Rescue package takes shape for yard group

Tom Todd writes: Latest reports said the some 2,000 employees at P&S yards Volkswerft in Stralsund and Peene-Werft in Wolgast were offering to contribute about €68 million by giving up various wage and overtime payments in return for job guarantees.

Following talks with Mecklenburg-Vorpommern (MV) state economics minister Harry Glawe, who is trying to put together the rescue package, P&S supply firms were also said to be willing to put up €12-20 million.

A further €109 million in private investment capital was reportedly being sought as a precondition for EU approval of additional cash help from the MV government totalling €182 million.

P&S head Dieter Brammertz said all those who were supporting the group had gone “beyond the call of duty”. He repeated that the yards were strong with orders worth more than €1 billion on their books and a workload until mid next year.

Just this month P&S delivered the first of four 52m Swedish Coast Guard newbuilds and laid the keel for the first of five special Arctic cargo/supply ships.

However it is still not known when P&S will deliver the two ferry newbuildings Berlin and Copenhagen to Scandlines and some reports are now speculating that delivery this year may be in question. The ships are seriously delayed and hefty penalty payments are likely. Scandlines has chartered in replacement tonnage and spoken of high additional costs.