News |

STX: Gov’t financing comes up short

The STX Finland shipyard says the government’s 44 million euro cash injection falls short of the 50 million it needs to help secure a cruise liner project.

Viking Grace -alusta rakennetaan STX:n Turun telakalla.
Critics say operations will wind down at the STX shipyard in Turku once the Viking Line Grace passenger ferry is completed. Image: Yle

STX Finland's chief shop steward, Jari Aalto, said the Turku shipyard is likely to lose the cruise liner order to STX Europe in France.

"We would have needed the 50 million euro loan," he said.

The government on Friday agreed to grant 44 million euros in innovation support funding to the STX Finland shipyard if the South Korean group wins a 1 billion euro cruise ship deal from Royal Caribbean. The sum is the largest ever innovation support package granted for the construction of a single vessel.

According to Aalto, STX Europe in France has better package to offer the customer.

The Finnish Metalworkers' Union also expressed disappointment at the decision. It said a potential order loss now could harm the shipyard’s ability to attract customers in the future.

It's estimated the new deal would employ some 20,000 person-years -- a favourable development in an otherwise slow economy.

Latest in: News

Headlines

News

Russian Duma condemns Finland's OSCE visa decision: "Equal political dialogue is impossible"

The Russian Duma issued a statement Friday condemning Finland's decision to deny an entry visa to lower house Speaker Sergei Naryshkin and five other Russian citizens to participate in a session of the Organization for Security and Cooperation in Europe in Helsinki scheduled for July 5th through 9th. Naryshkin was refused an entry visa on the grounds that he is subject to an EU travel ban under the current sanctions regime.

Our picks

Latest

Muualla Yle.fi:ssä