Gdynia shipyard still finding it tough to win investors

According to Rzeczpospolita, other private shareholders might decide to make a similar move as they do not see any other way of "quitting" the investment. Kredyt Bank has also been examining whether to grant a $91 million loan to the shipyard, which would be dependent on partial state guarantees. According to SG financial shareholders, its restructuring plan is based on optimistic assumptions that all contracts would be profitable. However, the safe profitability level amounts to the production level of 430,000 CGT, which is 10% more than assumed in the restructuring program. Moreover, the shipyard is only using 60% of its capacity and after further restructuring the number will drop to 30%. This means that it would only produce low profit simpler vessels, which gives it lower chances of successful restructuring. (Rzeczpospolita, pp. A1, B3) M.M.