Skaramanga Workers Favor HDW/FS Bid

Thursday, August 09, 2001
Greece's Skaramanga shipyard workers are in favor of a Hoawaldtswerke Deutsche Werft-Ferrostaal (HDW/FS) offer to buy out 100 percent of the shipyard for 1.5 billion drachmas ($3.8 million), a shipyard executive said. George Kontakis, vice president of Skaramanga shipyards and representative of the 49 percent stake owned by its workers, said the union's approval was unanimous. "The union's board decided unanimously (in favor), as ETBA Bank did, and announced HDW/FS as the highest bidder for the sale of 100 percent of the shipyard," Kontakis said. Earlier this week ETBA Bank, which holds a 51 percent stake in Skaramanga shipyards, said Germany's HDW/FS was the highest bidder and that its senior management would start negotiations with the German joint venture for an improvement of its offer. He said HDW/FS is expected to proceed with a 3.0 billion drachma capital increase for the Greek shipyard to fund operating costs. Kontakis said besides the 1.5 billion drachmas paid for 100 percent of the shipyard, the German shipyard will assume Skaramanga's estimated losses of 11.5 billion drachmas this year and finance a three-year 8-10 billion drachma investment program. "HDW/FS' complete offer exceeds 40 billion drachmas ($104 million)," he said, adding that the German joint venture will also provide technical know-how. Staff will be reduced from 2,000 to 1,400 via a voluntary redundancy program. Based on an agreement with the Greek government, Skaramanga workers will get back from the state a sum of 1.5 billion drachmas which was their cash participation in the shipyard's last capital increase, Kontakis said. Negotiations between Greece and HDW/FS are expected to be completed in the next two months, the government has said. - (Reuters)

Maritime Today


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

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

Shipbuilding

NASSCO Delivers First ECO Class Tanker for SEA-Vista

On Thursday, April 28, 2016, General Dynamics NASSCO delivered the first ship in a series of three ECO Class tankers currently under construction for SEA-Vista LLC.

Crowley to Christen 3rd LNG-ready Product Tanker

Crowley Maritime Corp. announced it will hold a christening ceremony Thursday, May 5 in New Orleans for the newly built Louisiana, the company’s third of four new Jones Act product tankers.

Harley Marine Orders Two Harbor Tugs

Harley Marine Services announced the construction of two new ship handling vessels to be built at Diversified Marine in Portland, Ore. The two tugs are sister class

Tanker Trends

NASSCO Delivers First ECO Class Tanker for SEA-Vista

On Thursday, April 28, 2016, General Dynamics NASSCO delivered the first ship in a series of three ECO Class tankers currently under construction for SEA-Vista LLC.

Crowley to Christen 3rd LNG-ready Product Tanker

Crowley Maritime Corp. announced it will hold a christening ceremony Thursday, May 5 in New Orleans for the newly built Louisiana, the company’s third of four new Jones Act product tankers.

Venezuelan Crude Sales to US Fell 8% in April

Venezuelan crude sales to the United States declined 8.3 percent in April to 734,700 barrels per day (bpd) compared with the same month of 2015, amid delays at PDVSA's main ports,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.0731 sec (14 req/sec)