Fincantieri Bay Shipbuilding to build second 5,500 cubic meter LNG barge

PNE Marine Holdings (“PNE”), an affiliate of Polaris New Energy (“Polaris”) has executed an agreement with Fincantieri Bay Shipbuilding to build a 5,500 cubic meter (“CBM”) LNG bunker barge. PNE and Polaris are subsidiaries of Northstar Terminals, a portfolio company of funds managed by Oaktree Capital Management, L.P. (“Oaktree”). This new barge will be a sister vessel to the LNG bunker barge Clean Canaveral, which will be delivered to Polaris in mid-November.

Demand for economical supply of LNG fueling the maritime sector is growing rapidly. Over the next several years 400 new vessels utilizing LNG are expected in service. LNG is the leading solution to fuel the maritime sector as the industry advances its sustainability goals through a transition to lower carbon fuels. The new articulated tug and barge (“ATB”) adds to Northstar’s growing fleet delivering LNG to cruise ships, container vessels, bulk carriers, car carriers, and tankers that are in service or on order today.

The 5,500 CBM ATB will be fitted with four 1,375 CBM IMO Type C tanks. It will utilize a cargo handling system designed and developed by Wartsila. Upon completion, the vessel will be 340’ overall length, 66’ beam, and 32’-10” deep. The ATB will be an Oceans Classed ABS barge.

Tim Casey, Senior Vice President – LNG for Northstar, said: “LNG is recognized as a clean, dependable and competitively priced fuel for the shipping industry. The addition of this new vessel further distinguishes Northstar’s capabilities to manage the last-mile logistics of LNG safely and effectively across the US coastline. The new capacity will provide unmatched reliability and flexibility in the current market and is the next step in our strategy to create a complete platform of LNG logistical solutions for marine customers.”

Tim Casey continued, “We’re excited to be moving forward on the second barge with Fincantieri. They proved to be the right partners to build the Clean Canaveral. Despite the global challenges of the last two years, they have performed above expectations and we are confident that they’ll do the same with this second barge as they leverage their unmatched experience gained during construction of the Clean Canaveral.”

Todd Thayse, Vice President and General Manager of Fincantieri Bay Shipbuilding, said: “Thanks to our continued partnership with Northstar and its affiliate companies we are amassing our extensive in-house expertise in the design and construction of LNG bunker barge capabilities. As we begin constructing the second LNG Bunker Barge for Polaris, we are excited to bring the expertise of Fincantieri, our bunker barge design knowledge, and our passion for delivering the highest quality, on-time products to the LNG market. The hard-working, proud women and men of Fincantieri Bay Shipbuilding will once again provide the quality and eventual on-time delivery the maritime industry has come to know and expect from our shipyards.”

About Northstar Terminals

Northstar Terminals is focused on the production and delivery of LNG as a clean transportation fuel through its subsidiaries: Northstar Jacksonville, PNE Marine Holdings and Polaris New Energy

Northstar Jacksonville has a fifty percent ownership in JAX LNG, a partnership with Pivotal LNG, a subsidiary of Berkshire Hathaway Energy, which operates a 120,000 gal per day LNG plant and marine terminal in Jacksonville, Florida. The JAX LNG facility is currently being expanded to 360,000 gallons per day and four million gallons of storage.

PNE Marine Holdings and Polaris New Energy are wholly owned subsidiaries providing marine transportation logistics to meet the growing demand for LNG as a maritime fuel. For more information, visit http://www.polarisnewenergy.com.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $158 billion in assets under management as of September 30, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

About Fincantieri Bay Shipbuilding

Located in Sturgeon Bay, Wisconsin, Fincantieri Bay Shipbuilding (FBS) is an industry leader in the construction, conversion, and repair of large ships – tracing its rich history back more than 100 years. The diversified FBS portfolio includes articulated tug-barge units, dredges and dredging support equipment, automated loading carriers, ferries, and offshore support vessels. On the repair side, FBS is an expert at managing critical deadlines in the repair and sustainment of bulk carriers and other Great Lakes Winter Fleet ships.

Shipbuilding facilities at the 63-acre plant include a large graving dock, a U.S. Navy-certified drydock, and lifting capacity to meet the most demanding requirements. Erection buildings are climate-controlled and equipped with sophisticated computer-aided manufacturing equipment. Fincantieri’s skilled workforce has extensive shipyard construction experience, in-house engineering, and a management team focused on client satisfaction and on-time delivery.

Fincantieri Bay Shipbuilding is an operating unit of Fincantieri Marine Group (FMG), the United States division of global shipbuilding giant, Fincantieri. https://fincantieribayshipbuilding.com/

About Fincantieri

Fincantieri is one of the world’s largest shipbuilding groups and has built more than 7,000 vessels in over 230 years of maritime history. A leader in cruise ship design and construction and a reference player in all high-tech shipbuilding industry sectors, from naval to offshore vessels, From high-complexity unique vessels and ferries to mega-yachts, ship repairs and conversions, systems, and components production, and after-sales services. Fincantieri operates in the United States through its subsidiary Fincantieri Marine Group (FMG). This company, which serves commercial and government customers in the USA, including the U.S. Navy and Coast Guard, has three shipyards (Fincantieri Marinette Marine, Fincantieri Bay Shipbuilding, and Fincantieri ACE Marine) located in the Great Lakes. www.fincantierimarinegroup.com

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