New Szczecin Shipyard signs major contract

The New Szczecin Shipyard (SSN) has signed a $300 million contract with Norwegian concern Odfjell to build six chemical tankers. The ships should by delivered by 2006. Part of the finance to cover construction should be secured from Bank Pekao SA, but SSN management is also holding talks with other banks, including Bank Handlowy, BRE Bank as well as BPH-PBK. After only several months of operation, SSN has been commissioned to build 26 ships with a total value of $950 million. According to Andrzej Zarnoch, SSN marketing director, if the shipyard signed contracts worth approximately $90 million, its portfolio of orders would be practically full until 2006. The President of the Industrial Development Agency (ARP) Arkadiusz Krezel does not exclude seeking a sector or financial investor for the shipyard, which could facilitate SSN's restructuring process. The ARP holds more than a 90% stake in SSN. (Prawo i Gospodarka, p. 5) A.Z.