June 25, 2010 |
Pink slips will go out soon at Aker Philadelphia Shipyard to an undisclosed number of workers because the shipbuilder does not have new orders or enough work to keep 1,000 people busy all the time. Aker has three product tankers in various stages of production, all of which have been sold. The last tanker is scheduled for completion in 2012. Aker has ordered parts for two additional tankers but still does not have financing or buyers. With credit tight and the economy crimping demand for petroleum products, offshore drilling, and new ship orders, Aker chief executive officer Jim Miller met with union leaders and employees this week and said there would be layoffs at the South Philadelphia yard.
October 26, 2013 |
With the 115,000-ton crude-oil tanker Liberty Bay soon to be launched and construction begun on a second 820-foot-long vessel, times are flush at Aker Philadelphia Shipyard. After several lean years, the nation's second-largest commercial shipyard has enough work to keep busy for several years. The 1,110 employees are back, and morale is high. Gov. Corbett toured the South Philadelphia yard Thursday. He last visited in September 2011, when the $400 million contract was signed to build two tankers for ExxonMobil Corp.
March 25, 2011 |
Kristian Rokke, son of Norwegian billionaire Kjell Inge Rokke, will take over as president and CEO of Aker Philadelphia Shipyard, effective April 5. Rokke, 27, is currently senior vice president of operations at the Philadelphia yard. He has worked in key operating positions, including as controller, since joining the shipyard in May 2007. Rokke's father, chairman of Norwegian parent company Aker ASA, engineered the deal in 2001 to take over the former Kvaerner Philadelphia Shipyard, which was in trouble and flirting with bankruptcy.
December 31, 2010 |
Aker Philadelphia Shipyard, which once employed more than 1,000 at the Navy Yard and which has been a significant Philadelphia economic force for a decade, is just months from shutting down. Aker's survival relies on several financial-rescue efforts coming together to finance the construction of two more oceangoing tankers. "If they don't build these next two ships, this yard is shutting down," said Manuel "Manny" Stamatakis, chairman of the Philadelphia Shipyard Development Corp.
July 18, 2010 |
Aker Philadelphia Shipyard faces an enormous challenge to stay afloat in an ever shrinking U.S. shipbuilding industry. Aker is one of two U.S. shipyards that build oceangoing commercial vessels under the 90-year-old U.S. Jones Act, which requires U.S.-made and U.S.-operated vessels transport goods between U.S. ports. Aker stands to gain substantial new vessel orders if a U.S. marine-highways system ever gets going. Hoping that will happen, American Feeder Lines L.P., of New York, recently signed "letters of intent" with Aker and a Green Bay, Wis., yard to build five ships each, and maybe more, starting in 2012 to transport cargo in container ships between Maine and Texas.
August 26, 2009 |
With the global recession crimping demand for petroleum products, offshore drilling, and new ship orders, Aker Philadelphia Shipyard is feeling the pinch. The nine-year-old Aker delivered its seventh product tanker in June and has orders for five more through early 2011. But its only customer and buyer at the moment - American Shipping Co. - said this month it had still not been able to arrange financing for two of the five vessels. One bright spot: A Brazilian petroleum company, Petrobras, wants to charter the two shuttle tankers and has signed a contract.
January 9, 2011 |
It's no surprise that even after a Norwegian shipbuilder was given hundreds of millions of dollars in taxpayer subsidies to come to the Navy Yard in the late 1990s, the yard is in danger of closing. That's because the deal never made good economic sense - at least from the taxpayers' standpoint. And taxpayers were the ones underwriting this corporate welfare. For those who missed the New Year's Eve report, the Aker Philadelphia Shipyard is threatening to close if it doesn't get an additional $42 million in state funding.
September 1, 2010
Aker Philadelphia Shipyard delivered its 10th tanker, the Overseas Anacortes, officials of the South Philadelphia shipyard said today. The 46,000-ton vessel, built for American Shipping Co., will leave the yard within days and will carry petroleum products along the West Coast for Tesoro Corp., of San Antonio, Texas. Aker Philadelphia has two more ships under construction, both scheduled for completion by next spring. Beyond that, it has no firm ship orders or financing and has started layoffs among its 1,000 employees.
February 15, 2014 |
An Aker Philadelphia Shipyard employee injured while repairing a crane early Wednesday is in stable condition, the South Philadelphia shipbuilder said. The employee, an electrician, was performing maintenance on a gantry crane "when an electrical fault occurred," Aker said. The Philadelphia Fire Department responded. The employee, whom Aker did not identify, citing privacy concerns, was taken to Crozer-Chester Medical Center with burns on his face and hands, an Aker union official said.
June 1, 2011
Aker Philadelphia Shipyard Inc. has entered into an agreement with Caterpillar Financial Services Corp. for a construction loan totaling $80 million, the shipyard said Wednesday in a filing on the Oslo Stock Exchange. The private construction financing was announced in February, along with $42 million from Pennsylvania, and a commitment by Aker ASA, the Norwegian parent company, of $210 million to complete two ships which do not yet have buyers. Under the agreement, Caterpillar will fund as much as $40 million for each of two product tankers being built for the shipyard's own account.