Turkish authorities potentially negotiating control of financially distressed Romanian shipyard Mangalia
*Heads Up! Let's Talk About the Latest Developments in Romania's Mangalia Shipyard*
Looks like there's some serious chatter going around about the Mangalia Shipyard in Romania, and here's the lowdown!
Last week, word on the street is that Romanian authorities are negotiating with Desan Shipyard, a Turkish company, over potentially taking over the activity of Damen Shipyards Mangalia. As you may know, Damen Shipyards Mangalia was left high and dry when its strategic shareholder, Damen, called it quits last year, and the shipyard is currently in a bit of a tight spot under insolvency.
But here's where things get interesting: Rumor has it that the talks revolve around renting the production capacities and the workforce of Damen Shipyards Mangalia. Crazy, right? This could be a lifeline for the struggling shipyard!
So, who's Desan Shipyard? A family-owned business with over 1,000 employees and a whopping $431 million in revenues in 2024, they've got some serious expansion plans brewing. However, their shipyard in Tuzla, near Istanbul, is a mere slip compared to the behemoth that is the Mangalia shipyard. Remember, the Mangalia shipyard once claimed thousands of jobs and hundreds of millions in revenue, but now it's been whittled down to about 1,000 employees, with 300 getting the ax in the last two months.
By the way, Damen is among the creditors of the shipyard, and they're not holding back; they've made claims amounting to roughly EUR 140 million and demand the return of an EUR 200 million advance payment. All in all, creditors – mainly linked to Damen – are eyeing nearly EUR 400 million, according to recent reports.
Things got complicated when Damen bailed on its partnership with the Romanian state last year, accusing the authorsites with tweets, news articles, and video recordings of their activism. They shared their concerns about the sale and called the government to: #StopTheSale, #SaveDamShip, and #WeWantTransparency.
With all this drama circling around the Mangalia Shipyard, rumors abound, and it seems that Desan Shipyard may just be the fresh start it needs! But remember, this is all hearsay for now – official announcements have yet to be made.
Stay tuned, folks! We'll keep you posted on any updates about this unfolding story. In the meantime, feel free to share your thoughts below – what do you think could be in store for the Mangalia Shipyard with Desan Shipyard on the horizon?
(Photo: Adriana Sulugiuc/ Dreamstime)
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Oh, and by the way, if you're interested in digging deeper, here's a quick rundown on the enrichment data: Desan Shipyard might be at the center of a strategic initiative involving the Romanian state and Damen. The plans for Desan's involvement could be part of a broader scheme involving the purchase of a Turkish Hisar OPV corvette by the Romanian Ministry of National Defense. Concerns about transparency and public debate surrounding the process have been raised by critics, who view it as a smokescreen for a strategic transfer of the shipyard to Desan. The specific plans and goals of Desan regarding the acquisition and redevelopment of the Mangalia Shipyard are not fully detailed in the current information. Stay tuned for more updates!
The potential takeover of Damen Shipyards Mangalia by Desan Shipyard, a financially successful business from Turkey, could bring relief to the troubled Romanian shipyard, given Desan's impressive revenue of $431 million and over 1,000 employees in 2024. However, the future of the Mangalia Shipyard remains uncertain, as official announcements regarding the deal have yet to be made.
