The Turku shipyard, owned by the German Meyer family, is a significant employer and source of export income in Finland. However, the shipyard is facing financial difficulties, with its sister company, Meyer Werft, needing €2.7 billion in funding by 2027. Negotiations for funding are ongoing with the state of Lower Saxony and the federal government in Germany.
The potential bankruptcy of Meyer Werft could have repercussions on the Turku shipyard and its subcontractors in Finland. The shipbuilding industry has been hit hard by the collapse of the cruise industry due to the pandemic and drastic cost inflation in shipbuilding, leading to a crisis.
The Meyer family has a long history of over 200 years in shipbuilding and owns shipyards in both Papenburg, Germany, and Turku, Finland. The Turku shipyard is one of Europe’s four centers for cruise ship construction and plays a significant role in the Finnish maritime industry.
The Finnish government is closely monitoring the situation at the Turku shipyard as it is a major player in the industry. The stability of this critical asset for Finland’s economy is vital as it provides jobs and contributes to export revenue.
Despite these challenges, there is optimism that the Turku shipyard will continue to receive new orders and remain operational. Completion projects like Icon of Seas have been successful, opening up potential future purchases. Current orders provide work for two years more, and efforts are being made to secure its future amidst industry challenges.
In these challenging times with changing ownership dynamics, collaboration between government entities, industry stakeholders, and financial institutions remains crucial to ensuring that this essential asset continues to play an important role in Finland’s maritime industry.