Philly Shipyard unions ratify new 4-year collective bargaining agreement

Philly Shipyard, Inc., the sole operating subsidiary of Philly Shipyard ASA (XOAX: PHLY), today announced that a new four-year collective bargaining agreement has been ratified by the Philadelphia Metal Trades Council (PMTC). The PMTC is the exclusive bargaining representative for production and maintenance employees at the shipyard and consists of nine unions.

“We are pleased to have successfully ratified this agreement extending our strong partnership with the PMTC,” said Mike Giantomaso, vice president of human resources at Philly Shipyard. “With our record order backlog of nine ships and the currently strong labor market, we believe that this contract will allow our company to offer the competitive compensation needed to attract and retain the talent necessary for carrying out our major shipbuilding projects.”

With the impacts of the COVID-19 pandemic and a national labor shortage, Philly Shipyard and many other companies have felt the challenges of a highly-competitive hiring market. The yard is hopeful that this collective bargaining agreement will help to further position it as an employer of choice and will be the final piece of the puzzle for attracting and retaining talented workers who can feel confident in planting roots and building out the vessels in the current order backlog and those that follow them.

This agreement also underscores Philly Shipyard’s commitment to its apprenticeship program which recruits and trains new shipbuilders who enter the union on day one. Through this program, the company and the union continue to grow stronger while building ships and careers.

President of the Philadelphia Metal Trades Council, Lou Agre, commented, “The members of the Philadelphia Metal Trades Council are glad that we have been able to negotiate an agreement that benefits our members as well as ensures the future viability of the shipyard. We are proud of our members, the skilled work that they perform, and pipeline of great work for years to follow.”