Skaramanga Workers Favor HDW/FS Bid

Thursday, August 09, 2001
Greece's Skaramanga shipyard workers are in favor of a Hoawaldtswerke Deutsche Werft-Ferrostaal (HDW/FS) offer to buy out 100 percent of the shipyard for 1.5 billion drachmas ($3.8 million), a shipyard executive said. George Kontakis, vice president of Skaramanga shipyards and representative of the 49 percent stake owned by its workers, said the union's approval was unanimous. "The union's board decided unanimously (in favor), as ETBA Bank did, and announced HDW/FS as the highest bidder for the sale of 100 percent of the shipyard," Kontakis said. Earlier this week ETBA Bank, which holds a 51 percent stake in Skaramanga shipyards, said Germany's HDW/FS was the highest bidder and that its senior management would start negotiations with the German joint venture for an improvement of its offer. He said HDW/FS is expected to proceed with a 3.0 billion drachma capital increase for the Greek shipyard to fund operating costs. Kontakis said besides the 1.5 billion drachmas paid for 100 percent of the shipyard, the German shipyard will assume Skaramanga's estimated losses of 11.5 billion drachmas this year and finance a three-year 8-10 billion drachma investment program. "HDW/FS' complete offer exceeds 40 billion drachmas ($104 million)," he said, adding that the German joint venture will also provide technical know-how. Staff will be reduced from 2,000 to 1,400 via a voluntary redundancy program. Based on an agreement with the Greek government, Skaramanga workers will get back from the state a sum of 1.5 billion drachmas which was their cash participation in the shipyard's last capital increase, Kontakis said. Negotiations between Greece and HDW/FS are expected to be completed in the next two months, the government has said. - (Reuters)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

Tanker Trends

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

First LNG Vessel Transits Expanded Panama Canal

Today, the Panama Canal marked another milestone with the transit of the first-ever liquefied natural gas (LNG) carrier through its expanded locks.   Shell-chartered

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.0731 sec (14 req/sec)