Conrad Industries

What Conrad Industries does

Conrad Industries, Inc. is a U.S. Gulf Coast shipbuilder founded in 1948 and publicly traded on OTC Markets under the ticker CNRD. Operating through five wholly-owned shipyard facilities in Morgan City and Amelia, Louisiana and Orange, Texas, including a dedicated Deepwater Repair yard and the newer Deepwater South automated panel line facility, the company constructs, converts, and repairs steel and aluminum marine vessels. Its vessel portfolio spans dredging equipment, passenger and vehicle ferries, inland push boats, offshore support vessels, tank barges (inland and offshore), deck and specialty barges, harbor and offshore tugs, government vessels, and LNG-related marine assets. Production is supported by over 230,000 square feet of enclosed manufacturing space, heavy-lift capabilities including 12,500-ton drydocks and a 1,600-ton marine railway, and an in-house multi-disciplinary engineering team with a satellite office in New Orleans.

The company generates revenue through three streams: new vessel construction (project-based, recognized on completion), vessel repair and conversion (heavy overhauls, regulatory inspection, repowering, drydocking), and engineering services. Pricing is bespoke and contract-specific with no public disclosure. Customers are split between a primary Government segment (U.S. Navy, U.S. Army Corps of Engineers, NASA, state DOTs, and municipal authorities) and a Commercial Maritime Operators segment (dredging contractors, offshore support operators, ferry systems, and specialized marine clients), with a dedicated LNG industry business unit established in 2016 following the 2018 delivery of the first LNG bunker barge built in North America.

Go-to-market is direct enterprise sales led by a VP of Business Development and VP of Sales and Marketing, supported by facility-level sales contacts, industry trade show participation (notably the annual Workboat Show), and presence in maritime trade publications. The company has executed a dramatic financial turnaround, moving from a $27 million net loss in 2023 to $19.9 million in net income in 2025, while completing a strategic pivot toward defense and LNG marine infrastructure through partnerships with Blue Water Autonomy (autonomous surface vessels, February 2026) and Samsung Heavy Industries (LNG project development, December 2025).

Name

Conrad Industries

Legal name

Conrad Industries, Inc.

Website

https://conradindustries.com

Company type

Public

Founded year

1948

Operating status

Operating

Headcount range

251–500 employees

Short description

Conrad Industries is a 77-year-old U.S. Gulf Coast shipbuilder operating five shipyards in Louisiana and Texas that constructs, converts, and repairs steel and aluminum vessels for U.S. government agencies and commercial maritime operators, with capacity to build 30+ vessels annually.

Ownership category

akta.pro rank

Headquarters

HQ city

Morgan City

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Infrastructure, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. New Vessel Construction: Construction of steel and aluminum vessels for commercial and government clients. Over 230,000 square feet of covered manufacturing space enables precision fabrication and on-time delivery. Revenue recognized as projects are completed.
2. Vessel Repair and Conversion: Repair, conversion, regulatory inspection, major overhauls and repowering services. Heavy-lift capabilities and extensive experience handling complex vessel conversion projects. Services include drydocking and in-house engineering support.
3. Engineering Services: In-house engineering professionals provide design services using cutting-edge software. Multi-disciplined engineers experienced in many product lines with large portfolio of proven designs.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Conrad Industries operates five Gulf Coast shipyards that design, build, repair, convert and provide engineering for steel and aluminum commercial and government marine vessels—including ferries, tugboats, pushboats, dredges, deck and tank barges, offshore support vessels, and LNG-fueled vessels. Revenue is earned from new vessel construction contracts and vessel repair, conversion, regulatory inspection, overhaul and repowering services, supported by in-house naval architecture and computer-aided ship manufacturing.

Product overview

Conrad Industries operates as a shipbuilding company with five Gulf Coast shipyards (Morgan City, Amelia, Orange, Deepwater Repair, Deepwater South) providing a comprehensive suite of vessel construction and services. The company operates a unified shipbuilding platform comprising New Construction (steel/aluminum vessels), Repair & Conversions, Engineering Experts, and Computer-Aided Ship Manufacturing services. Their vessel product portfolio includes Dredge Equipment, Ferries, Inland Push Boats, Offshore Support Vessels, Inland Tank Barges, Offshore Tank Barges, Deck Barges, Harbor & Offshore Tugs, Government Projects, and LNG Innovation Vessels. A dedicated LNG Industry business unit (Conrad LNG) focuses on LNG bunker barges and dual-fuel towboats. The company serves both commercial clients and the U.S. government, including Navy and Army Corps of Engineers contracts.

Differentiator

Problem solved

Functional benefit

Products and services

• New Construction Construction of steel and aluminum vessels for commercial and government clients, with advanced technology for precise shapes and on-time project delivery.
• Repair & Conversions Vessel repair, conversion, regulatory inspection, major overhauls and repowering services for commercial and government clients, with highly rated facilities and heavy-lift capabilities.
• Engineering Experts In-house multi-disciplined engineering professionals using cutting-edge design software with a large portfolio of proven designs, supporting concept design, regulatory approval and integrated functional design completion.
• Computer-Aided Ship Manufacturing Automated Panel Line facility at Deepwater South featuring round-the-clock enclosed environment with automated stations for plate sizing, cutting, welding, and stiffener fitting to enable precision manufacturing and continuous production.
• LNG Industry (Conrad LNG) Dedicated business unit for LNG-related projects including LNG bunker barges, dual-fuel towboats, LNG transport vessels, and R&D initiatives for developing LNG as a marine fuel.
• Dredge Equipment Design, fabrication, repair, and major conversions of dredges including trailing suction hopper dredges, bucket dredges, split hopper dredges, dump scows, and anchor/spider barges for dredging operators and the U.S. Army Corps of Engineers.
• Ferries Passenger and vehicle ferries built for state transportation departments, public authorities and other government entities.
• Inland Push Boats Inland river push boats and offshore tugs with in-house designs available for inland, offshore, coastwise, and harbor applications, with power ranges from 1,700 HP to 6,000 HP.
• Offshore Support Vessels Wide range of vessels including liftboats, crew boats, offshore supply vessels, offshore tugs, and support equipment such as deck and crane barges for deepwater operations.
• Inland Tank Barges Inland tank barges including asphalt barges, LNG bunker barges, LPG barges, and double-skin tank barges with capacities from 8,500 to 30,000 BBL.
• Offshore Tank Barges Double-skin ATB (Articulated Tug Barge) tank barges and offshore tank barges with capacities from 34,000 to 82,000 BBL for heavy oil, asphalt, and clean oil transport.
• Deck Barges Deck cargo barges, crane barges, spud barges, and specialty barges in various sizes (100' to 400') with deck load capacities from 1,250 to 6,000 PSF.
• Harbor & Offshore Tugs Variety of harbor and offshore tugs designed for moving drilling rigs, towing barges, and servicing drilling and production operations with power from 3,000 to 6,027 total HP.
• Government Projects Marine assets for Local, State and Federal Government Agencies including U.S. Navy YRBM vessels, U.S. Army Corps of Engineers crane barges, and U.S. Army pusher tugs.
• LNG Innovation Vessels LNG transport and bunker barges including 4,200m3 membrane containment system vessels, 3,000m3 Type C tank vessels, and dual-fuel powered towboats.

Quantifiable outcome

• 78% increase in net income from 2024 ($11.2M) to 2025 ($19.9M)
• +1 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and strategic.

• Blue Water AutonomycoreStrategic or Co-development Partner · 22 February 2026Partnership to build Liberty-class uncrewed surface vessels (USV) for the U.S. Navy. Boston-based Blue Water Autonomy announced plans to build 190-foot Liberty-class vessels displacing about 1,200 tons with capacity for 16-32 missiles. Conrad Industries provides manufacturing capacity of more than 30 vessels annually across five Gulf Coast shipyards. First ship expected in water by year-end 2026.
• Samsung Heavy IndustriesstrategicStrategic or Co-development Partner · 4 December 2025Memorandum of Understanding to advance LNG project development in the United States. Partnership announced December 4, 2025, focused on developing LNG-related marine projects and vessel development within the U.S. market.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Blount Boats: Warren, Rhode Island shipbuilder producing small commercial vessels, tugboats, and specialty craft — comparable in vessel types but smaller scale and Northeast-focused.

Regional players

• Master Boat Builders: Mobile, Alabama-based shipyard building and repairing tugboats, offshore supply vessels, and specialty craft — comparable product mix but smaller scale and regional focus.
• Bay Ship & Yacht Co. Alameda, California shipyard focused on vessel repair, conversion, and new construction for commercial and government clients — comparable in service mix but on the U.S. West Coast.

Direct peers

• Eastern Shipbuilding Group: Florida-based shipbuilder producing commercial vessels, offshore support, and government vessels including Coast Guard and Army watercraft — directly comparable in vessel types and customer base to Conrad.
• Bollinger Shipyards: Lockport, Louisiana-based shipbuilder with multiple facilities along the Gulf Coast, building cutters, patrol boats, and commercial vessels for the U.S. government and commercial operators — directly comparable geographic and product overlap with Conrad.
• VT Halter Marine (ST Engineering): Gulf Coast shipyard now owned by ST Engineering, building government vessels (including Coast Guard and Navy) and offshore support vessels — directly competes with Conrad for federal shipbuilding contracts.
• Philly Shipyard: Operator of the former Aker Philadelphia Shipyard producing Jones Act product tankers and government vessels — comparable in commercial and government shipbuilding, though geographically distinct.

Broad incumbents

• Fincantieri Marine Group: Italian-headquartered global shipbuilder with U.S. operations (Fincantieri Marinette Marine building Littoral Combat Ships) — competes for U.S. Navy contracts at a different scale and broader portfolio.
• NASSCO (General Dynamics): General Dynamics' San Diego-based shipyard building U.S. Navy auxiliary ships (T-AOs, ESBs) and commercial product tankers — large incumbent competitor in U.S. government shipbuilding with broader corporate scale.
• Huntington Ingalls Industries: Largest U.S. military shipbuilder (Ingalls, Newport News) building carriers, destroyers, and amphibious ships — competes for government work at the high end and dwarfs Conrad on scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC_rIChsCZEghbfysTLLAJaw
• Facebookfacebook.com/conrad-shipyard-207942389541855
• LinkedInlinkedin.com/company/conrad-shipyard

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Conrad Industries