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.