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Croatian Government News

20 Sep 2019

Algoma Acquires Croatian-Built Vessel

Canadaian provider of marine transportation services Algoma Central Corporation has reached an agreement with 3Maj Brodogradiliste of Croatia under which Algoma will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier upon completion of the vessel by the Shipyard.The vessel, the second of two such ships that were to be built by 3Maj for the Company, is partially built and moored at the 3Maj shipyard in Rijeka. Work on the vessel was halted in 2017 when the Shipyard entered an extended period of financial difficulties.Algoma took delivery of the Algoma Innovator, a sister ship and the first ship built under a two-vessel contract, near the beginning of the 2018 navigation season.

22 Aug 2019

Croatia Gives State Guarantee to Keep Shipyard Afloat

AdobeStock/  © Burnel 11

The Croatian government said on Thursday it would guarantee loans of up to 150 million kuna ($23 million) to keep one of the country's biggest shipyards afloat and give it time to find a strategic long-term partner.The 3.Maj shipyard in the northern Adriatic port of Rijeka is owned by Croatia's biggest shipbuilding group Uljanik whose other shipyard in the port of Pula has already been placed into bankruptcy procedure.Under EU state aid rules, the government cannot provide financial…

01 Aug 2019

Croatia moves to Boost Troubled Rijeka yard

The Croatian government said on Thursday it would help a troubled shipyard owned by Uljanik , the country's largest shipbuilder, resume production.The government, which owns a 25% stake in Uljanik, said in March that it would not back a proposed restructuring plan for the group due to the financial burden it would place on the state.However, Prime Minister Andrej Plenkovic said on Thursday that the government was willing to support 3.Maj, which is located in the northern Adriatic port of Rijeka and is one of the group's two shipyards, because it did not have as big a debt burden."Unlike Uljanik, the 3.Maj is not an overly indebted company and there is an interest in the construction of new ships…

29 Apr 2019

Chinese Shipbuilder Mulls Croatia Yard Investment

A delegation from a leading Chinese shipbuilding company has arrived in Croatia for talks about a possible investment in the country's largest shipbuilder Uljanik, which is struggling to avoid bankruptcy.Officials from the China Shipbuilding Industry Corporation (CSIC) met Croatia's Prime Minister Andrej Plenkovic and his economic team on Monday and will visit Uljanik's docks in the northern Adriatic later this week."After the visit to the docks we will give full and serious consideration to this matter," CSIC's Chief Executive Hu Wenming told reporters. He said the delegation included lawyers and investment bankers to advise on any investment.Uljanik…

28 Mar 2019

Croatia Won't Back Shipyard as Bankruptcy Looms

File Image: AdobeStock / © Burnel11

The Croatian government said on Thursday it would not back a restructuring plan for the country's biggest shipbuilding group Uljanik due to the financial burden on the state and doubts the proposal could turn the company's fortunes around.If no other restructuring plan emerges soon, a local commercial court will deliver a ruling on bankruptcy within weeks, threatening the jobs of almost 3000 workers.Prime Minister Andrej Plenkovic told a cabinet session that the proposed restructuring…

17 Jan 2019

Troubled Shipbuilder Uljanik Draws Investor Interest

© lexlero / Adobe Stock

Croatia's largest shipbuilder Uljanik, which is trying to attract investors to stay afloat, extended a due diligence process until late next week after drawing the interest of potential strategic partners.Croatia's Economy Minister Darko Horvat said four potential investors were looking at Uljanik's business data and another company was also interested, but did not elaborate."I expect at least two serious offers for Uljanik at the end of this process which would then prevent its bankruptcy…

10 May 2018

Croatia Acts to Cut Red Tape for FSRU Terminal Project

© Wojciech Wrzesien / Adobe Stock

The Croatian government proposed a special law on Thursday to facilitate the construction of an EU-backed liquefied natural gas (LNG) terminal in the northern Adriatic.The floating terminal is expected to start operations in 2020.The European Union wants the facility to help diversify sources of supply and reduce dependence on Russian gas, most notably for countries in central Europe.Brussels will invest 101.4 million euros ($121 million), or 28 percent of the project's assessed value.The law…

03 Mar 2016

Croatia May Choose FLNG Terminal

According to Reuters, Croatia may decide to construct a floating LNG (FLNG) vessel for the northern Adriatic – as opposed to an onshore liquefaction plant – in order to begin operations sooner. At the moment, it is unclear what would become of the plans for a land-based terminal on the northern Adriatic island, Krk. So far, seven non-binding bids from both industrial and financial investors have been made for the onshore project. Croatian First Deputy Prime Minister Tomislav Karamarko met in Zagreb with Amos J. Hochstein, the special envoy and coordinator for international energy issues at the US State Department, reports tportal.hr on March 2, 2016.

21 Jul 2015

Croatia Seeks Investors to Develop Adriatic LNG Terminal

Croatia's power utility HEP and gas transmission system operator Plinacro on Tuesday invited investors to express interest in building a liquefied natural gas (LNG) terminal in the northern Adriatic, part of the country's drive for energy independence. The terminal on the island of Krk is also part of Europe's wider efforts to reduce its reliance on Russian energy supplies and has gained new importance following the cancellation of the South Stream project. It is aimed at receiving, storing and re-gasifying LNG, with a nominal capacity of 6 billion cubic metres. HEP and Plinacro, in a joint venture named LNG Croatia, said potential investors should submit their letters of interest for joining the project as soon as possible.

05 Oct 1999

Croatian Shipyard Delivers Oil Tanker To Doria Shipping

3.Maj Brodogradilište (MAJ), of Rijeka Croatia, delivered the first oil tanker of a series of four to Doria Shipping. In March, 1997 3.MAJ was contracted to build four 71,345-dwt oil tankers for $150 million. With the financing help of Merrill Lynch International of London, and the full support of the Croatian government, the company successfully in finalizing this order. Built for the transportation of crude oil and oil products, M/T Margara, has five pairs of cargo and one pair of slop tanks. Double sides were applied in fuel tanks, for the vessel's compliance with all international environmental requirements.

09 Mar 2000

3.MAJ Delivers Innovative Tanker

Croatian-based shipyard, 3.MAJ Brodogradilište, delivered the first of a contracted four-part tanker series this past August. Named M/T Margara, the 71,345-tdw oil tanker was constructed for Monte Carlo based owners subsidiary Doria Shipping Co., registered in Valetta, Malta. The $150 million contract for the vessels' construction was signed in March 1997, with a term loan facility arranged by Merrill Lynch Intl. of London, who provided financing during construction. The Croatian Government, who arranged for a counter bank guarantee to be obtained from Croatian Bank for Reconstruction and Development, provided additional assistance. The Maltese-flagged, ABS-classed vessel, which is intended for transportation of crude oil and oil products, measures 750 ft. (228.5 m) with a gt of 40,705.