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

Shipbuilding

Wärtsilä Environmental Efficiency for Hybrid UK Ferry

A new ferry being built at the Cemre shipyard in Turkey for UK operator Wightlink will feature a comprehensive range of modern Wärtsilä equipment and systems to

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Ship of the Year Award for NYK Vessel

Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards

Offshore

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

Three Keppel Dredgers for Jan De Nul

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to

Seacat Services Sends Freedom to Race Bank

Seacat Freedom, the latest addition to Seacat Services’ 12-strong fleet, has been dispatched to DONG Energy’s Race Bank offshore wind project following the boat’s

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.0709 sec (14 req/sec)