Flensburger Shipyard FSG Filed for Bankruptcy to Save the Company

By | 2020 Newsletter week 18 | No Comments

On Friday 24 April 2020, FSG went into self-administration.

German insolvency law offers companies the option of restructuring in insolvency procedures under their own management. This is so-called self-administration.

Owner Lars Windhorst said the yard would continue to build ships. Together with management and employees, he sees a future for the company. Now a sustainable concept has to be found.

A new managing director has been appointed. It is Martin Hammer (LinkedIn), who is expected to come up with a plan in four to six weeks. He think work can restart in early summer.

The problem seems to be the reluctance of the State Schleswig-Holstein to support the yard with guarantees. “Taxpayers’ money should not be risked for a company that is in trouble,” said Minister of Economics Bernd Buchholz. “First the yard needs to get out of the insolvency, then we can talk.”

Mr Windhorst told the German press that “investing money in a contract where you know you will lose money is not a responsible thing to do as an entrepreneur.” He added that a ship can only be built, “if we can assume that no money will be lost here.” He did not mention which ferry he was talking about. (Brittany Ferries? Irish Ferries?)

The contract for two ferries for Spirit of Tasmania have been cancelled earlier.

From what Ferry Shipping News understands, it seems the yard is negotiating an order for 4 roro ships from previous owner SIEM.

FERRY SHIPPING

By | 2019 Newsletter week 10 | No Comments

HARTMUT PUSCHMANN

Moby Fleet Changes: MARIA GRAZIA ONORATO In And HARTMUT PUSCHMANN Out

In the near future some further changes are expected to take place in Moby and Tirrenia’s ro-pax fleet.

The Milan-based group controlled by the Onorato family is rumoured to have just closed the sale of the aged ro-ro unit HARTMUT PUSCHMANN for a price of € 13 million. Some sources report the Cyprus-based Ntiolio Shipping Company Ltd as buyer while some others suggest it should be the Egyptian ferry company El Salam. Moby declined to comment on the deal, but broker sources reveal that the ship will be bare boat chartered back for six months.

MARIA GRAZIA ONORATO launching ceremony at Flensburg shipyard

The 1,820 lane metre HARTMUT PUSCHMANN was built in 1993 by Fincantieri in Palermo and has been recently deployed on the Livorno – Olbia route by Tirrenia.

For one vessel leaving the company’s fleet there will be soon another one replacing it. The cargo sales director, Pierre Canu, said in the occasion of the Transport Logistic exhibition just held in Verona that “a new 4,600 lane metres ro-ro ship is soon to be delivered by the shipyard and therefore will enter into service before next spring on the route covered by Moby Group to and from the port of Catania, in Sicily”. The vessel in question which just left Flensburger shipyard for the sea trials is the MARIA GRAZIA ONORATO, sister ship of the ALF POLLACK bare boat chartered by Onorato Armatori few months ago and then chartered-out to DFDS.