Romanian Yard To Cut Losses Ahead Of Sell-off

Tuesday, April 25, 2000
State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said.

He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7.8 million by end-2000. "We are expecting increased activity, with more vessels to be repaired and new ones built this year, to cushion part of last year's losses," he said.

Mocanu said the yard, which repairs about 200 ships a year, was expected this year to sign a contract worth about $19 million with Germany's Ferrostaal Essen and another $12 million contract with Thyssen-Krupp group.

The shipyard has a share capital of around $10.3 million and company officials say it needs an annual $50 million in contracts to operate profitably.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Ship Repair & Conversion

TEPNG Integrates AVEVA Engineering & Design

AVEVA announced that TOTAL E&P Nigeria Ltd. (TEPNG) has adopted AVEVA’s Engineering & Design solutions as part of an Integrated Engineering & Design approach. TEPNG

ClassNK Approves Fillet Welding Consumable

Classification society ClassNK announced that it has granted type approval for the new MX-200F welding consumable, developed by Kobe Steel Co., Ltd. (KOBELCO) to

Otto Marine's Financial Health on the Mend

Michael See Kian Heng, Group Executive Director of Singapore-based offshore vessel owners & shipbuilders Otto Marine, says that his company reported revenue of US$512.

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0870 sec (11 req/sec)