Gdynia and Szczecin shipyards gear up for sector consolidation next year

Shipyards Stocznia Szczecinska belonging to Grupa Porta Holding and Grupa Stoczni Gdynia are preparing for consolidating processes expected in the sector next year. State Treasury plans to finish the privatization of overhaul facility Gdanska Stocznia Remontowa (GSR) between the first and second quarters of 2001, as only two bidders are interested. The company recorded net profit of zl.10 million this year. Next year the Treasury plans to privatize ship-engine maker H. Cegielski Poznan. "We do not exclude taking part in privatization of Cegielski along with Stocznia Szczecinska. We are interested in a part of GSR and Finnish shipyards Masa Yards belonging to Kvaerner," said Grupa Stoczni Gdynia spokesman Miroslaw Piotrowski. He added that the company would debut on the Warsaw Stock Exchange (WSE) and planned to record better financial results than in the previous year. "At present we have 80 ships contracted and slated until 2004, with the value of the contracts exceeding $2.5 billion," said Piotrowski. Stocznia Szczecinska has a $1.25 billion portfolio of 35 ships, but with completion dates before mid-2002. Stocznia Sczecinska management board member Marek Talasiewicz revealed that the company plans to sell some of its subsidiaries and buy new ones in next year. (Puls Biznesu, p.4) M.M.