Damen Galaţi business idle at €15 mln due to previous orders

In spite of the economic crisis, the company maintains growth estimates for 2009. Turnover is to amount to €100 million, some 20 percent higher year-on-year, due to ship orders contracted in 2006-2008, which are to be delivered in 2009 and 2010.

By year-end, the company is to deliver 27 ships, of which one third are to be finalized before the end of June. Last year, the company signed deals worth €80 million for 14 shops. Damen Galati main clients are companies based in Africa, Europe, and Asia.

The local ship building sector is to exceed €1.2 billion this year, according to calculations made by Business Standard based on information provided by naval yards. The turnover is some 50 percent higher on last year, due to deals closed in the previous two years.