On Wednesday, Philly Shipyard ASA (OTC:AKRRF) was in focus after significant news emerged pertaining to its sole operating subsidiary unit, Philly Shipyard Inc. It emerged that, in collaboration with the TOTE LLC subsidiary TOTE Services LLC, it hit a major milestone following the keel-laying ceremony for the 4th out of the five advanced, new purpose-built vessels for the state maritime academies of the United States.
The new vessel initiative, named National Security Multi-Mission Vessels (NSMVs), had been launched by the United States Department of Transportation’s Maritime Administration (MARAD). It had been tailored for the purpose of providing the highest class of training to the future mariners of America.
The keel-laying ceremony involves the loading of the first grand block of the concerned vessel onto the building dock. As per traditions of keel-laying, it is meant to bring good luck to ship construction and also to the crew of the ship, who would operate it throughout its lifetime.
It was noted in the news release that the NSMV in question would be delivered to Texas A&M Maritime Academy in 2025. The President and Chief Executive Officer of Philly Shipyard, Steinar Nerbovik, spoke about the latest developments. He stated that the company was honored to have been the chosen shipbuilder for the path-breaking new initiative.
He went on to note that the company was proud to have to work with MARAD and TOTE on an initiative that would have a positive effect on generations of maritime cadets. TOTE Service would be the VCM (vessel construction manager) for the NSMV initiative, the first ever shipbuilding program from the government to deploy the VCM-based contract model.
The model helps shipyards apply commercial best practices to government vessels with regards to construction and design processes. It remains to be seen if the Philly Shipyard ASA stock gets any attention today.