Future of Hellenic Shipyards uncertain

Germany?s ThyssenKrupp is reportedly in talks with the Greek Government about the future of the Hellenic Shipyards. “The shipyard is in a difficult situation since the cancellation of a submarine contract,” Reuters quoted a ThyssenKrupp spokeswoman as saying. She did not confirm rumours that the shipyard would stop paying its 1,200 staff before the end of the month.

ThyssenKrupp has incurred $780 million worth of costs in building four submarines for the Greek Navy, however the contract was scrapped because it did not receive payments. The Greek Navy said that the vessels had numerous technical defects and refused to take delivery of the new submarines.