The shipyard also expects profit in 2009, following losses worth €12 million in 2008 and €8.5 million in 2007.
Although the global financial crisis has not had a significant impact on the company’s operations, it has led to a strategy shift. Damen Galati plans to diversify operations with a new production line for yachts for export and ships for the Dutch navy.
“In the long-run, we are to finalize other major investments for a new production line,” the company’s Commercial Manager, Florin Spataru, said. The shipyard recently announced a €20 million investment in a new production building.
The company is set to deliver 27 ships this year, contracted in 2006-2007, and is not likely to be affected by the global decline in orders. “Most orders are contracted through the Dutch group and, so far, we are not concerned about the future demand for ships,” Spataru added.
The local shipyard market amounts to some €700-800 million annually, with main players Korean STX Europe group (with Braila and Tulcea shipyards), Santierul Naval Constanta, Damen Galati, Severnav Turnu Severin, Santierul Naval Orsova, Daewoo Mangalia, and Shipyard ATG Giurgiu.
