The Philly Shipyard is one of the major active shipyards in the U.S. It constructs vessels for operation in the Jones Act market. The Jones Act is a U.S. federal statute which requires all commercial vessels transporting merchandise between U.S. ports to be built, owned, operated and manned by U.S. citizens, and carried on U.S.-flag ships. Promotion of the U.S. shipbuilding industry is one of the statute’s intentions. In 2016, there were a total of 169 oceangoing, self-propelled, cargo carrying vessels in the U.S.-flag merchant fleet. Tanker ships, designed to transport liquid or gases, account for the largest share of U.S.-flag oceangoing privately owned ships, followed by container ships and Ro-Ro ships. Product tankers were indeed Philly Shipyard’s most popular ship type in terms of delivery in 2015. Other ship types delivered by Philly Shipyard include containerships, Aframax tankers and large crude oil tankers.
Philly Shipyard’s key financial figures show growth from 2014 and 2015: Philly Shipyard’s total assets amounted to around 362.4 million U.S. dollars in 2015, up from approximately 268.4 million U.S. dollars in 2014. Philly Shipyard's operating revenue also saw an increase during the same time frame, jumping from just over 240 million U.S. dollars in 2014 to approximately 286 million U.S. dollars in 2015. Lastly, that year, Philly Shipyard produced income before tax of around 32.8 million U.S. dollars; this figure stood at 18.9 million U.S. dollars in 2014.
The shipyard is majority-owned by the Norwegian group Aker, a global leader in markets such as energy resources and maritime technologies. Philly Shipyard employed approximately 580,000 people in 2015. According to its annual report, Philly Shipyard won orders to the value of around 257.2 million U.S. dollars in 2015, a similar figure to the previous year’s order intake. Philly Shipyard’s order backlog – that is, vessels that the Shipyard is required to produce that haven’t been delivered yet – has slightly declined since 2013, when the Shipyard had an order backlog of over one billion U.S. dollars. In 2015, the company’s order backlog amounted to around 963.8 million U.S. dollars.
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