Ship&Offshore | Ausgabe 10/2024
Crisis averted at Meyer Werft
Bailout | The German Government and the state of Lower Saxony have stepped in to rescue the 225-year-old shipbuilder, Meyer Werft, which has teetered on the edge of collapse in recent weeks. Despite an order book worth around EUR 11 billion and work extending until 2031, the company had run out of cash. The crisis was blamed on the consequences of the pandemic, Russia’s war against Ukraine, and soaring commodity prices. Another factor has been weak predelivery instalment schedules on cruise vessels with long construction periods....