The tough bet for the Scaramanga shipyards

Although the time is running out for the interested prospective buyers of the property of 350,745.10 sq.m. In the area of ​​Scaramanga Shipyards, the questions about the real possibilities of a productive reconstruction of the once state-owned shipbuilding industry through sustainable investments are increasing. The tender for the large single property of Scaramanga – in whose territory the shipbuilding bed belongs (with year of construction in 1958, while in 2000 repairs were made on the side walls and rails) and the permanent tank No. 4 (with year of construction in 1970) – ends with the submission of binding financial bids on the morning of Friday, November 27, 2020. For who will appear to deliver their bids – just before noon that day – no one is sure. Even more, no one is sure about the amount of the offers, nor whether the regeneration of the yard will be ensured through the plans of the potential buyers. In other words, the property may be free of burdens as it comes from a special liquidation process, but There is no guarantee that the new owner will want to spend money in a queue in order not to be left with infrastructure that has exceeded the limits of their retirement and which under normal circumstances would have found their place in the “scrap metal”. Otherwise, the large property by the sea can become a pole of residential development… Since 1968 With this and that Skaramagkas sends a “proud greeting” to Elefsina and the carousel of missed opportunities continues… But let’s go a little trip to The shipyard, built in 1968 by Professor Stratis Andreadis (the boss of the Emporiki Bank group), came under state control after the 1974 Metapolitism and after transformations and transformations was found in 1997 to be a subsidiary of the Neorion Syneron Shipyard. Nikos Tavoularis. The latter has now left the frame of developments and the oldest operating shipyard in the country – today under the name ONEX NEORION SHIPYARDS SA – has passed into the control of a company of interests Panos Xenokostas. The latter is also involved as a strategic investor in the Elefsina Shipyard consolidation plan, having received the green light from the US International Development Finance Corporation (DFC). But even here things are anything but rosy – the complete opposite happens. The road to true healing is full of thorns and snares. For example, it cannot go unnoticed that the original plan referred to a project that would require an amount of around € 100 million. Which, according to all available information, is not the case. The “mountain” of the obligations of the Elefsina Shipyard is at an altitude of 400 million euros. In fact, access to the “mountain” is anything but easy. In other words, the top trail is inaccessible because in any case the launch of the consolidation plan requires at least 270 million euros. This amount represents that part of the liabilities which cannot be “cut”. In fact, of this amount, around 110 million euros are claimed by the Navy. To this account must be added the amounts of new investments in order to modernize and enhance the production capacity of the yard. According to moderate estimates, the amount of new investments can not be less than 300 million euros. A similar amount will be needed by Skaramagkas if the new owner chooses to make it a yard of high production capacity and modern specifications at all levels. Reconstruction In this scenario, Panos Xenokostas ONEX has to present its experience from its positive development. Neorion in Syros. An experience that can work under conditions and as a guide for the productive reconstruction of the shipbuilding industry. However, the North Star group through the company of Pyletech Shipyards (member of Pyletech Technologies) has also expressed interest in Scaramangas, also presenting a development plan aimed at the rebirth of Scaramangas if it falls to him. XenokostasAnd as the Piraeus Chamber of Commerce and Industry (EBEP) rightly points out, “it does not mean a shipbuilding industry without shipyards”. The Chamber demands that there be those political initiatives that will allow “the restart of the two largest shipyards in the country.” Of course, he also knows that political interventions are usually temporary. “In the long run, the shipyards in the country should be designed with purely business criteria to ensure their autonomous long-term viability, without being dependent on state aid or project assignments.” In this context, opening to individuals (repairs of Greek-owned ships), utilization of the new role of Greek diplomacy in the Eastern Mediterranean, the strengthening of extroversion through collaborations and partnerships with productive enterprises of the region (eg Israel) that have high know-how, the utilization of the weapons of extroversion and innovation is one way . In addition, in this context, the possibility of concentrating forces to create a critical business size that can welcome new capital and investors of sustainable development could be considered. 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