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

Shipbuilding

CSIC, CSSC Dismiss Shipbuilder Merger Rumors

China's state-backed shipbuilding giants said they have not received any merger-related information from authorities, after an executive swap between the firms sparked a market rally in their shares.

MOL’s Coal Carrier for Tokyo Electric Power

Mitsui O.S.K. Lines, Ltd. today announced that the coal carrier Hakutaka, which will serve Tokyo Electric Power Company, Inc. was delivered at Mizushima Shipyard

Swire Pacific Offshore Acquires 2 Newbuildings

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming of two new vessels, Pacific Centurion, an Anchor Handling Tug Supply (AHTS) vessel,

Offshore

Statoil: Polarled Pipe-Laying Kicks Off

On 26 March, the Solitaire pipe-laying vessel started on the first stage of the Polarled installation project. The 482-kilometre long pipeline will transport gas

Swire Pacific Offshore Acquires 2 Newbuildings

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming of two new vessels, Pacific Centurion, an Anchor Handling Tug Supply (AHTS) vessel,

Changes in Aker Solutions' Top Deck

Tore Sjursen will assume the position as executive vice president for operational improvement and risk management at Aker Solutions on April 1. Knut Sandvik

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2566 sec (4 req/sec)