Philly Shipyard was founded in 1997 by the City of Philadelphia, the Commonwealth of Pennsylvania, the United States Government and the Kværner Shipbuilding Division as Kvaerner Philadelphia Shipyard. It is located on a portion of the former Philadelphia Naval Shipyard which was closed in 1995. The shipyard was completely rebuilt from 1998-2000 and was optimally designed to support commercial shipbuilding operations.
In 2005 the shipyard became part of the newly created Aker American Shipping (AKASA). AKASA was formed and listed on the Oslo Stock exchange with the purpose of building and owning Jones Act tankers. It was comprised of Philly Shipyard (then named Aker Philadelphia Shipyard) and American Shipping Company, a company that owns product tankers and leases them to OSG, a leading tanker company.
In 2007, the Aker Philadelphia Shipyard and American Shipping Company became two separately listed companies on the Oslo stock exchange. In 2011, the shipyard renewed its public-private partnership with the Commonwealth of Pennsylvania and the City of Philadelphia as part of a funding program for the construction of two product tankers.
These product tankers would be the start of the shipyard’s shipping asset portfolio that later grew to include a joint venture with Crowley and a majority ownership in Philly Tankers.
In 2015, definitive documents for the sale of the shipping asset portfolio were executed and the newly streamlined company, focused exclusively on shipbuilding, was renamed Philly Shipyard. Philly Shipyard remains listed on the Oslo stock exchange with the ticker PHLY.
Since delivering its first vessel in 2003, Philly Shipyard has delivered more than 50% of all Jones Act ocean-going merchant ships including containerships, product tankers, and large crude oil tankers.
Please visit the Projects Page for more information on Philly Shipyard’s quality vessels.