Second-largest Romanian shipyard records 40% decline

Santierul Naval Constanta shipyard (SNC), the second largest ship manufacturer, controlled by businessman Gheorghe Bosanceanu, expects an around 40% business decline in 2010, a year expected to be the industry's most difficult in recent times. The company ended 2009 with a 15.6% turnover decline in euros, to 180 million dollars (129.5 million euros) according to preliminary estimates. "Our budget has not been finalised but this year's turnover will amount to around 60% of last year's 180 million dollars. We have budgeted one or two orders in the second half of this year, with manufacturing to start in the fourth quarter of 2010," said Radu Rusen, general manager of the shipyard and president of the National Association of Shipbuilders (ANCONAV), and estimates the business of local shipbuilders will fall by over 30% this year after several years of significant growth.