Yards regroup and consolidate

Finland`s main shipyards have been busy with corporate changes as well as with newbuildings.

Kvaerner ASA plans to reduce its debt burden by raising a reported NKr2.5 billion ($39.28 million) through the sale of newbuilding debt owed to it by shipowners, to third parties. A spokesman described it as a type of bond issue or secured note, which would appeal to institutional investors who would otherwise invest in fixed income securities.

The company confirmed that the newbuildings involved are all three of the Eagle series cruise ships for RCCL at Kvaerner Masa-Yards. The plan is for a single financial structure with roll-over options. It would start with the first Eagle ship, then could link into the second vessel at a later date, and then the third, a spokesman explains.

The Norwegian-based Aker Maritime Group ASA now wholely owns Finnyards shipyard at Rauma, on the southwest coast of Finland. Aker had originally owned 60 per cent of the shares in the yard, and then bought the remaining 40 per cent from FY-Industries, Optiomi Ltd, and the Finnish State.

A further development in December last year saw the establishment of an international shipbuilding group comprising Aker Finnyards, Aker MTW, Wismar, Germany and two Norwegian shipyard groups Brattvaag and Langsten. The new company, to be called Aker Yards will be owned 51 per cent by Aker RGI and 49 per cent by Aker Maritime, and will be set up during this year, at the same time the remaining shares in Aker Finnyards will be purchased.