Bidders announced for Polish yards

Aker Yards of Norway is reported to be among the bidders for Poland’s cash-stretched shipyards. The yards have been given a deadline, extended to 12 September, to come up with a privatisation scheme which is acceptable to the Polish treasury, or pay back government subsidies amounting to several billions of euros.

The other companies that have expressed interest in acquiring the Gdynia, Szczecin and Gdansk shipyards include: from the Middle East, Abu Dhabi Investment Authority; Emirates Trading Agency; and Fortis, representing the Kuwait royal family; From India, ABG Shipyard and Larsen & Toubro; and also: an alliance between CMA Ships and Samsung; Eurus Capital (representing Eastern Europe financial interests) and US investment group Turtle Bay.

There are fears that the yards are now so short of money that they will be unable to even pay their employees.