The degree is No. 3 in popularity, but salaries are among the lowest at $21,800.

It's the fastest-growing degree in Texas, said Mick Normington, business and industry specialist with the Texas Workforce Commission.

"We don't know why," he said, speculating the recent boost in popularity could partly be attributed to the influence of television stars such as Oprah Winfrey and "Dr. Phil," Phil McGraw.

But there aren't a lot of job openings. Normington challenged the hundreds of human-resource managers in the ballroom to guess how many employers in Texas posted job openings that required an undergraduate degree in psychology.

"Four," he said.

Normington made his presentation about the changing Texas labor market at a recent conference sponsored by the U.S. Equal Employment Opportunity Commission.

The mismatch of the two charts, profitability verses popularity, illustrates how employers are rewarding new college graduates for the skills they need in this economy that overwhelmingly values engineering and health care.

"What you study now matters more than ever," Normington said.

Of course, people go to college for a lot of different reasons, whether they're studying something they love or they're looking for financial rewards. The data on recent college graduates also don't reflect how well many liberal arts graduates do by midcareer.

But making a misguided career choice, whether pushed into it by well-meaning parents or drawn into it for the wrong reasons (read: money), can be difficult to undo later in life.

People get to their 30s, 40s or 50s, and they realize they made a bad decision, said Al Kahn, director of career and counseling services at the University of Houston-Clear Lake.

"It's emotionally difficult," Kahn said. "They feel stuck."

It's especially hard to make a midlife career change because adults have reached a level of income, expenses and family responsibility that makes it almost impossible to cut back and start over, he said.