FastShip, the company that wants to operate a high-speed trans-Atlantic container shipping service, has signed a memorandum of understanding to build four vessels at Kvaerner Philadelphia Shipyard. FastShip had originally planned to build those ships in California at National Steel and Shipbuilding Co., but in September that shipyard won a contract from BP Amoco to build three oil tankers. It said it could not simultaneously build the tankers and the FastShip vessels.

FastShip wants to complete financing of its vessels next year, take delivery of the first of its high-speed container ships in 2004 and be "fully ramped up" with four ships in 2006. But the company, which would like to obtain Title XI shipbuilding guarantees for the project from the U.S. Maritime Administration, has yet to announce a definitive plan for financing the venture. It told Marad the project could cost $1.7 billion.