The Pentagon has been considering various alternatives since conventional container ships failed to deliver heavy equipment in the time it was needed during the 1991 Gulf War against Iraq. The vessel, powered by two gas turbine engines and water jet propulsion, covered 1,063 nautical miles in 24 hours, adding 45 nautical miles to the previous record. The average speed on the run was over 44 knots. Mr. McKinnon said that as a result, Austal had produced one the quietest fast ferries ever constructed, with low wash and low nitrous oxide emissions. Mr. Wackett added.
Investors appear to be taking notice of the company's innovations.
Austal's shares have roughly doubled to 2.20 Australian dollars, the level they closed at on Monday in Sydney, since they started trading, though they remain off their high of 2.70 dollars reached at the end of last year. The company reported a net profit after tax of 18.5 million dollars on sales of nearly 158 million dollars in the six months to December. Both earnings and revenue were up substantially. Still, it has not been all smooth sailing for Austal. One of two fast ferries it delivered to Norway in August sank in November after striking rocks in stormy conditions off the country's west coast.