EC Opens Aid Investigation

Thursday, February 23, 2006
The European Commission has launched a formal investigation under EC Treaty state aid rules into proposed regional investment aid of around $6.9 million to two German shipyards, Rolandwerft and Volkswerft Stralsund. The Commission needs to verify that the aid is limited to the modernization and upgrading of existing installations, as required by the rules governing state aid to shipbuilding, and that there will not be capacity increases in a sector cyclically suffering from over-capacity. The opening of a formal investigation will give interested parties an occasion to comment on the measures. It does not prejudge the outcome of the procedure. The proposed aid would be for investment to enable Volkswerft Stralsund to build larger ships. Investment costs amount to $22.3 million. Germany intends to support the project with $5 million, which corresponds to an aid intensity of 22.5%. For Rolandwerft , the proposed aid would be for the modernization and rationalization of certain parts of the yard and the construction of a quay. Project costs amount to $15.5 million, out of which Germany intends to finance $1.863 million, equal to an aid intensity of 12%.

Shipbuilding

Michelle Obama Sponsors Attack Submarine

General Dynamics Electric Boat has delivered to the U.S. Navy an attack submarine that is sponsored by first lady Michelle Obama and will be named for her home state, reports AP.

Croatia’s Jadrolinija to Buy New Passenger Ship

Croatia’s  largest national passenger shipping company Jadrolinija plans to expand its fleet with a new passenger ship, with the total cost of about 50 million euros, reports Poslovni.

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

Environmental

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0716 sec (14 req/sec)