Gdynia Refuses To Quit

Thursday, April 06, 2000
Leading Polish shipyard Gdynia has not given up hope of buying a stake in Finnish shipbuilder Masa-Yards, even though Kvaerner has put off the sale. Gdynia Chief Executive Janusz Szlanta said that Gdynia wanted to boost cooperation with Masa-Yards while waiting for Kvaerner to resume the sell-off. "I have accepted Kvaerner's decision. But at the same time I confirm our interest in taking part in the sale of the Finnish shipyards," Szlanta said. Kvaerner said it is putting off a planned sale of Masa-Yards after failing to find the right buyer. It had been in talks with U.S. cruise groups Carnival Corp and Royal Caribbean, as well as a Finnish bidder. The company said, however, that it maintained its long-term strategic aim of exiting shipbuilding. "Regardless of the future of our equity engagement in Masa-Yards, we would like to develop business cooperation between the Masa-Yards group and the Gdynia group," said Szlanta. Gdynia wanted to buy a 20-25 percent stake in Masa-Yards as part of a plan of international expansion and diversification. Gdynia produces container ships as well as vessels carrying cars and chemicals, while Masa-Yards is a leading cruise ship builder. Szlanta said joint operations would benefit both shipyards by creating synergies. "Masa-Yards' strength -- the excellent technologies of a leader in cruise liner building -- would be supplemented by the technical potential and labor skill of the Gdynia group," he said. Gdynia is one of the few Polish yards to prosper in the free-market economy introduced after the 1989 fall of communism, which badly hit most of the country's heavy industries. After a radical restructuring in the early 1990s, Gdynia is now the world's eighth biggest shipyard after buying the nearby Baltic Gdansk yard in 1998. Szlanta, its co-owner and chief executive since 1997, wants to make Gdynia's Europe's biggest shipyard and a Polish firm which is a predator rather than prey in an industry ripe for consolidation. Gdynia expects to increase its sales to $570 million this year from $400 million in 1999. Last year, its net profit shrank to 40 million zlotys ($9.57 million) from 113 million zlotys in 1998, mainly due to the Gdanska purchase.

Maritime Today

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

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Damen Crane Barge and Anti-Pollution Barge Delivered

Damen Shipyards Sharjah has delivered two barges, a Crane Barge 4920 and an Anti-Pollution Barge 2405, to BINCO, a contractor in the Middle East with over 30 years

DNV GL Approval for DSIC's LNG-fuelled VLCC Design

DNV GL has presented Dalian Shipbuilding Industry Company Limited (DSIC) with an Approval in Principle (AiP) certificate for a new LNG-fuelled very large crude

USN Issues Full Funding for LCS "Cooperstown"

As part of the Littoral Combat Ship (LCS), the US Navy has awarded to the consortium which includes Fincantieri, through its subsidiary Fincantieri Marinette Marine (FMM),


Australia, Japan Partner for Hydrodynamics Research

Australia and Japan have signed a cooperative research arrangement on marine hydrodynamics, the Chief Defence Scientist, Dr Alex Zelinsky, announced today.   “This

Barge Master Launches Fit-for-Purpose Gangway

Press release - Barge Master has announced the official launch of a motion compensated gangway after building a track record in motion compensated lifting. ‘The

Norway's Offshore Shipping Sector Faces Bleak Year

Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options

Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Repair Sonar 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: 0.0755 sec (13 req/sec)