Aker Braila halves losses, business shrinks

Aker Braila Shipyard concluded last year with 57.6bn ROL ($1.7 million) losses, the preliminary financial data of the company show. Last year’s losses were less than half of the level posted in the year before, when the shipyard lost 121bn ROL. The turnover of the yard kept sliding, though, as the ship deliveries last year totalled 881bn ROL ($26 million), compared with the 916bn ROL ($29 million) the year before. The amount of orders the shipyard got was also dwindling in 2003, as some of the ships sold had been in stock for a number of years. Norway’s Aker Kvaerner became the owner of the yard once it took over another Norwegian group, Scandinor, in 2002. The Norwegians own 70% in the Braila-based shipyard, while SIF Moldova owns 14.5%. ZF