Polish shipyards fight for subsidies

opublikowano: 27-11-2008, 19:05

The ministry of the treasury estimates the new subsidy for Gdansk shipyard at PLN 700m. ISD, the shipyard’s potential investor, believes, it is PLN 150m. Meanwhile, Gdynia shipyard fights with KUKE insurance company for USD 100m.

ISD, the investor of Gdansk shipyard, cannot reach agreement in talks with Polish government, concerning the new public subsidy. The investor estimates it amounts to PLN 150m. The government – PLN 650-700m. “Negotiations are going on and we cannot give numbers before they are concluded”, Maciej Wiewor, the spokesman of the ministry of the treasury said.

ISD believes that the ministry avoids talks. PLN 130-150m is the cash Gdansk shipyard is going to receive. The rest of the subsidy is more complicated. It includes, among others, PLN 300m of VAT tax which in fact will be paid back because ship exports are free of tax. However, the money must be paid to tax authorities and they may be accounted for state subsidy.

Meanwhile, Gdynia shipyard has problems with KUKE, the state-owned corporation insuring export credits. Gdynia has USD 100m of existing guarantees and has problems with launching new ones amounting to similar levels. Without them, the company cannot implement contracts. In addition, Gdynia shipyard needs to find a new CEO as the former one, Antoni Poziomski, stepped down yesterday. Brussels wants Gdynia shipyard assets to be separated and sold in a tender till June 6th 2009. In the meantime, the company needs funds for current operations and new orders.

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