Gdynia seen as lead bidder in Gdansk Shipyard tender
Two bidders placed offers for the bankrupt shipyard, which is currently in receivership: Gdynia and a consortium consisting of Szczecin Shipyard and Gdanska Stocznia Remontowa. A third group - the Ship Building Consortium (KBO), which was backed by private TV station Polsat owner Zygmunt Solorz - had expressed interest but was unable to put together the funds to bid.
"Gdynia submitted the most interesting offer," a source close to the deal told the Business Journal. "While the other bidder is rather exotic."
Labor Minister Longin Komolowski patched together the Szczecin Shipyard and Gdanska Stocznia team, and observers have questioned whether the two companies are really interested in the Gdansk Shipyard.
The management of Szczecin Shipyard also seemed to be a little unclear as to whether it wanted to buy Gdansk or not. The company refused to discuss what it intended to do with Gdansk if it won the tender.
"We will do it when the offers are officially opened by the receiver," said Wojciech Sobecki, press spokesman for Szczecin Shipyard.
Szczecin is a profitable shipbuilding outfit. Last year it reported revenue of $560 million and a net profit of $4 million.
The struggling Gdansk Shipyard was forced to shut down last year when Bank Pekao refused to lend the company the $100 million it needed to complete an order for five vessels for German shipping company Schoeller. That finally pushed Gdansk, which had zl. 655 million ($189.85 million) in accumulated debts at the end of April this year, into bankruptcy. Bids for the shipyard are expected to be less than the accumulated debt.
While the Szczecin consortium seems a little unclear on what it plans to do with Gdansk, Gdynia sees the company as an integral part of its shipbuilding future. Gdynia, which in 1997 reported revenue of $306.2 million and a net profit of $16.2 million, wants to expand its business and within the next five to seven years pull in revenue of $1 billion annually.
Janusz Szlanta, president of Gdynia Shipyard, said that the two yards could offer complementary products. Gdynia, for example, could build large vessels of up to 400,000 tons, while Gdansk would construct smaller ships of up to 50,000 tons.
He also said that Gdansk would help Gdynia substantially grow its business.
"The shipbuilding industry will be macro-economically justified for the next five to 10 years," he said. "We want to use this opportunity and to build our strong position."
In its restructuring plan for Gdansk, Gdynia plans to sell off several of the company's assets and slice away some of its 3,500-4,000 employees in the next four to five years.
Szlanta refused, however, to reveal how much his company is willing to pay for Gdansk.
"Gdynia submitted the most interesting offer," a source close to the deal told the Business Journal. "While the other bidder is rather exotic."
Labor Minister Longin Komolowski patched together the Szczecin Shipyard and Gdanska Stocznia team, and observers have questioned whether the two companies are really interested in the Gdansk Shipyard.
The management of Szczecin Shipyard also seemed to be a little unclear as to whether it wanted to buy Gdansk or not. The company refused to discuss what it intended to do with Gdansk if it won the tender.
"We will do it when the offers are officially opened by the receiver," said Wojciech Sobecki, press spokesman for Szczecin Shipyard.
Szczecin is a profitable shipbuilding outfit. Last year it reported revenue of $560 million and a net profit of $4 million.
The struggling Gdansk Shipyard was forced to shut down last year when Bank Pekao refused to lend the company the $100 million it needed to complete an order for five vessels for German shipping company Schoeller. That finally pushed Gdansk, which had zl. 655 million ($189.85 million) in accumulated debts at the end of April this year, into bankruptcy. Bids for the shipyard are expected to be less than the accumulated debt.
While the Szczecin consortium seems a little unclear on what it plans to do with Gdansk, Gdynia sees the company as an integral part of its shipbuilding future. Gdynia, which in 1997 reported revenue of $306.2 million and a net profit of $16.2 million, wants to expand its business and within the next five to seven years pull in revenue of $1 billion annually.
Janusz Szlanta, president of Gdynia Shipyard, said that the two yards could offer complementary products. Gdynia, for example, could build large vessels of up to 400,000 tons, while Gdansk would construct smaller ships of up to 50,000 tons.
He also said that Gdansk would help Gdynia substantially grow its business.
"The shipbuilding industry will be macro-economically justified for the next five to 10 years," he said. "We want to use this opportunity and to build our strong position."
In its restructuring plan for Gdansk, Gdynia plans to sell off several of the company's assets and slice away some of its 3,500-4,000 employees in the next four to five years.
Szlanta refused, however, to reveal how much his company is willing to pay for Gdansk.
