Philly Shipyard Asa News

U.S.-based ocean carrier Matson announced it has placed a $1 billion order with Philly Shipyard for the construction of three new 3,600 TEU Aloha Class containerships.The first vessel is expected to be delivered in the fourth quarter of 2026 with subsequent deliveries in 2027.Matson, which aims to achieve a 40% reduction in Scope 1 fleet emissions by 2030 and net-zero Scope 1 by 2050, said the three newbuilds will be equipped with dual fuel engines that are designed to operate on either conventional marine fuels or liquefied natural gas (LNG).

Philly Shipyard, Inc. (PSI) , formerly Aker Philadelphia Shipyard,  has commenced work on its first contract to perform modernization, repair and maintenance work on a government ship, the SS Antares.The sole operating subsidiary of Philly Shipyard ASA said in a press note that the SS Antares is an Algol class vehicle cargo ship, owned by the U.S. Department of Transportation’s Maritime Administration (MARAD) and managed by TOTE Services, LLC (TOTE) and undergoes routine repair and maintenance during its scheduled dry docking every five years.TOTE, as ship manager for MARAD, awarded the contract to Philly Shipyard.“I am thrilled and honored that Philly Shipyard has been selected for the Antares repair,” said Philly Shipyard President and CEO Steinar Nerbovik.

Philly Shipyard ASA announced that Brian Leathers will assume the position of Chief Financial Officer (CFO) immediately following the Q2 2019 meeting of the Board of Directors on July 15, 2019.Mr. Leathers will replace Jan Ivar Nielsen, who is resigning from his position as the company’s CFO to pursue another executive role within the Aker group. Mr. Nielsen will remain available to the company until August 15, 2019 to ensure a smooth transition.Mr. Leathers has served as the company’s Strategy and Compliance Officer for the past six months, reporting to Mr. Nielsen. Prior to that role, Mr.

Philly Shipyard (PSI), the unit of Philly Shipyard ASA, delivered the second dual-fuel Aloha Class containership, Kaimana Hila, to Matson Navigation Company.‘Kaimana Hila’ is the second of two 3,600 TEU “Aloha Class” containerships that were ordered by Matson. The first vessel, ‘Daniel K. Inouye,’ was delivered by PSI in October 2018 and is currently in service for Matson.“The delivery marks the successful conclusion of the construction of the two largest container vessels ever built in the United States,” remarked Steinar Nerbovik, Philly Shipyard President and CEO.“Matson is a first-class customer and on behalf of all of the men and women of the shipyard, we thank them for their trust and confidence in us.

The U.S.-based shipbuilder reported operating revenues and other income for Q3 were USD $26.5 million, compared to USD $200.8 illion in Q3 2017.The firm also forecast that the ongoing Matson vessel newbuilding projects would be a loss making project.The firm further expects that it will suffer significant losses in 2018 and 2019.Ongoing WorkHull 029 production activities continue to progress in the Commissioning Dock and sea trials are expected to occur next month. Hull 030 production activities continue to progress in the Building Dock.

Largest Containership Built in U.S. Will Serve Hawaii. Matson, a U.S. flag carrier in the Pacific, and Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY) christened the largest containership ever built in the United States in a ceremony at the Philly Shipyard on Saturday, June 30. The new vessel is named 'Daniel K. Inouye' in honor of Hawaii's late senior U.S. Senator, who was a longstanding supporter of the U.S. maritime industry and its important role in supporting Hawaii's economy. It is the first of two new ships being built for Honolulu-based Matson by Philly Shipyard at a total cost of approximately $418 million for the pair, and the first of four new vessels that Matson will put into its Hawaii service during the next two years.

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA, and Matson, Inc., a U.S. carrier in the Pacific, today marked a milestone in the construction of the first of two new "Aloha Class" containerships to be delivered to Matson in the third quarter of 2018 and first quarter of 2019, respectively. Designed specifically for Hawaii service, they will be the largest containerships ever built in the U.S. During today's ceremony in the dry dock where the first engine room section…

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA (Oslo: PHLY), held a ceremonial Keel Laying today for the fourth product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary. Keeping with long held shipbuilding tradition, coins were placed on one of the keel blocks before the 650 ton unit was lowered into place in the dry dock. Representatives from Philly Shipyard and Kinder Morgan were in attendance to place the coins as a sign of good fortune and safe travels. Philly Shipyard representatives included the 15 new hires that began orientation on Monday, January 9.

Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA (Oslo: PHLY), today delivered the American Endurance, the first of four next generation 50,000 dwt product tankers that it is building for American Petroleum Tankers (APT), a subsidiary of Kinder Morgan, Inc. This delivery is the 25th vessel built by PSI (formerly known as Aker Philadelphia Shipyard, Inc.). The next generation 50,000 dwt product tanker is based on a proven Hyundai Mipo Dockyards (HMD) design that also incorporates numerous fuel efficiency features, flexible cargo capability, and the latest regulatory requirements. The vessel has also received LNG Ready Level 1 approval from the American Bureau of Shipping (ABS).

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA, held a ceremonial Keel Laying for the third product tanker in a four vessel order for American Petroleum Tankers (APT), a Kinder Morgan, Inc. subsidiary. Keeping with long held shipbuilding tradition, coins were placed on one of the keel blocks before the 650 ton unit was lowered into place in the dry dock. Representatives from Philly Shipyard and Kinder Morgan were in attendance to place the coins as a sign of good fortune and safe travels. Philly Shipyard representatives included the most recent graduates of the company’s Apprentice Program. Initiated in 2004, the three-year apprenticeship program develops the next generation of Philly Shipyard employees.

In its second quarter report Philly Shipyard ASA announced that additional extraordinary dividend would be paid following the deliveries of Hulls 024 and 025. Subsequent to the delivery of Hull 024 to Crowley and the buy-out of the Company's joint venture interest in that vessel by Marathon, the Company has a solid cash position to pay an extraordinary distribution of dividend to the Company's shareholders. The Board of Directors has therefore resolved to propose that the general meeting of the Company approves an extraordinary dividend of USD 3.00 per share. The extraordinary general meeting will be held on September 12, 2016 at 14:30h (CET) at Advokatfirmaet BA-HR DA, Tjuvholmen allé 16, 0252 Oslo, Norway.

Crowley Maritime Corp. today christened the MT West Virginia, its fourth new, Jones Act product tanker for the U.S. coastwise trade, in Philadelphia at Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA. The West Virginia is LNG ready, meaning it can later be converted for propulsion by liquefied natural gas (LNG). West Virginia joins its sister ships, Louisiana, Ohio and Texas, which were received by Crowley in 2015 and 2016 as the first-ever tankers to receive the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval. Anne Swearingen, wife of John Swearingen, senior vice president, Marathon Petroleum Corporation…

Philly Shipyard, Inc. (PSI) held a keel laying ceremony for the second product tanker in a four vessel order for Kinder Morgan, Inc. subsidiary American Petroleum Tankers (APT). Representatives from Philly Shipyard and Kinder Morgan were in attendance to place coins on one of the keel blocks before the 650 ton unit was lowered into place in the dry dock. When completed in 2017, the product tanker will be 600 feet long and capable of carrying 50,000 tons of crude oil or refined petroleum products. The Tier II 50,000 dead weight ton (dwt) product tankers are based on a Hyundai Mipo Dockyards (HMD) design which incorporates numerous fuel efficiency features, flexible cargo capability and the latest regulatory requirements, the builder said.

Philly Shipyard ASA has provided key information relating to the cash dividend to be paid by PHLY Dividend amount: USD 3.75 per share Declared currency: USD Last day including right: 12 May 2016 Ex-date: 13 May 2016 Record Date: 18 May 2016 Payment date: On or about 23 May 2016  Approval date: 6 May 2016 Other information:  The USD equivalent of NOK 231,177,204 of the dividend is classified for accounting purposes as a repayment of previous paid in share premium. The remainder is paid out of retained earnings.

Crowley Maritime Corp. has taken delivery of Louisiana, the third of four new, Jones Act product tankers being built for the company by Philly Shipyard, Inc. (PSI), the sole operating subsidiary of Philly Shipyard ASA. The delivery marks another highpoint for Crowley’s petroleum services group as its tankers are at the forefront of the industry for their potential future conversion to LNG propulsion. Louisiana, which is 50,000 dead-weight-tons (dwt) and capable of carrying 330,000-barrels of product, is scheduled to be christened in New Orleans on May 5.

On 17 February 2016, the Board of Directors of Philly Shipyard ASA (Oslo: PHLY) resolved to pay a dividend to the shareholders of PHLY as of expiry of 23 February 2016, of USD 0.25 per share, in aggregate USD 3,026,975.25. The dividend is classified for accounting purposes as a repayment of previous paid in share premium. The resolution was made pursuant to an authorization granted by the Annual General Meeting of PHLY on 15 April 2015. The shares in PHLY will be traded ex-dividend from and including 24 February 2016. The dividend will be paid on or about 4 March 2016 to the bank account registered on the relevant shareholder's securities depository (VPS) account.

Philly Shipyard ASA (Oslo: PHLY) announced that Jim Miller has been nominated to be Chairman of the Board of Directors of Philly Shipyard. Mr. Miller previously held this role from 2011 until 2014. This nomination is expected to be approved at an extraordinary general meeting on February 1, 2016.   Kristian Rokke, CEO of the Norwegian investment company Akastor, is stepping aside as Chairman of the Philly Shipyard Board. He remarked "I am very pleased that Jim has agreed to return as Chairman given his extensive leadership background and familiarity with Philly Shipyard."   The remainder of the Company's Board of Directors will remain unchanged and consists of Amy Humphreys, Elin Karfjell, and Audun Stensvold.

Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA, announced today that it has signed a commitment letter with Caterpillar Financial Services Corporation (Cat Financial) for a USD 150 million loan facility to finance the construction of four next generation 50,000 dwt product tankers, designated as Hulls 025-028. The facility will be subject to a maximum borrowing amount of USD 75 million per vessel and secured by a first lien on the four vessels. The loans will accrue interest at three-month LIBOR plus 3.00% as defined in the commitment letter. The company expects to enter into definitive agreements for this facility in Q1 2016.

Crowley takes delivery of second of four new LNG-ready Jones Act product tankers from Philly Shipyard, Inc. Crowley Maritime Corp. has today taken delivery of Texas, the second of four new Jones Act product tankers from Philly Shipyard, Inc. (PSINC), the sole operating subsidiary of Philly Shipyard ASA. The 50,000 dead-weight-tons (dwt), 330,000-barrel-capacity Texas joins sister ship Ohio, which was received by Crowley in October, as the first ever tankers to receive the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval…

Aker Philadelphia Shipyard ASA announces its plan to change its name to Philly Shipyard ASA, pending an upcoming shareholder vote at an extraordinary general meeting expected to take place in October 2015. Aker Philadelphia Shipyard, Inc. (APSI) will likewise change its name to Philly Shipyard, Inc. "Changing our name to Philly Shipyard more accurately reflects the shipyard we have become in recent years," remarked Steinar Nerbovik, Aker Philadelphia Shipyard's President and CEO. "We have delivered on our promises and stand firmly on our own two feet as a company. The new name also represents the proud tradition of shipbuilding in Philly and the City with which we are so intimately linked," Steinar said.