SSN ready to build four new ships, Gdynia shipyard gets guarantees

Deputy Economy Minister Maciej Lesny announced that the government will grant the Gdynia Shipyard guarantees for $93 million. "After receiving this good news we are suspending our protest plans," said Solidarity and the National Trade Union Alliance (OPZZ) representatives. Thanks to the guarantees the shipyard should be able to pay its liabilities to suppliers and other parties, which now top almost zl. 400 million. Lesny added that the Industry Development Agency (ARP) will increase the capital of the New Szczecin Shipyard (SSN) by zl. 60 million in cash. ARP president, Arkadiusz Krezel told Rzeczpospolita that so far SSN has received state guarantees totalling zl. 330 million to construct three ships. Loans to finance the construction of four ships for a German ship owner will be granted by Bank Handlowy and PKO BP. Currently SSN's capital is estimated at zl. 3 million. In several months, SSN has to be financially ready to purchase from the receiver of the bankrupt Szczecin Shipyard and Porta Holding production assets necessary to build the ships. (Rzeczpospolita, p. B5) A.Z.