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General Dynamics (GD) Wins $511M Deal for 2 Containerships
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General Dynamics Corporation’s (GD - Free Report) business unit, General Dynamics National Steel and Shipbuilding Company (NASSCO), has won a contract from Matson Navigation Company, Inc., a wholly owned subsidiary of Matson, Inc. (MATX - Free Report) . The contract is worth $511.0 million, as stated by Matson.
Per the contract, General Dynamics will design and build two Kanaloa Class containerships for Matson. Construction will commence in early 2018, and are scheduled to be delivered by 2019 end and mid 2020. Matson will use the vessels to transport containers, automobiles and trucks between the continental west coast and Hawaii.
The container ships, 870 feet long with a 3,500 twenty-foot equivalent unit (“TEU”) capacity, will be built at the NASSCO shipyard in San Diego. They will use liquefied natural gas (“LNG”)-capable main and auxiliary engines compliant with Tier III emission necessities and option to incorporate LNG fuel gas system at a later stage. The ships will have roll-on/roll-off capability and are designed to operate at speeds of up to 23 knots.
According to Fred Harris, the president of NASSCO, the company has been playing a crucial role in developing the future of the American shipping industry since long time. NASSCO’s track record of successfully constructing high-quality, highly efficient and on-time delivery for the Jones Act trade has led to the recent contract from Matson.
Based in the San Diego industrial area, NASSCO has been designing and building ships since 1960. It focuses on designing and building supplementary and support ships for the U.S. Navy, as well as oil tankers and dry cargo carriers for the commercial markets. NASSCO also specializes in repair services for the Navy’s global force.
We note that General Dynamics engages in developing mission-critical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation. The company’s revenues are derived from a broad portfolio of products and services that help to keep its overall growth momentum steady.
General Dynamics currently has a Zacks Rank #2 (Buy).
Other Stocks to Consider
A couple of other favorably placed stocks in the aerospace and defense space are Engility Holdings, Inc. and Ducommun Inc. (DCO - Free Report) , sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
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General Dynamics (GD) Wins $511M Deal for 2 Containerships
General Dynamics Corporation’s (GD - Free Report) business unit, General Dynamics National Steel and Shipbuilding Company (NASSCO), has won a contract from Matson Navigation Company, Inc., a wholly owned subsidiary of Matson, Inc. (MATX - Free Report) . The contract is worth $511.0 million, as stated by Matson.
Per the contract, General Dynamics will design and build two Kanaloa Class containerships for Matson. Construction will commence in early 2018, and are scheduled to be delivered by 2019 end and mid 2020. Matson will use the vessels to transport containers, automobiles and trucks between the continental west coast and Hawaii.
The container ships, 870 feet long with a 3,500 twenty-foot equivalent unit (“TEU”) capacity, will be built at the NASSCO shipyard in San Diego. They will use liquefied natural gas (“LNG”)-capable main and auxiliary engines compliant with Tier III emission necessities and option to incorporate LNG fuel gas system at a later stage. The ships will have roll-on/roll-off capability and are designed to operate at speeds of up to 23 knots.
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According to Fred Harris, the president of NASSCO, the company has been playing a crucial role in developing the future of the American shipping industry since long time. NASSCO’s track record of successfully constructing high-quality, highly efficient and on-time delivery for the Jones Act trade has led to the recent contract from Matson.
Based in the San Diego industrial area, NASSCO has been designing and building ships since 1960. It focuses on designing and building supplementary and support ships for the U.S. Navy, as well as oil tankers and dry cargo carriers for the commercial markets. NASSCO also specializes in repair services for the Navy’s global force.
We note that General Dynamics engages in developing mission-critical information systems and technologies; land and expeditionary combat vehicles, armaments and munitions; shipbuilding and marine systems; and business aviation. The company’s revenues are derived from a broad portfolio of products and services that help to keep its overall growth momentum steady.
General Dynamics currently has a Zacks Rank #2 (Buy).
Other Stocks to Consider
A couple of other favorably placed stocks in the aerospace and defense space are Engility Holdings, Inc. and Ducommun Inc. (DCO - Free Report) , sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>