Ukrainian shipbuilding: Russians finish branch

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The Russian capital which has bought up the most part of the Ukrainian shipbuilding plants, brings them "to the handle". New owners the most successful of all branch of the Nikolaev Okean already cast earlier plant into losses. Vadim Novinsky "finishes" three shipyards within the informal ship-building holding. And to Konstantin Grigorishin already threaten with "Sevmorzavod" reprivatization.

The Ukrainian shipbuilding has the most difficult times for the last decade. From - for crisis customers refuse new contracts, payment for already constructed vessels is frozen or late. As a result, many domestic plants were compelled to suspend sudostroy, to reduce working week and to dismiss a number of employees.

So, since January of 679 workers Ship-building plant of 61 Communards are in unpaid holidays. In a mode of a part-time employment the Black Sea shipbuilding plant works also. "Estuary" reduced working week from 5 to 4 days, and even such rather safe enterprise of branch as Wadan Yards Okean (earlier - Damen Shipyards Okean), was compelled to translate 340 of 2,5 thousand permanent members of staff on 4-x an hour shift.

"Effective" management from Russians

According to the general director of Wadan Yards Okean Nikolay Romanchuk, the plant has a portfolio of orders till 2010. The majority of them are received already from the new owner of the enterprise, Wadan Yards AS group of companies in which 70% belong the Russian FLS West and 30% - the Norwegian Aker Yards. We will note that for the past year while the plant several times replaced shareholders (from Damen to Aker Yards, then I passed to Russians) its indicators significantly worsened, and even prior to crisis. If in 2007 the revenue made 501 million UAH, net loss - 6,6 million UAH, in the I half-year 2008 the income fell to 197 million UAH, the loss grew to 25,5 million UAH

For the second half of the year of Okean floated only one vessel - more precisely, the tanker case - химовоза which will be completed in Norway.Now at plant are in different degree of readiness one more tanker - химовоз and 4 cases of vessels by request for the Norwegian company and 3 universal courts for "Ukrrechflot". There are fears that the Russian investors will load plant only not profitable "case" construction though by 2007, at the Dutch owners, Okean practically I came for complete construction.

The tsar Midas - Novinsky

Unlike the legendary antique tsar (who everything what I touched, turned into gold) the owner "the Smart - Holding" Vadim Novinsky almost each of the assets if doesn't bring to bankruptcy, unprofitable activity is precisely provided to it. From all shipyards entering into informal ship-building holding of "Smart", the Black Sea shipbuilding plant remains in the most difficult situation. The enterprise is half plundered, no current assets has, but available deficiency of the prepared shots. Plus in comparison with previous years is plant loading by ship repair which provides the Kherson SZ.

Following the results of the I half-year 2008 the volume of realization of plant made 27,7 million UAH. And from the second half of 2007 outputs grew by 9 times. In August, 2008 on ChSZ descent of the case of the tanker is made for the Norwegian company S.C.Aker Braila S.A. It is the first executed order on construction after Novinsky's arrival. In total under this contract construction of 4 vessels (2 plus 2 in an option), worth up to €2 million everyone was planned. Past year 2 cases of universal vessels for Damen Shipyards, from a series in 4 vessels with a deadweight of 3,8 thousand tons everyone also were put. In total program of development of plant for 2008-13 provides construction of 6 cases of container carriers and 48 complete vessels for total amount of $1,4 billion. However in November construction was curtailed - "from - for crisis", there was only a repair.

The executive director of ChSZ Vitaly Ilnitsky declared that banks ceased to give the credit for implementation of orders under letters of credit. According to mass media, are sold the case montazhno - fitting-out shop, the case of shop of watercrafts and 3-го shops are realized together with the earth. There are assumptions that Novinsky intends to establish final control over ChSZ through bankruptcy procedure, having avoided thus need to satisfy huge debts of plant.

In October, 2008.procedure of bankruptcy of ChSZ is begun, and in January the regional economic court recognized by the main creditor Motoreks Trading house which has no relation to shipbuilding (but it was involved in raider attack to the Kherson port, also in Novinsky's interests). To this open company the plant unclear how appeared owes 355,6 million UAH, in committee of creditors included also the initiator of bankruptcy - the JKS-Nikolaev firm which legal address was fictitious. More shortly, bankruptcy of plant looks very doubtfully, but requirements of creditors was gathered more than on 400 million UAH. So from arrival on plant "new owner" it is necessary to recognize pleasure, at least, premature.

The Kherson shipbuilding plant which has to become a basis of future holding, works rather steadily. For January - October, 2008 production of HSZ grew by 51,5% in comparison with the similar period of 2007 - to 311 million UAH. For the II half-year 2008 the enterprise finished construction of 6 cases. In particular, 3 TIOLI tankers for the Dutch Veka Shipbuilding (all 4 vessels of this type are ordered) are floated. For the Netherlands Zanen Shipbuilding 2 cases of river tankers - химовозов are handed over - the part of this order for construction of 5 vessels is transferred to plant of 61-guo Kommunara.

Also in October the RSD11 project bulk carrier "Chelsea-1" with a deadweight of 6135 thousand tons is transferred to the customer. This first vessel of a series which is under construction the Kherson SZ (case) and the Concorde Shipping company (completion) for the Black Sea Navigable Management company. Besides, construction of 4 yakoreukladchik for the Norwegian company Kleven Prosjekt AS (the first already in March is floated) is conducted. Earlier in February of the current year to the British customer handed over the Kaya Pioneer bulk carrier with a deadweight of 8473 t.

The shipbuilding plant of 61 Communards January - June, 2008 finished with profit of 55 thousand UAH (a loss in 6 million UAH for the similar period of last year), having let out production on 72,5 million UAH that on 6,83 million UAH it is more. As a whole, following the results of a year outputs grew by 62%. The enterprise, for which Novinsky applies (though is in the list of objects, not privatizeable), in October, 2008 floated the tanker case - химовоза which became the first of three, provided by the contract with the Dutch company Zanen Shipbuilding B.V. Until the end of 2008 I had to one more case, and in the I half-year 2009 - the third is ready, however since November of work stopped.

Here too the problem with money, for Zanen plant of 61 Communards builds cases under the contract of a subcontract with HSZ which acts as the guarantor on the bank credit. At the same time, the general director of "Communards" Igor Kozyrev reported that HSZ owes the enterprise of 8,8 million UAH. From - for it the plant of 61 Communards can't extinguish debt on a salary, which makes about 3 million UAH (according to other data - 9 million, and 8 million more UAH - to the Pension fund), GP accounts payable - nearly 130 million. At present accounts of plant are arrested in the claim of the tax.

In February of the current year of FGI I sold for 7 million UAH 32-й plant shop of 61 Communards (as object of incomplete construction), however from these means the enterprise didn't get paid peanuts, everything went to the state budget. Soon one more "non-core" asset 23-й the shop, which estimated cost - 14 million UAH

can be sold

At plant rescue see only in arrival of the strategic investor, however the plant of 61 Communards on - former doesn't get to the privatization plan, and meanwhile employees of the enterprise call the government and the president to leave plant in state property. Workers accuse of crisis personally the director and demand his dismissal.

Grigorishin didn't become the shipbuilder

In crisis situation there is also Konstantin Grigorishin's Sevastopol "Sevmorzavod" which losses in 2008 grew by 4,3 times, to 34,79 million UAH. Now less than 400 people work at the enterprise, small ship repair is carried out. The northern dock of plant together with capacities is sold, the main production site - being "Lazarevskoye the Admiralty", including two docks, is in a non-working state.

The oligarch already started preparing compulsory bankruptcy of plant with possible sale by parts. Already in the near future the Sevmorzavod can stop the existence. Such prospect compelled the head of the Sevastopol gorgosadministration Sergey Kunitsyn to threaten the owner reprivatization. "Judging by approach, owners not really want to keep the enterprise. Means, it is necessary to use all levers, up to return of the enterprise to state property", - S. Kunitsyn told. The total amount of debt of "Sevmorzavod" on a salary, payments in the Pension fund and to other taxes is estimated almost at 3 million UAH. Since the end of 2008 work of the enterprise is almost frozen.


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