Business
Here’s why the Austal (ASX:ASB) share price is storming 6% higher
The Austal Limited (ASX: ASB) share price is on the move on Monday morning.
At the time of writing, the shipbuilder’s shares are up 6.5% to $2.53.
Why is the Austal share price on the rise?
Investors have been buying Austal shares today following the release of an announcement.
According to the release, Austal’s Philippines business has successfully delivered Hull 419 to Fjord Line of Norway.
The 109 metre high-speed catamaran vehicle-passenger ferry, named FSTR, is the largest aluminium vessel ever constructed in the Philippines. It is also currently the largest ferry (by volume) to be constructed by Austal, at any of the company’s shipyards worldwide.
FSTR is capable of transporting 1,200 passengers at up to 40 knots and…
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