Turkish Desan allegedly engaged in negotiations to oversee troubled Romanian shipyard Mangalia
Fresh Take:
It's being whispered in the maritime industry that Romania's troubled Damen Shipyards Mangalia, abandoned by Damen last year, could be scooped up by Turkey's Desan Shipyard. This juicy tidbit comes courtesy of Replica Online.
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Last week, Economy Minister Bogdan Ivan noted advanced negotiations between the Government and a misterious investor keen on leasing the Damen Shipyards Mangalia's employees and facilities, without revealing any details.
This proposed arrangement would serve as a transitional solution for Mangalia Shipyards, currently faltering after losing Damen's 49% stake.
Desan Shipyard, a Turkish family business with over 1,000 employees, $431 million in 2024 revenues, and expansion dreams as big as the Black Sea, could be the investor in question. However, their shipyard in Tuzla, Istanbul, pales in comparison to Mangalia's gargantuan facility.
Once a powerhouse with over 1,500 employees and a business value north of hundreds of millions, Mangalia Shipyards now clings to its former glory with around 1,000 workers, technically unemployed since their employer's fall from grace. Almost 300 workers have been axed in the past couple of months.
Damen, one of Mangalia's creditors, claims 140 million euros from the shipyard and seeks the return of an advance payment worth 200 million euros, according to Profit's insolvency report from last December. In total, creditors, ranging from 147 institutions and companies mainly linked to Damen, have lodged claims totaling almost 400 million euros, as outlined in the preliminary insolvency report reviewed by Europa Libera.
Damen severed ties with Romanian authorities last year, accusing them of breaching the contract.
Insights:
Desan Shipyard, located in the vibrant shipbuilding heart of Turkey, specializes in ship repair and shipbuilding [1][2].
Damen Shipyards, lauded for its eco-friendly and innovative shipbuilding practices, is among the major players in the global shipbuilding industry, though no specific news about Desan's acquisition plans concerning Damen Shipyards Mangalia is available [4].
- The potential buyer for Romania's troubled Damen Shipyards Mangalia, currently in insolvency, might be Desan Shipyard, a Turkish family business known for its ship repair and manufacturing capabilities.
- The proposed deal between the Government and the mysterious investor could involve leasing the Damen Shipyards Mangalia's facilities and employees, with the investor likely being Desan Shipyard.
- Desan Shipyard, despite being smaller in comparison to Mangalia Shipyards, has ambitious expansion plans and reported revenues of $431 million in 2024.
- With the purchase of Damen Shipyards Mangalia, Desan Shipyard would be venturing into the global finance industry as the shipyard holds debt obligations, including a claim of 140 million euros from Damen and a total of almost 400 million euros from various creditors.
