Gdynia To Take Stake in Finnish Yard

Friday, February 11, 2000
Poland's Gdynia Shipyard is likely to take up 20-25 percent of shares in the Finnish Kvaerner Masa-Yards, Gdynia's chief executive Janusz Szlanta said last week. "Negotiations with other investors are still under way and nothing final has been decided yet. Everything points to the fact that Gdynia will take up a stake of between 20 and 25 percent," Szlanta said. "Four groups of investors will buy a new share issue, addressed only to them. The Gdynia shipyard wants to increase its stake in Masa-Yards in the future, but that will not happen sooner than in a year," Szlanta said. He declined to name the value of the transaction, adding final negotiations would probably end in two months. Apart from Gdynia, Masa-Yards investors include a group of the Finnish shipyard's management, suppliers and insurer Sampo, Kvaerner and regular buyers of the shipards vessels - Royal Caribbean. After radical restructuring in he early 1990s Gdynia is now the world's eighth biggest shipyard and through buying into Masa-Yards wants to diversify its production, Szlanta said. In 1998 it bought the bankrupt Gdansk shipyard for 115 million zlotys and had a profit of 100 million zlotys on 1.4 billion zloty ($340 million) sales. Its sales rose to $400 million in 1999 and Szlanta said he expected the figure to grow to $570 million this year. "The market has improved considerably," he said.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Shipbuilding: Vigor Industrial Grows Stronger

Vigor Industrial has ballooned from a modest shipyard in Portland, Oregon, to the largest shipbuilder in the Pacific Northwest and Alaska. Vigor increasingly thinks big and builds big.

Q-Max Floating Dock Launched

On March 21, 2014, senior management from N-KOM and Nakilat attended the launching and naming ceremony of N-KOM’s Q-Max sized floating dock at Hyundai Samho Heavy Industries in South Korea.

US Sens. Kaine and Reed Visit Newport News Shipbuilding

Huntington Ingalls Industries (HII) hosted U.S. Sens. Tim Kaine (D-Va.) and Jack Reed (D-R.I.) Tuesday for a tour of the company's Newport News Shipbuilding division.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators 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: 0.0860 sec (12 req/sec)