Financial trouble at Moonen Shipyards

According to a recent press statement from Dutch shipyard Moonen, the company has been forced to file for suspension of payment following Moonen’s major shareholder, Altos Hornos de Mexico’s (AHMSA) inability to fund the shipyard’s operations.

It is believed that the source of the financial problems stems from the dramatic reduction of steel prices (approx. 40%) in the last 5 months. Moonen’s shareholder in question, AHMSA, happens to be one of the largest manufacturers of steel in Central America.

The two yachts that are currently under construction at the shipyard, a 37 metre GT Martinique and 30 metre Project Matica, will be put on hold due to the cash-flow problems experienced by Moonen.

With the filing for suspension of payment, the director of Moonen Shipyards hopes to be awarded adequate time to search for solutions for a restart.

By Charl van Rooy



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