Posted on 09/10/2004 10:39:14 AM PDT by Grzegorz 246
Warsaw. (Interfax-Europe) - Norwegian shipowner Odfjell ASA has ordered two chemical tankers for a total of USD 116 mln from Polish ship maker Stocznia Szczecinska Nowa (SSN), as reported by the Polish state agency PAP and cited by Internet portal onet.pl.
"I can confirm that the Norwegians ordered two chemical ships but I am not confirming the price," Piotr Gumowski of SSN's sales office told Interfax.
The ships, which increase Odfjell's total number of ships ordered from SSN to eight, are to be delivered in 2006 and 2007.
Odfjell transports chemicals and other specialty bulk liquids, and also provides related logistical services.
SSN sold four other ships worth some PLN 682 mln in the first half of the year, posting a PLN 1.6 mln profit on sales, however other elements of balance sheet decreased the company's result to a PLN 1 mln net loss in 2004's first half. The shipyard, which plans to sell another four ships this year, expects to swing to a profit by the end of the year.
The shipyard sells its products mainly to shipowners from Germany, which accounts for 50% of its sales, Norway and the Netherlands, though it expects Italy and Russia to place significant orders in the future.
SSN has 34 ships worth a total USD 1.2 bln in its order portfolio, securing the company's production through 2008.
SSN was formed after Porta Holding was declared bankrupt. Recently, the former management of Porta Holding filed a motion to overturn the court decision on the bankruptcy, aiming for a settlement deal, which could restore Porta Holding, or some control over it, to the previous managers. That motion was rejected, enabling the administrator of Porta Holding's assets to close the transaction with SSN.
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