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FSG Shipyard (Read 10559 times)
Re: FSG Shipyard Reply #30 on: April 26, 2020, 12:56:15 pm
Given the investment in Project 777. ICG is a significant stakeholder if the yard is to avoid liquidation.

I am sure any equipment ordered could be delivered to another yard and the drawings etc could be deemed ICG property.

I doubt Brittany Ferries will need Honfeur before Summer 2021.




Re: FSG Shipyard Reply #31 on: April 26, 2020, 03:57:24 pm
I am sure any equipment ordered could be delivered to another yard and the drawings etc could be deemed ICG property.

I don't think any equipment would be ICG's property until after acceptance, I'm not sure where they would stand with the drawings/plans. Depends on how the insolvency proceedings go...



Re: FSG Shipyard Reply #32 on: April 27, 2020, 01:23:51 am
Would any company want to buy the yard at this stage?



Re: FSG Shipyard Reply #33 on: April 27, 2020, 06:56:02 am
Not so simple!  IF have paid €30m to FSG and they are unlikely to be able to recover much of that if they go elsewhere.
Once bitten twice shy as they say , ICG won't want to see another chunk of money disappearing if they decide to go with FSG , hence they will be looking for bonded guarantees from the local government to protect their investment if the yard even gets back up and running . Failing that it's cut your losses, by by FSG and go elsewhere . ICG are in no hurry for a new build since the Covid crisis and there is no shortage of tonnage in the market at present or the future hence there will be some great chartering deals to be had rather than risking a bunch of cash on a new build .
« Last Edit: April 27, 2020, 04:47:19 pm by Chef »



Re: FSG Shipyard Reply #34 on: April 27, 2020, 01:17:37 pm
There has been no comment in the media from ICG. In Germany the Insolvency process in volentry unlike a liquidation in UK and Ireland.

Brittany Ferries , ICG and Local Goverment are three key stakeholders here.

I would imagine it would be in everybodies interests that Honfluer is completed and paid for per contract.

If the yard wants to move in another direction they still have to settle up with ICG before that can happen.

The Yard is strong on construction and very poor on completion of complex interiors.

They might have a future focusing on their strengths and partnering with Marine Fitout Specialists for Interior completion on future projects.

I would imagine local goverment will not want the yard to close from a jobs perspective in a small provincial town,   
« Last Edit: April 27, 2020, 01:19:25 pm by IFPete »



Re: FSG Shipyard Reply #35 on: April 27, 2020, 03:50:04 pm
Not so simple!  IF have paid €30m to FSG and they are unlikely to be able to recover much of that if they go elsewhere.
Once bitten twice shy as they say , ICL won't want to see another chunk of money disappearing if they decide to go with FSG , hence they will be looking for bonded guarantees from the local government to protect their investment if the yard even gets back up and running . Failing that it's cut your losses, by by FSG and go elsewhere . ICL are in no hurry for a new build since the Covid crisis and there is no shortage of tonnage in the market at present or the future hence there will be some great chartering deals to be had rather than risking a bunch of cash on a new build .

ICL make fertiliser



Re: FSG Shipyard Reply #36 on: April 27, 2020, 03:51:45 pm
No decisions will be made by anyone until the appointed examiner completes their work (least that's how it works here)



Re: FSG Shipyard Reply #37 on: April 27, 2020, 06:01:44 pm
Not so simple!  IF have paid €30m to FSG and they are unlikely to be able to recover much of that if they go elsewhere.
Once bitten twice shy as they say , ICL won't want to see another chunk of money disappearing if they decide to go with FSG , hence they will be looking for bonded guarantees from the local government to protect their investment if the yard even gets back up and running . Failing that it's cut your losses, by by FSG and go elsewhere . ICL are in no hurry for a new build since the Covid crisis and there is no shortage of tonnage in the market at present or the future hence there will be some great chartering deals to be had rather than risking a bunch of cash on a new build .

ICL make fertiliser

He meant ICG. ICL was also a name for Irish Continental Line



Re: FSG Shipyard Reply #38 on: April 27, 2020, 08:07:40 pm
Not so simple!  IF have paid €30m to FSG and they are unlikely to be able to recover much of that if they go elsewhere.
Once bitten twice shy as they say , ICL won't want to see another chunk of money disappearing if they decide to go with FSG , hence they will be looking for bonded guarantees from the local government to protect their investment if the yard even gets back up and running . Failing that it's cut your losses, by by FSG and go elsewhere . ICL are in no hurry for a new build since the Covid crisis and there is no shortage of tonnage in the market at present or the future hence there will be some great chartering deals to be had rather than risking a bunch of cash on a new build .

ICL make fertiliser

He meant ICG. ICL was also a name for Irish Continental Line
An old habit or showing my age , I've always referred to Irish Ferries as Irish Continental Line .



Re: FSG Shipyard Reply #39 on: April 28, 2020, 11:18:00 am
I knew what you meant "Chef" am of a similar vintage.



Re: FSG Shipyard Reply #40 on: April 28, 2020, 07:46:21 pm
At least I can still remember when Irish Ferries had their dry docking in Verlome  Cork Dockyard in Cobh .