Aker Philly springs buyback

Kristian Rokke’s Aker Philadelphia Shipyard is the latest quoted shipping company to roll out plans for a share buyback programme.

Oslo-listed Aker Philadelphia is to repurchase 10% of its share capital, it told investors as it unveiled its second quarter results today.

“The decision reflects the company's focus on maximizing shareholder returns over time, its strong financial position, its confidence in its ability to deliver on its operational commitments, and a reflection of the opportunities it sees to further develop its shipping investments,” a statement said.

Pareto Securities will take charge of the programme, which will run until the end of June 2015.

Shares in the Jones Act shipbuilder and owner were trading up more than 6% at NOK 168 each in Oslo at the time of writing, valuing the company at NOK 2.11bn ($340m).

Profit rising

Aker Philadelphia posted a profit of $1.5m for the second quarter, up from $1.2m a year ago.

Adjusted core operating profit climbed to $4.4m from $3.7m thanks to its products tanker joint venture with Crowley.