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“If owners can’t secure financing, there’s
nothing for us to do.” “Tat’s where we’re at.” Spanish yards are facing tough competition,
particularly from facilities in the Middle East and the Far East which benefit from lower labour costs and currency exchange rates. Te strength of the euro against the dollar
has proved a stumbling block in many negotiations. “Te international market works in dollars,
One stark example: Galician yards, which
but our costs are in euros,” the manager said. “Tis means that we have to make payments in euros, which is currently strong, while getting paid in dollars, which is weak.” “To complicate matters even further, the
price of steel for ships has not gone down despite the crisis.” “Ultimately, the present situation has become about survival.”
INDUSTRIE COMETTO S.p.a.
www.sec-bremen.de
Cancellations Te prospect of cancellations has also sent shockwaves through the sector and that cracks have started to appear in the current orderbook.
VIA CUNEO, 20 12011 BORGO S.DALMAZZO - CN - ITALY TEL. +39.0171.263300 TELEFAX +39.0171.266335
http://www.cometto.com E-mail:
cometto@cometto.com
SEC_183x125_advertentieV2.indd 3
account for half of the Spanish shipbuilding sector in tonnage terms, have lost some €300million as a result of cancellations on various orders, including some where the construction work was already well advanced. The difficult circumstances raise the
prospect of yard closure in the coming months and at least three important auxiliary firms that depend on shipbuilding for work have temporarily laid off workers to ease the strain. Industry sources say the difficulties arise
because owners simply have not got the money to meet payments. “Teir access to credit is restricted, they
can’t obtain financing and they pounce on the shortest of delays in delivery schedules to opt out of contracts,” said a spokesman for Aclunaga, the Galician Maritime Cluster, which brings together companies active in the shipbuilding sector. Another stark example: In the Ria de Vigo,
to cancel an order for two seismic vessels due to timetable delays. Tese two ships would have represented income of €200million for the Vigo yard. Te yard is taking legal action over the
contract with the Norwegian company and is seeking damages for the cancellation. It is also discussing the sale of the two vessels and is confident that the impasse will be resolved in the short term, even though ship prices have dropped by 35% since the order was placed. Vulcano’s fortunes also affect its subsidiary
yard in Asturia, Factorias Juliana, which faced bankruptcy and closure. Te sale of the seismic ships would allow
for a cash injection that would bring Juliana, which is working on a cement carrier, back from the brink of liquidation and appease impatient creditors. Another Vigo yard, M Cies, is also in
home to most of Galicia’s shipyards, owners have cancelled three orders. Factoría Vulcano, for example, was hit hard by Norway’s Petroleum Geo Services’ decision
difficulties over a cancelled passenger ship order. Te cancellation has created “a total lack of liquidity”, one yard official said, despite an orderbook that in theory should keep the yard busy until 2011.
14-08-2008 14:22:32
The Naval Architect November 2009 NA Sept 08 -
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