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 2017, there were a total of 176 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 general cargo ships. Product tankers were indeed Philly Shipyard’s most popular ship type in terms of delivery in 2016. Other ship types delivered by Philly Shipyard include containerships, Aframax tankers and large crude oil tankers.
Philly Shipyard’s key financial figures show significant growth from 2016 and 2017: Philly Shipyard’s total assets amounted to around 362.4 million U.S. dollars in 2015, up from approximately 253 million U.S. dollars in 2017. Philly Shipyard's operating revenue also saw a massive increase during the same time frame, jumping from just over 205 million U.S. dollars in 2016 to approximately 592 million U.S. dollars in 2017. Lastly, that year, Philly Shipyard produced income before tax of nearly 100 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 688 people in 2017. According to its annual report, Philly Shipyard decreased the value of its orders to the value of around four million U.S. dollars in 2017. Philly Shipyard’s order backlog – that is, vessels that the Shipyard is required to produce that haven’t been delivered yet – has declined considerably since 2014, when the Shipyard had an order backlog of over one billion U.S. dollars. In 2017, the company’s order backlog amounted to around 188 million U.S. dollars.
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In the following 4 chapters, you will quickly find the 16 most important statistics relating to "Philly Shipyard".