Turmoil in East European Yards

A Finnish-Russian ship scrapping joint venture plans to construct a dry dock for ship demolition in St Petersburg. The company, Interferrum-Metall, is also seeking $3m in loans to upgrade its ship scrapping facilities in St Petersburg.

Talks are being held with a German bank, a German investment company, and with the Moscow-based bank Mosbusinessbank. Finnish company Ligorio holds a 51% shareholding in Interferrum-Metall. A huge number of warships from the former USSR’s navy and obsolete Soviet-era merchant ships are awaiting scrapping in the St Petersburg and Russian Arctic region. Some estimates say these vessels could generate 100,000 t of scrap metal. Main customers for scrap are Finnish companies and Russian steel producer Severstal. end

This is only an excerpt of Turmoil in East European Yards

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.