New hope for insolvent German yard group

German reports said three binding offers for the purchase of Peene-Werft in Wolgast, the smaller and more viable of the group’s two yards, were now under scrutiny by receivers. They have said they hope to clinch a sale by the end of this month.

No details of bids have been officially revealed yet, but German media reports mention Lürssen-Werft in Bremen, the Abu-Dhabi-Mar group and the Tamsen Maritim shipyard in Rostock. Private luxury yacht newbuilding features high in their portfolios, also naval and repair work.

Lürssen groups several small yards including Kröger Werft and Rolandwerft and some time ago put in an unsuccessful bid for Blohm + Voss Repair, also a yacht builder. ADM-Nobiskrug in Rendsburg is currently also reported interested in insolvent Kiel repair yard Lindenau.

Peene-Werft, which has not been involved with yachts, is completing two 52m patrol boats still left from an order for four for the Swedish Coast Guard. They are for delivery in February and April. It is also busy with naval overhaul until April by which time the last of four 100.6m German Navy supply tenders will have left after nine-month refits.

There is meanwhile also new hope for survival at big sister Volkswerft in Stralsund There is still no sign of new investors or buyers there, but an operating company is being created this month to complete renegotiated ships already under build but long overdue.

Two special 195.2m special ro-ro transporters with MAN-Diesel 8S 40 ME-B9 propulsion, cancelled in September but in an advanced stage of construction, are now to be completed for DFDS under a new deal. Cash guarantees totalling €43.5 million are reportedly being provided.

Two 169.5m, 20.5 knot ro-pax ferries with MaK 9 M 32 C engines, also nearly finished but with technical problems, will presumably also be finished despite cancellation by Scandlines. One of five supply-container ships for Royal Arctic Lines will reportedly also be completed.