Tuesday, December 27, 2016

Soon the end of the waiting for STX France – the New Republic

The ex-construction Sites of the Atlantic should know the name of their buyer on the 3rd of January. Candidates have until Tuesday to submit their tenders.

the Only profitable activity of the conglomerate Korean STX, the ex-construction Sites of Atlantic in Saint-Nazaire called today STX France are yet to sell. A jewel of French industry after several difficult periods, and the shipyards are going to change of hand in the beginning of the year in order to allow the global group to STX to try to get out heads out of the water. Under the supervision of the justice Korean, the company pays for his too great appetite for development and a debt to become insurmountable (see graphic below).

> Five years of visibility. Because the book of orders of Saint-Nazaire is full. On 21 December, STX France has confirmed to the command of five ships to the destination of its customers, Royal Caribbean Cruises Limited (RCCL) and MSC Cruises, for a total of 4 billion euros. These new orders increase to 75 million the total number of working hours for STX France, taking into account the construction of two electric sub-stations. What to run at full speed for the next five years at least. STX France employs 2.600 employees.

> the Four prospective buyers. According to several media reports, three or even four candidates have filed an offer in front of the justice Korean to buy STX France. The deadline for submission is this Tuesday, December 27. A candidate would have the favors of France (shareholder 33,34 %) and some trade unions : it is the consortium of Dutch Damen. It has a support of weight since the ship owners MSC and RCCL are also part of the offer to purchase.

The Italian builder Fincantieri would be also on the ranks, but his connection with chinese groups (of five ships designed by the Italian are going to be manufactured in China) poses few uncertainties. Without counting that of the shipowners who would like to see a bad eye too great a concentration in the sector. Finally, the asian group Genting Hong Kong, a recent in the world of cruising, scares just about everyone in France.

Finally, the Korean news reported on the interest of a fund in the uk that would be willing to offer a global service to STX France, but also for any subsidiary STX Goseong Offshore & Shipbuilding (Korea).

> The State will have its word to say. France has since 2008 a blocking minority in the ex-construction Sites of the Atlantic. It could even actuate the decree Montebourg on foreign investments in France. This fall, the secretary of State in charge of Industry, Christophe Sirugue has explained that the government had ” initiated discussions with several potential buyers interested, with the aim to anticipate the decisions that will be taken by the tribunal of commerce of Seoul “.

If the State is not vocation to become the majority shareholder of STX France, it means ” to weigh in the choice of the buyer “. In early December, in front of Commission of national Defence and of the armed forces Patrick Boissier, president of the groupement des industries de construction and naval activities emphasised the strategic interest of the shipyards of Saint-Nazaire : ” The only shipyard in France, which has the capacity, equipment and skills to build military vessels of large size : in excess of 15,000 tonnes, in Lorient, this does not pass any more ! There are Saint-Nazaire that one can build a second aircraft carrier, PCB (building projection and command), “FLOTLOG” (fleet logistics). It is essential, therefore, that France in one way or another what happens there. “


The backlog of ships for the shipyards is well filled. June 2017. Liner Meraviglia (5.700 passengers) for MSC.

> 2018. Edge (Celebrity cruises), ship of average size ( 1.450 cabins that can accommodate 2.900 people), and Oasis 4, (length 362 m, equipped 2,750 passenger cabins which can accommodate more than 6,000 people) the biggest in the world for Royal Caribbean Cruises Limited (RCCL).
> 2019 Two Meraviglia for MSC.
> 2020. A Meraviglia for MSC and an Edge (Celebrity cruises) Royal Caribbean International.
> 2021. An Oasis and an Edge (Celebrity cruises) Royal Caribbean International.
> 2022-2026. An Edge (Celebrity cruises) Royal Caribbean International and four World class for MSC.


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