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Russian damper on Nordic Yards

Russian damper on Nordic Yards
CRISIS-ridden German Nordic Yards (former Wadan Yards) in Wismar and Rostock-Warnemünde have been told not to count on orders from Russia in the short term.

Russia puts damper on Nordic Yards orders.

CRISIS-ridden German Nordic Yards (former Wadan Yards) in Wismar and Rostock-Warnemünde have been told not to count on orders from Russia in the short term.

Russian economics minister Elvira Nabiullina said that the Russian merchant fleet is facing difficult times and the demand for new ships has slumped. Ms Nabiullina did not raise any hope that Nordic Yards will obtain new orders at a meeting with German economics minister Rainer Brüderle today.

Nordic Yards are owned by Russian investor Vitaly Yusufov.

Mr Brüderle criticised the behaviour of Russian investors, saying Nordic Yard"s new owners were keeping orders back from the German yards.

Ms Nabiullina rejected the suggestion that investors are keeping orders back from the German yards.

Mr Yusufov bought Nordic Yards in August 2009 for ?40.5m ($54.6m) after the yards filed for insolvency due to several order cancellations. At that time he promised to bring Russian orders to Nordic Yards. But up to now, no new orders have materialised.

www.turkishmaritime.com.tr

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