Escalating losses at Philly Shipyard to be halted by $1.5bn vessel order

Operating losses at Philly Shipyard trebled in the first quarter of 2020 as the US shipbuilder awaited new orders following the completion of two Matson boxships last year.

But within days of the period ending, the US yard picked up a contract worth a potential $1.5bn.

Oslo-listed Philly Shipyard reported negative Ebitda of $5.8m, deeper than the $1.5m Ebitda loss in the same period in 2019.