- MSC is actively pursuing the acquisition of Damen Shipyards Mangalia, which is under insolvency proceedings.
- The yard remains in financial distress, with debts exceeding total assets significantly.
- MSC plans to use the facility for future shipbuilding projects, including cruise ships, ropax vessels, and tugboats.
- The Romanian state retains majority ownership, while Damen holds a minority stake and is the largest creditor.
Mediterranean Shipping Company (MSC) Group has shown strong interest in acquiring Damen Shipyards Mangalia in Romania, a facility currently undergoing insolvency proceedings. Local reports suggest MSC has already made advance payments for ship repair services, highlighting its commitment. The group faces competition from Turkish shipbuilder Desan, which is also negotiating with Romanian authorities to access the yard’s infrastructure and workforce. Operations at the shipyard resumed in May, bringing back around 800 workers.
Mangalia Yard Faces Debt Pressure as MSC Plans Future Shipbuilding Projects
Damen Shipyards Mangalia faces severe financial challenges despite a recent return to operations. The shipyard’s liabilities have exceeded its assets for over a year, with total creditor claims reaching RON 1.87 billion (approximately $410 million). Of this amount, RON 1.049 billion ($216 million) has been officially recognized, while RON 827.6 million ($194 million) is conditionally accepted. In contrast, the shipyard’s total asset value stands at RON 944.28 million ($205 million) on the market, and just RON 433 million ($93 million) if liquidated.
The MSC Group seeks to take over management of the facility, which remains majority-owned by the Romanian government. Damen Group holds a 49 percent minority stake and is the largest creditor. According to local media, Prabhat Jha, CEO of MSC Shipmanagement Limited, formally contacted key Romanian officials, including then Prime Minister Marcel Ciolacu, through a written proposal. In his letter, Jha emphasized MSC’s need for a large shipyard to support its growing fleet, with current shipbuilding concentrated in Asia for containerships and in Europe for cruise ships. He noted that MSC is considering the Mangalia yard for future construction projects, including cruise ships, ropax vessels, and tugboats.
Separately, earlier this month, MSC’s logistics division, MEDLOG, inaugurated the MEDLOG Inland Terminal Paris-Bruyères, a new multimodal hub situated 40 kilometres north of Paris.
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Source: Port Technology International
