Rheinmetall (Rheinmetall) of Germany has gained ownership of the Mangalia shipyard (Mangalia) in Romania for 138 million euros. This purchase was made as a result of a bidding process organized by a court-appointed liquidator, and it appears that Mangalia will become a naval shipbuilding center.
History and Challenges of the Mangalia Shipyard
The Mangalia shipyard is considered one of the largest shipyards in Europe and is expected to initially support a 920 million euro program to build four ships for the Romanian Navy. This program is financed through the EU's SAFE initiative. However, commercial shipbuilding will also be part of this facility's future plans.
The challenges of the Mangalia shipyard date back several years. This facility was established in 1976 and came under the ownership of South Korea's Daewoo (Daewoo) in 1997. In 2018, Dutch shipbuilding company Damen (Damen) entered into this partnership, but this company exited the partnership in 2023 due to disputes with the Romanian government over management rights. The shipyard went bankrupt in June 2024.
New Acquisition in Croatia
Meanwhile, in Croatia, the country's Center for Restructuring and Sale (CERP) has accepted a binding offer of 12.05 million euros from Istanbul-based Kuzey Star shipbuilding company to purchase 97.13 percent of the shares of the Uljanik shipyard (Uljanik Brodogradnja 1856) in the city of Pula. This decision requires approval for foreign investment as the buyer is located outside the European Union.
Kuzey Star has committed to maintaining shipbuilding activities, ship repairs, and the construction of floating structures in the Uljanik concession area. The Uljanik shipyard has faced financial crises in recent years and experienced a crisis in 2018 that led to contract cancellations and ultimately government intervention.
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