Philly Shipyard Sees Modest Rise in Income

  • Business & Finance

U.S. shipbuilder Philly Shipyard, formerly known as Aker Philadelphia Shipyard, reported a net income of USD 17.4 million, a slight increase from a net income of USD 13.6 million seen in 2014.

During the year the company’s operating revenues reached USD 286.3 million, mainly due to continued progress on SeaRiver and Crowley projects, compared to 2014 operating revenues of USD 240.2 million which represented revenues from progress on the Aframax tankers and product tankers under construction.

Philly Shipyard’s operating profit before interest and taxes (EBIT) was USD 36.3 million in 2015, compared to EBIT of USD 24.7 million in 2014.

At the end of the fourth quarter of 2015, Philly Shipyard had eight vessels under construction, out of which two were product tankers under contract with Crowley, four were product tankers ordered by Philly Tankers, and two were containerships contracted by Matson.

As of 31 December 2015, the company’s order backlog was USD 983.8 million.

“Philly Shipyard is in a very good position today with a strong cash balance, a long orderbook and upcoming deliveries to three different U.S. Jones Act customers. In order to maintain our competitive advantage in the Jones Act market, what we need to do is to focus on improving our own performance and build even stronger relations with our partners and customers,” Steinar Nerbovik, Philly Shipyard President and CEO, said.

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