PH pooh-poohs potential as SSN opts to alter ship building financing system

The New Szczecin Shipyard (SSN), created out of the assets of bankrupt Porta Holding (PH), plans to withdraw gradually from the financing of ship construction, which is currently based on state guarantees. "In the middle of 2002, when we commenced our activities, we were receiving budget guarantees separately for each vessel, reaching zł.1.1 billion," Andrzej Stachura, SSN's president revealed. However, since then things have changed. "Currently [the sum] amounts to zł.800 million with the figure [set to fall] to below zł.700 million by August," he continued. The company is slowly switching to guarantees for a series of ships and not for separate units. Stachura also wishes to accumulate all production-related financial means in one pool, which he believes will lower costs. PH’ management, though, is skeptical of SSN’s potential market success, describing it as having a bad product portfolio. (Puls Biznesu, pp. 1, 9) M.M.