Fincantieri Preserves Order Backlog; No Order Cancellations

Maritime Activity Reports, Inc.

November 12, 2020

(Photo: Fincantieri)

(Photo: Fincantieri)

Italy's shipbuilder Fincantieri said on Thursday it had a consistent order backlog and did not get any cancellations from clients, despite a deep crisis of the cruise industry due to the coronavirus pandemic and global travel restrictions.

Fincantieri said core earnings were down to 200 million euros ($235.98 million) in the first nine months of the year from 306 million euros last year but that its total order backlog at end-September was 36.8 billion euros.

"The cruise industry is gradually recovering... and that validates our strategy that has allowed us to preserve our backlog, keeping production visibility up to 2027/2028," said Chief Executive Giuseppe Bono in a statement.

The group added it had a "sound funding capacity", able to support it through the current situation.

($1 = 0.8475 euros)

(Reporting by Elisa Anzolin, editing by Giulia Segreti)

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