Aker Philadelphia Shipyard 2nd Quarter Report

For the quarter and six months ended 30 June 2013, Aker Philadelphia Shipyard recorded operating revenues of USD 46.0 million and USD 176.9 million and EBITDA of USD 3.7 million and USD 22.8 million, respectively.

On 8 August 2013, Aker Philadelphia Shipyard announced plans with Crowley for a joint venture to build up to eight product tankers (Hulls 021-028) and confirmed that shipbuilding contracts for the first four vessels have been signed. During the second quarter 2013, Aker Philadelphia Shipyard continued to make progress on the construction of the two aframax tankers for SeaRiver, with approximately 40% complete as of 30 June 2013.

Revenues for the quarter ended 30 June 2013 were USD 46.0 million compared to Q2 2012 revenues of USD 4.8 million. EBITDA (earnings before net financial items, taxes, depreciation and amortization) for the quarter ended 30 June 2013 was USD 3.7 million compared to Q2 2012 EBITDA of negative USD 1.0 million.

Net income for the quarter ended 30 June 2013 was USD 1.2 million compared to Q2 2012 net loss of USD 0.8 million. The increases in quarterly revenues, EBITDA and net income were primarily attributable to revenues from the sale and delivery of Hull 018 (comprised of the fixed purchase price of USD 90.0 million plus profit sharing of USD 3.2 million) and substantial progress made on the SeaRiver project in Q2 2013, whereas in Q2 2012 there were minimal revenues for shipbuilding activities because, during this quarter, Hulls 017 and 018 were being built for APSI’s own account and the SeaRiver project had just been started.

Net financial items for the quarter ended 30 June 2013 were USD 0.1 million compared to negative USD 0.7 million for Q2 2012. This change was caused by an increase in interest income and lower foreign exchange losses in the current quarter.

(for full report click HERE)

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Source: phillyshipyard, August 14, 2013