State guarantees approved for completion of ships at 3. Maj shipyard

NEWS 09.03.2022 20:36
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Brodogradilište 3. maj
Source: Goran Kovacic/PIXSELL

The Croatian government on Wednesday approved a state guarantee for Rijeka's 3. Maj shipyard to take out a 90 million kuna loan to cover the increased costs of shipbuilding for the vessels already under construction.

Minister of Economy and Sustainable Development Tomislav Coric said the ministry had received the application for a guarantee in January after market disruptions caused by the coronavirus crisis had resulted in a delay in the delivery of paint, which in turn affected the finishing work on a ship which was due for delivery on 14 March.

The construction of that vessel will cause a loss of US$4 million, which is why the shipyard needs an additional 33.8 million kuna.

Coric said the most important financial contribution was expected from the vessel, hull no. 514, for which the contract was signed on 15 December 2021 between the government and Pythagoras Shipping Company Ltd., Marshall Islands as the buyer and Neptune Lines as the tenderer.

Delivery is scheduled for 2 June, but additional funding is needed to complete this vessel as well, Coric said.

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