Philly Shipyard turned in an improved second quarter profit and has guided for lumpy income in the next few quarters.
Oslo-listed Philly Shipyard booked a profit of $5.4m in the three months to the end of June, beating the $2.2m seen a year ago.
The company finished the quarter with seven vessels under construction, an orderbook worth $931m stretching into the first quarter of 2019.
It explains, however, no revenue will come in from any of the products tankers it is building for Philly Tankers until the delivery of each of the newbuildings.
Full payment from the first of these ships, sold to Marathon, will come in the fourth quarter this year.
“While Philly Shipyard is mainly focused on product tankers and large containerships, Philly Shipyard continues to explore potential new construction projects in other areas of the Jones Act market, such as shuttle tankers, short-sea shipping vessels, off-shore service vessels, barges and specialized vessels,” it said.
