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| Published：2019.05.05 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views： | |||
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European Centennial Shipyard is on the verge of bankruptcy and welcomes China's "savior"
The Prime Minister took the lead and CSIC considered investing in the largest shipbuilding group in Croatia. According to foreign media reports, a delegation led by Hu Zhongming, chairman of CSIC, recently arrived in Croatia to inspect Uljanik and will soon determine whether to invest. The China Shipbuilding Heavy Industry delegation met with Croatian Prime Minister Andrej Plenkovic and his economic team on April 29, and will visit the Uljanik Group's two shipyards in the Adriatic Sea - the Uljanik shipyard in Pula and the Rijeka. 3. Maj Shipyard to determine the financial status of the two shipyards. Hu Wenming, Chairman of CSIC, said: "After inspecting the shipyard, we will seriously consider investing in Uljanik." He revealed that CSIC’s delegation, including lawyers and investment bankers, will give advice on investment. . CSIC is expected to decide whether to invest in the Uljanik Group in the next ten days or so. It is understood that the cooperation between CSAF and Uljanik is directly led by the State Council, represented by Premier Li Keqiang and Li Keqiang. Premier Li Keqiang paid an official visit to Croatia on April 9. During the visit, the Ministry of Commerce of China and the Croatian government signed a memorandum of understanding on the establishment of a joint working group on investment cooperation. The China-UK Investment Cooperation Joint Working Group is a new investment cooperation platform jointly created by the two parties to further expand two-way investment and promote two The country’s economic and trade cooperation has reached a new level. It is reported that during the visit, the two sides reached preliminary opinions on the cooperation between Uljanik and CSIC. Since the establishment of a comprehensive partnership in 2005, especially with the in-depth development of “16+1 cooperation”, China and Croatia have carried out fruitful cooperation in the fields of investment and infrastructure construction. After the signing of the memorandum, the two sides will invite enterprises, chambers of commerce, financial institutions and local governments, etc., to discuss and discuss together in the spirit of pragmatic cooperation. At the same time, the bilateral investment cooperation working group will also work to explore opportunities for cooperation between enterprises of the two countries and provide face-to-face channels and platforms for investment cooperation projects. On the verge of bankruptcy, is building the world's first ultra-luxury adventure yacht 
Due to the continued decline of the global shipbuilding industry and the adverse effects of the depletion of new ship orders, the Uljanik Group has been in financial difficulties for the past few years and is on the verge of bankruptcy. Over the past 25 years, the Croatian government has spent more than 33 billion Kuna (about 5 billion US dollars) to save and sell Uljanik, but these efforts have had little effect. The shipbuilding industry is a pillar industry in Croatia and the Uljanik Group is crucial for Croatia. There are currently four major shipyards in Croatia – Uljanik Shipyard, 3.Maj Shipyard, Brodosplit Shipyard and Brodotrogir Shipyard, and the Uljanik Group has two of them. Earlier, a report by Standard & Poor's Ratings indicated that the bankruptcy of the Uljanik Group could cause the Croatian government to lose 1% of its gross domestic product (GDP). The head of the Uljanik Group’s union, Djino Sverko, said that if the Uljanik group went bankrupt, it could herald the end of the entire Croatian shipbuilding industry, which would cause tens of thousands of people to lose their jobs and Croatia’s unemployment rate to hit a new high. In February of this year, the Uljanik Group chose the Brodosplit Shipyard, which cooperates with Fincantieri of Italy, as a strategic partner for its business restructuring. Brodosplit Shipyard will acquire a portion of the group's shares as a return on capital restructuring. However, the financing restructuring plan proposed by Uljanik Group and Brodosplit Shipyard was opposed by the Croatian government, because the restructuring plan will cost the government up to 10.8 billion kuna (about 1.64 billion US dollars), far more than the bankruptcy of Uljanik. The estimated loss of $626 million.  The world's first ultra-luxury adventure yacht "Scenic Eclipse" built by Uljanik Shipyard However, it is worth mentioning that the Uljanik shipyard has the ability to build cruise ships and is currently building the world's first ultra-luxury adventure yacht for Scenic Cruises in Australia, scheduled for delivery in August this year. For China Shipbuilding Heavy Industries, Uljanik's experience in the construction of the cruise ship may help CSSC to expand its product portfolio. It is understood that the Croatian local court was originally scheduled to decide whether to make the Uljanik Group’s bankruptcy ruling before the end of April. However, this date has been postponed until May 13. |
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