Philly Shipyard rings up stronger profit

Oslo-quoted Jones Act shipbuilder books higher bottom line during year that saw over $90m in dividends.

Philly Shipyard has recorded stronger fourth quarter and annual results to close out a 12-month period in which it has paid over $90m in dividend.

Oslo-listed Philly Shipyard booked a gain of $19.3m in the quarter, ahead of the $9.7m seen at the same stage a year ago.

It explains the upturn in quarterly figures follows the delivery of a products tanker to Kinder Morgan and continued progress with vessels it is building for Matson.

Profit for 2016 reached $38.7m, beating the $17.4m of a year ago.

Dividend payments for the fourth quarter ran to $0.25 per share, or $3m overall.

For the full-year Philly Shipyard will have paid out $90.7m in dividend, including $78.6m in the form of a special dividend.

Looking at 2017, the shipbuilder says its main focus is on containership contracts, but is also seeking new deals in other areas of the Jones Act market.

“The company will continue to evaluate opportunities to participate in the post-delivery economics of the ships that it constructs,” it added.

Executives at Philly Shipyard could not be reached for further comment on the results today.