Gdynia Shipyard looks to banks for $300 million

The Gdynia Shipyard is in need of $300 million for the construction of 8 shi ps. Currently three are being built without external sources of financing an d the shipyard's negotiations with banks are on-going. To date, the shipyard has been granted governmental guarantees for $150 million and on August 27 t he government is to decide whether to grant the shipyard further guarantees for three ships, and another three in September. However, the guarantees do not seem to be accelerating the negotiations currently in progress with bank s. "I admit that in the aftermath of the problems of the Szczecin Shipyard, banks have adjusted their procedures, which really causes the whole process to take more time. Nevertheless, we are optimistic and hope that we'll recei ve money soon," Gdynia Shipyard spokesperson Miroslaw Piotrowski told Prawo i Gospodarka, adding, "The entire portfolio of orders until 2004 totals 46 s hips and is worth over $1.5 billion." The shipyard's management is hoping th at the guarantees will help stabilize the situation in the yard within 2-3 m onths. (Prawo i Gospodarka, p. 3) A.Z.