American Shipping Company
American Shipping Company is a Norwegian-American maritime group associated with U.S.-flag shipping, vessel ownership and leasing, and the Aker Philadelphia Shipyard.
Last updated August 26, 2026
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Overview
American Shipping Company ASA is a Norwegian-American maritime company associated with the Aker Group and focused on the U.S. domestic shipping market. The company’s activities have combined shipbuilding, ship ownership and vessel leasing, particularly for vessels operating under the requirements of the U.S. Jones Act. Its corporate base is in Oslo, while its maritime assets and shipbuilding activities have been linked to the United States. The company developed in the context of Aker’s investment in the former Philadelphia Naval Shipyard site. The shipyard, originally known as Kværner Philadelphia Shipyard, was created through public and private investment to redevelop approximately 110 acres of the former naval facility after its closure in 1995. Following Aker’s acquisition of Kværner, the yard became part of Aker’s maritime industrial portfolio and was subsequently associated with Aker American Shipping. American Shipping Company’s business model has not been limited to operating ships directly. It has also involved building merchant vessels for companies serving U.S. domestic routes and owning or leasing those vessels through subsidiaries. This structure reflects the Jones Act, which requires waterborne transportation between U.S. ports to use vessels that are U.S.-flagged, built in U.S. shipyards, owned in accordance with applicable U.S. citizenship requirements, and operated by American crews. These restrictions create a specialized market for compliant vessels and long-term charter arrangements. In 2006, Aker Philadelphia Shipyard completed the final vessel in a four-ship containership series constructed for Matson Navigation Company. The yard then shifted toward construction of Veteran Class MT46 double-hulled product tankers intended for bareboat charter to Overseas Shipholding Group. Vessels associated with the company’s fleet or leasing activities have included Overseas Houston, Overseas Long Beach, Overseas Los Angeles, Overseas New York, and Overseas Texas City. Aker ASA initially held a majority stake of 53.2 percent, according to the cited reference material, and reduced its holding to 19.9 percent in 2008. The company was reported as listed on the Oslo Stock Exchange under the ticker AMSC. Publicly available reference material provides only limited information about later ownership, listing status, management, fleet changes, and operating performance. Accordingly, this dossier describes the documented historical business structure without asserting an unverified current corporate position.
History
American Shipping Company was established in Norway in 2005 as part of Aker’s shipping and maritime investment activities. Its business was organized around the U.S. maritime market, combining shipbuilding-related operations with ownership and leasing of vessels intended for American domestic trade. A central part of the group was the Philadelphia shipyard. The facility originated as a redevelopment of the former Philadelphia Naval Shipyard, which had closed in 1995. Public and private investment was used to rebuild and convert the site, covering approximately 110 acres. It was initially known as Kværner Philadelphia Shipyard. After Aker acquired Kværner, the shipyard became part of Aker’s maritime portfolio and was linked to the American Shipping Company structure. The company’s market focus was shaped by the Jones Act. This U.S. law requires transportation between U.S. ports to be performed by vessels meeting specific requirements concerning flag, construction, ownership and crew. In practice, the rules support demand for vessels built in U.S. yards and operated under the U.S. flag. American Shipping Company addressed this market by arranging construction of merchant vessels and by owning or leasing compliant ships through subsidiaries. In 2006, Aker Philadelphia Shipyard delivered the last vessel in a four-ship containership series for Matson Navigation Company. After completing that program, the yard moved toward the construction of Veteran Class MT46 double-hulled product tankers. These tankers were intended for bareboat charter to Overseas Shipholding Group, extending a build program that the reference material says continued into 2012. The company was associated with a fleet that included the product tankers Overseas Houston, Overseas Long Beach, Overseas Los Angeles, Overseas New York and Overseas Texas City. The available reference does not provide a complete fleet register or a reliable chronology of later acquisitions, disposals or charter changes. American Shipping Company became listed on the Oslo Stock Exchange under the ticker AMSC. Aker ASA originally owned 53.2 percent of the company and reduced its holding to 19.9 percent in 2008. The company was reported in 2007 as having approximately 1,300 employees, although that figure represents a historical report and should not be treated as its current workforce. The documented history establishes American Shipping Company as a cross-border maritime enterprise: Norwegian in corporate base and ownership context, but strongly oriented toward U.S. shipbuilding and domestic shipping requirements. The available sources do not sufficiently establish the company’s current operating status, present ownership, executive team, financial condition or continuing exchange listing. Those areas therefore remain unfilled rather than inferred.
- 2012
Product tanker build program extends through 2012
[1]The referenced tanker construction program for bareboat charter to Overseas Shipholding Group was described as extending into 2012.
- 2008
Aker reduces its shareholding
[1]Aker ASA reduced its ownership stake from 53.2 percent to 19.9 percent.
- 2007
Historical workforce reported
[1]The company was reported as having approximately 1,300 employees. This is a historical figure and does not establish the current workforce.
- 2006
Final Matson containership is delivered
[1]Aker Philadelphia Shipyard delivered the fourth and final vessel in a four-ship containership series built for Matson Navigation Company.
- 2006
Product tanker program begins
[1]Following the containership program, the shipyard transitioned to Veteran Class MT46 double-hulled product tankers intended for bareboat charter to Overseas Shipholding Group.
- 2005
American Shipping Company is established
[1]The Norwegian-American shipping group was established in the context of Aker’s maritime investment activities, with a focus on U.S. domestic shipping assets and shipbuilding.
- 1995
Philadelphia Naval Shipyard closes
[1]The former Philadelphia Naval Shipyard closed, later creating the redevelopment opportunity from which the Kværner and Aker Philadelphia shipyard operations emerged.
Products and positioning
Specialized maritime asset owner, lessor and shipbuilding group serving the U.S. Jones Act shipping market.
Commercial vessels
Jones Act-compliant merchant vessels
American Shipping Company’s principal maritime offering was connected to vessels serving transportation between U.S. ports. Such ships are designed and structured to meet the applicable Jones Act requirements concerning U.S. construction, flag, ownership and crew. The company’s role could include arranging construction, owning the resulting assets and leasing them to operating companies rather than directly conducting every voyage.
Containerships · 2006
Containerships for Matson Navigation Company
Aker Philadelphia Shipyard completed a four-vessel containership series for Matson Navigation Company. The final vessel was delivered in 2006. These ships formed part of the group’s early U.S.-oriented shipbuilding activity and illustrate its role in supplying merchant tonnage for operators serving American maritime routes.
Product tankers · 2006
Veteran Class MT46 product tankers
The shipyard moved from containership construction to a program of Veteran Class MT46 double-hulled product tankers. The vessels were intended for bareboat charter to Overseas Shipholding Group, allowing the owner and lessor to earn returns through long-term vessel arrangements while the charterer handled operational use.
Vessel leasing
Leased tanker fleet
Ships associated with the documented fleet include Overseas Houston, Overseas Long Beach, Overseas Los Angeles, Overseas New York and Overseas Texas City. The available reference identifies these vessels but does not provide a complete account of their ownership, charter history or present status.
Brand decisions
2008
Aker reduces its ownership positionM&ABackground
Aker ASA was originally the majority owner of American Shipping Company, holding 53.2 percent of the company.
Action taken
Aker reduced its ownership share to 19.9 percent.
Aftermath
The transaction changed Aker’s position from majority ownership to a significant minority holding. The available source does not establish the subsequent ownership structure.
2006
Shift from containerships to product tankersStrategyBackground
After completing the four-ship containership series for Matson Navigation Company, the Philadelphia shipyard needed a subsequent construction program aligned with the U.S. domestic shipping market.
Action taken
The shipyard transitioned to building Veteran Class MT46 double-hulled product tankers for bareboat charter to Overseas Shipholding Group.
Aftermath
The tanker program became the next documented phase of the group’s shipbuilding and vessel-leasing strategy and was described as continuing into 2012.
Recent events
- 2008
Aker reduces its ownership stake[1]
M&A
Aker ASA reduced its ownership interest in American Shipping Company from 53.2 percent to 19.9 percent, according to the cited company history.
- 2006
Aker American Shipping launches[1]
Other
Aker American Shipping was covered in connection with its launch and maritime investment structure.
Sources1 sources
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