Shipyards - Bundle withdraws funding for LNG-bunker ships
The Bund has revoked a funding of over 62 million Euros for the construction of Liquefied Gas tanker ships at the Flensburger-Shipyard-Gesellschaft (FSG). "We really did everything we could to help the FSG actually receive the funding," said Dieter Janecek, coordinator of the German federal government for maritime economy (Greens). "Unfortunately, the required equity to secure orders has not been made available until now." Previously, the NDR reported.
"I understand that this is a hard blow for the employees at the yard," said Janecek. The yard belongs to the Tennor-Group of investor Lars Windhorst.
FSG denies representation
An FSG spokesperson stated in response to an inquiry, "the claim is false, Tennor did not provide the necessary evidence for the provision of equity." All required documents were duly submitted. The funding application was submitted by Nordic. "We cannot therefore comment on details. The FSG has supported the Nordic application as much as possible and acted accordingly." However, the possibility of a rejection was not excluded. "That's why work was also being done in parallel on other orders that will be announced soon."
As reported by the NDR, the Nordic Hamburg Group regrets the withdrawal of the funding decision: "Due to these now missing funds, the newbuilding project in its current planning is no longer feasible."
62 million Euros in funding
Federal Economic Minister Robert Habeck (Greens) had assigned three funding decisions worth a total of 62 million Euros to a consortium around Nordic Hamburg at the end of 2022. However, due to the Russian attack war against Ukraine, there were reportedly "dramatic price increases for materials and energy, which led to the ordering of two ships." The shipping company Nordic Hamburg and the FSG signed a contract at the end of November for the construction of two 110 meter long LNG bunker ships.
"A revocation of the funding is only permissible with secured overall financing," said a ministry spokesperson regarding the now successful revocation. The required proof, including the financing from the yard side, was not provided despite several deadline extensions.
Realignment of the yard
The Federal Ministry of Economics and Janecek are in talks with the Schleswig-Holstein state government for the stabilization and realignment of the FSG, said the spokesperson. The yard also offers potential in the production of capacities for Offshore Converter Platforms.
The FSG and also the Tennor-Group-affiliated yard Nobiskrug in Rendsburg have had problems for months; salaries were paid late, new orders were scarce. Windhorst himself was also criticized for his behavior and lack of communication.
- Despite the revocation of the 62 million Euros funding by the Bund, Lars Windhorst's Tennor-Group, which owns the Flensburger-Shipyard-Gesellschaft (FSG), is working on other orders to be announced soon.
- The announcement of a funding withdrawal by the federal government for the construction of Liquefied Gas tanker ships at the Flensburger-Shipyard-Gesellschaft (FSG) has been regretted by the Nordic Hamburg Group due to the now missing funds.
- The Federal Economic Minister Robert Habeck (Greens) had initially assigned three funding decisions worth a total of 62 million Euros to a consortium around Nordic Hamburg at the end of 2022.
- The German federal government's coordinator for maritime economy, Dieter Janecek, expressed regret over the revoked funding, acknowledging its impact on the employees of the Flensburger-Shipyard-Gesellschaft (FSG).
- The FSG denies that Tennor failed to provide the necessary evidence for equity provision, emphasizing that all required documents were submitted in due time.
- The contract for the construction of two 110-meter long Liquefied Natural Gas (LNG) bunker ships was signed by the shipping company Nordic Hamburg and the FSG in November 2022, with reportedly dramatic price increases for materials and energy being a contributing factor to the funding withdrawal.
- Conversations between the Federal Ministry of Economics and Schleswig-Holstein state government are ongoing for the stabilization and realignment of the FSG, which holds potential in the production of capacities for Offshore Converter Platforms.
