According to a report, the federal government and the state of Lower Saxony are on the verge of an almost complete takeover of the shipbuilder. However, the Ministry of Economic Affairs is putting the brakes on this.
In the struggle for a rescue plan for the financially troubled Meyer Werft, there is still no sign of a solution. According to information from the Redaktionsnetzwerk Deutschland (RND), the state is about to take a stake in the shipyard. However, a spokesman for the Ministry of Economic Affairs in Hanover explained: “There is no concrete new status.” It has not yet been decided whether the state will take a stake in the shipyard and, if so, how. “Everything we do, we do in step with the federal government.”
According to the media report, the state is said to be taking over a share of around 90 percent until 2028 – half by the federal government and half by the state, which would each have to pay 200 million euros. In addition, the federal and state governments would provide loan guarantees of 2.8 billion euros. Minor changes to the percentages are still possible – but it is considered a given that the state will take over the clear majority.
Meyer Werft must close large financing gap
Meyer Werft, known for its cruise ships, is in the worst crisis in its more than 200-year history. To finance new ship construction, it must raise more than 2.7 billion euros by the end of 2027. Talks are therefore underway with banks, as well as the federal government and the state of Lower Saxony, about a rescue. The company must receive fresh money by September 15, said restructuring expert Ralf Schmitz.
The reason for the financial difficulties is that some contracts for cruise ships were concluded before the corona pandemic and do not provide for any adjustment to the drastic increase in energy and raw material prices since then. In addition, in the industry, 80 percent of the construction price is usually only paid upon delivery of the ship.
Just a few days ago, the shipyard received a new major order: it is to build four cruise ships for the Disney Cruise Line by 2031. According to the company, this is the largest order in the history of Meyer Werft. However, the shipyard from Papenburg in Lower Saxony did not disclose the volume of the order.
Source: Stern
