Philadelphia breaks even

The Kvaerner Philadelphia Shipyard, a member of the Aker Kvaerner Group, broke even in the second quarter of this year as output increased. This follows substantial losses earlier in the year.

The Philadelphia shipyard, which was heavily subsidized by state economic development funds, is in the midst of building its third and fourth ships for which it is still seeking buyers. Matson Navigation, a subsidiary of Alexander & Baldwin of Honolulu, bought the first two ships. The total price for these two 2,600TEU container ships was $230 million.