TUI Cruises Order Saves 10,000 Finnish Jobs

The Finnish Government bought 30 percent of STX Turku shipyard, specializing in building cruise vessels such as the world’s biggest Allure of the Seas and Oasis of the Seas, with 70 percent going to the German company Meyer Werft.

Meyer Werft GmbH is taking over the stake in the shipyard from South Korea’s STX Corp., with the value of the deal not yet disclosed, Bloomberg reports.

This acquisition is expected to have a positive impact on the Finnish economy.

The benefits of the deal were immediately felt when TUI Cruises ordered two cruise ships valued at about 1 billion euros (USD 1.3 billion).

According to the Finland’s Economy Minister Jan Vapaavuori, the latest order adds up to approximately 10,000 man years.

European shipyards, which have lost almost all their merchant vessel-building business to lower-cost competitors based in Asia, have managed to stay competitive in cruise-ship construction.

Finland’s marine industry employs about 21,000 people, according to the sector’s association the Finnish Marine Industries.

[mappress]
World Maritime News Staff; August 6, 2014