Meyer Werft, Finland Plan to Buy STX Shipyard

Posted by Eric Haun
Monday, June 30, 2014
STX Europe's Turku shipyard in southwest Finland specializes in building post-Panama class cruise vessels. (Photo courtesy of STX Europe)

Germany's closely held Meyer Werft and the Finnish government are nearing a deal to buy the Turku shipyard in southwestern Finland from STX Europe , the Finnish economy ministry said on Monday.

STX Europe belongs to Korean STX. The Turku shipyard specialises in building cruise ships and has suffered from a lack of orders in recent years. STX said last year it was looking to sell some of its shipyards.

Finland's government in 2012 faced heavy criticism for not providing a loan to the shipyard, which contributed to its loss of a 1 billion euro ($1.4 billion) order for cruise ships along with hundreds of potential jobs.

"The buyer consortium has reached preliminary understanding with the Korean seller about the conditions of the sale," the ministry said in a statement, but added there are still several open questions.

The parties hope to announce an agreement by the end of next week, the ministry said.

($1 = 0.7331 Euros)

(Reporting by Sakari Suoninen, editing by David Evans)

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

There’s Still Time for SHIPPINGInsight Award Entries

Entry submissions for the first SHIPPINGInsight Award are due Friday, Aug. 1, but organizers said they will continue to accept nominations through following week to provide some extra time.

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

Shipbuilding

ATB Barge Project for Murray & Associates

Murray & Associates, LLC has been commissioned to deliver a comprehensive design package for an 185,000 BBL Chemical Tank Barge new construction project. The

Gladding-Hearn Builds New Boat for Delaware Pilots

The Delaware pilots association has ordered its third pilot boat of the popular Chesapeake class from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery

Burger Boat to Build New Passenger Vessel

Burger Boat Company announced that it has received a contract for the construction of an 89-foot (27-meter) steel passenger vessel for Wendella Sightseeing Company, Chicago, Ill.

Ship Repair & Conversion

Joint Project Studies Condition-based Engine Monitoring

Classification society ClassNK announced that it will participate in a joint project together with Mitsui Engineering & Shipbuilding Co., Ltd. and MES Technoservice Co.

Bollinger Fourchon: 13 Years Without a Lost Time Accident

Bollinger Shipyards, Inc. announced that their Bollinger Fourchon, L.L.C. facility has worked 13 years without a lost time accident. Building on a philosophy that starts at the top,

Combat Cold Corrosion via Condition Monitoring

Parker Kittiwake explains why frequent condition monitoring is the most effective measure in combating the recent cold corrosion phenomenon The recent trend in

Cruise Ship Trends

Burger Boat to Build New Passenger Vessel

Burger Boat Company announced that it has received a contract for the construction of an 89-foot (27-meter) steel passenger vessel for Wendella Sightseeing Company, Chicago, Ill.

Holland America Line Offers ‘Explore 4’ Early Booking

Holland America Line knows the trend for savvy travelers is to book vacations well in advance. To encourage those early bookings the line is returning with its

Fred. Olsen's ‘Poison, Murder & Mystery Cruise’

Fred. Olsen Cruise Lines is proud to introduce a very unique cruise experience for Summer 2015, aboard its 880-guest ship Boudicca, the like of which guests

Finance

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

Egypt Buys 175,000mt of Russian Wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept.

USACE Gets Bird’s-eye View of Houston Ship Channel Growth

The 53rd U.S. Army Chief of Engineers and Commanding General of the U.S. Army Corps of Engineers, Lt. Gen. Thomas P. Bostick, visited the Port of Houston Authority

News

Top Ships Enters 3 New Charters

TOP Ships Inc., an international owner and operator of modern, fuel efficient "ECO" MR tanker vessels focusing on the transportation of petroleum products, announced

ATB Barge Project for Murray & Associates

Murray & Associates, LLC has been commissioned to deliver a comprehensive design package for an 185,000 BBL Chemical Tank Barge new construction project. The

Gladding-Hearn Builds New Boat for Delaware Pilots

The Delaware pilots association has ordered its third pilot boat of the popular Chesapeake class from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery

Government Update

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

China Evacuates Workers in Libya to Malta

China has evacuated several hundred workers from Libya and is taking them by ship to Malta, the head of the Malta Civil Service, Mario Cutajar, said on Wednesday.

US Blacklists North Korean Shipping Firms

The United States on Wednesday blacklisted two North Korean shipping firms, Chongchongang Shipping and Ocean Maritime Management, following a similar move by the United Nations.

Mergers & Acquisitions

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

Rohr Dredge Continues European Expansion

Rohr International Dredge Holdings, Inc. announced that it acquired Eurl Rohr France, including its current backlog, inventory and all associated intellectual property (IPR), on July 23, 2014.

Total Sells ts Coal Mining Assets to Exxaro

Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa.

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1880 sec (5 req/sec)