BARRERAS SHIPYARD INSOLCENY LOOMING: Fincantieri and Meyer Werft interested - Ritz Carlton Yacht and Havila Kystruten particularly affected
c: Ritz Carlton Yacht
If no solution is soon found for the rescue of Spain's largest private shipyard, Ritz Carlton Yacht and Havila Kystruten must look around for a new shipyard for their construction projects.
Despite a backlog of 900 million euros, the North Spanish shipyard is plagued by allegations of corruption, mismanagement and impending bankruptcy.
The prosecutor, Spanish media, investigates the 51% acquisition by the Mexican oil company Pemex.
Since October 3, the shipyard is undergoing a refurbishment process, for which it has a four-month term. If this does not succeed, she must file for bankruptcy.
At the same time, their shareholders (Pemex, Albacora and García Costas) are already negotiating the transfer of shares to the Oaktree Capitalt , which audits Barrera's balance sheets, oversees daily operations and already acts as shipyard owner.
The creditor banks insist on an increase in the share capital of at least 50 million euros.
RITZ CARLTON YACHTS COLLECTIONS
Earlier this month, Ritz-Carlton Yacht Collection has postponed its first voyage due to "delivery and project costs" issues at Spanish shipyard Hijos de J. Barreras, by four months, to June 2020.
Media report that the shipyard has committed serious miscalculations, so the additional costs for the completion of the ships should be 112 million euros.
Whether the second yacht is built on the Barreras shipyard, should depend on whether actually one of the leading shipyards in the cruise segment, Meyer shipyard or Fincantieri, the battered shipyard will take over.
The yachts are measured at 26,500 GT, a total length of 190 m, a width of 23.8 m. It accommodates 298 passengers in 149 elegant suites and 246 crew members. The first yacht will be baptized AZURE.
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Following submission of a pre-competition application to the Commercial Court in Pontevedra, Vigo, on October 3, 2019, Oaktree Capital, new owner of Barrera, will have time until February to ensure the viability of the company. Otherwise, go into bankruptcy.
The specialists at Oaktree Capital are initially analyzing the shipyard accounts, which currently have debts of 20 million euros from subcontractors.
They have promised not to force a bankruptcy petition to complete the pending orders.
OAKTREE PLANTS TO ANNULATE THE AGREEMENT WITH HAVILA KYSTRUTEN.
For months, the work has been suspended on the two cruise ferries that ordered Kystruten from Barreras. Financial difficulties of the shipyard, Subkontrator have put the work down, but even more serious are design flaws. So it turned out that the ships would be too heavy to be on the route Bergen - Kirkenes to be operational.
Havila Kystruten, who had received a ten-year contract from Norway's Ministry of Transport and Communications following a bidding contest to operate coastal traffic between Bergen and Kirkenes from January 2021 onwards with Hurtigruten, has ordered four cruise ferries with hybrid battery propulsion.
Two of the ferries will be delivered to Havila in Spain, two in Turkey, on the Tersan shipyard , scheduled to be built on schedule, and to end in 2020.
By contrast, the two ships being built in Spain are already six months behind schedule.
KYSTRUTEN therefore considers two ferries to charter
Norwegian shipping circles assume that these may be ships of the Hurtigruten. Suitable candidates would have to offer Hurtigruten.
As reported by the Norwegian shipping company in August, the ships MS Trollfjord, MS Finnmarken and MS Midnatsol will gradually be outfitted with battery packs from 2020 onwards.
Starting in 2021, the ships will be in operation year-round on expedition cruises along the Norwegian coast.
Arild Myrvoll, CEO of Havila Kystruten, informed the Ministry of Transport and Communications about the potential delay. According to the contract between Havila and the Ministry, the delayed start-up of the coastal route is considered "grossly negligent" and punishable with a daily fine of NOK 30,000 (EUR 3,000) if it does not commence operations on 1 January 2021 ,
The shipping company Havila, which operates supply vessels in the offshore sector, is highly indebted.
In June 2019, the state Transport Leasing Company GTLK, which is subordinate to the Russian Ministry of Transport, bought the two ships that are being built in Turkey for 171.1 million euros and signed a 10-year leasing contract with Havila Kystruten.
This is the first time that GTLK has signed a cross-border leasing agreement for ships. The leasing company is a heavyweight in aircraft leasing.
The transaction was handled by the Irish subsidiary of GTLK, which thus acts as the owner of the two ships built in Turkey. Ships will be delivered to Havila by the end of 2020 with the Norwegian flag.
The monthly leasing fees are covered by the contract with the Norwegian Ministry of Transport and Communications.
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