Daewoo Mangalia Heavy Industry (DMHI), the biggest shipbuilderin Romania, has budgeted a 600 million-dollar (442 million-euro)turnover for this year, up 13.2% against last year, although theshipyard has not sealed a shipbuilding contract since the end of2008. However, the high number of orders accumulated before thecrisis will enable the company to work at capacity until mid nextyear.
"In 2009 the number of contracts sealed internationally amountedto 15% of the previous year and they were mainly sealed in Asia(Korea, China, and Japan). As for Daewoo Mangalia, we have notsigned any new contracts, both because of market conditions, andbecause of the price, which, for big commercial ships, fell by35-40% last year," says Dan Marin, marketing manager of DaewooMangalia.
Company representatives say even if they had orders, the lowprice of ships would stop them from conducting a profitablebusiness, with production costs currently exceeding the price of aship.
Last year, Daewoo Mangalia saw its turnover up by about 26%, toaround 530 million dollars (381.4 million euros), but continued torecord losses, which in 2008 amounted to 430.3 million RON (117.2million euros).
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