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Shipbuilding: Lower Saxony wants to save Meyer Werft with the help of the federal government

Shipbuilding: Lower Saxony wants to save Meyer Werft with the help of the federal government
Shipbuilding: Lower Saxony wants to save Meyer Werft with the help of the federal government

Instead of huge cruise ships, the discussion about Meyer Werft is currently about huge loans: Does politics have to bail out the world-class shipbuilder?

To save the Meyer Werft, which is fighting for its existence, Lower Saxony is demanding help from the federal government. “We are now fighting together for a new start for the shipyard,” said Lower Saxony’s Economics Minister Olaf Lies (SPD) after a crisis meeting.

However, Lower Saxony will not be able to solve the problems alone, stressed State Finance Minister Gerald Heere (Greens). He appealed to the federal government and the company: “For a real future perspective for Meyer Werft, we urgently need the support of the federal government and a sustainable corporate structure.”

Lower Saxony’s CDU parliamentary group vice-chairman Ulf Thiele also said that without temporary state support it would not be possible to give the shipyard a secure future. “The future of German shipbuilding depends on it. The economic development of the entire Ems region depends on it. And the existence of thousands of families depends on it,” said Thiele.

Meyer Werft has to fill a gap of 2.7 billion euros

Meyer Werft is one of the world’s leading manufacturers of cruise ships and thus an important economic factor for Lower Saxony. The company’s order books are full – but due to the aftermath of the corona pandemic and price increases as a result of the Russian attack on Ukraine, the shipyard must close a large financing gap of 2.7 billion euros by 2027.

Some of the contracts for the cruise ships were concluded before the pandemic and do not provide for any adjustment to the drastically increased energy and raw material prices. The shipyard will only receive around 80 percent of the purchase price upon delivery and will have to finance the construction with interim loans.

A total of around 7,000 people work for the Meyer Group, of which around 3,000 are in Papenburg. There are other shipyards in Rostock and Turku, Finland.

Source: Stern

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