Moonen Shipyards has been forced to file for “suspension of payment” after its main shareholder, Altos Hornos de Mexico (AHMSA), announced that it is unable to continue funding the Dutch yard. The Mexican shareholder is one of Central America’s biggest steel manufacturers.
In a statement released today, Moonen says that the financial problems were caused by a 40% reduction in steel prices over the last five months as a result of the dumping of steel by Chinese and Russian competitors.
“Due to the cash flow problems, AHMSA is no longer able to further finance the two yachts that are under construction,” reads the statement. “As a result, Moonen Shipyards is also faced with an immediate cash flow problem.”
Following the financial crisis, the Dutch builder of superyachts from ‘s-Hertogenbosch was said to be well on its way to recovery. Just last month the shipyard gave reporters on the HISWA Tour a positive impression announcing that it was to begin building three of its new semi-custom ‘Caribbean’ series boats that were launched back in May 2014.
In addition to the yachts financed by the major shareholder, Moonen claims to be reducing delivery times and costs, as well increasing quality. “There is also a smaller version in the Caribbean range sold and under construction,” reads the statement. “Furthermore, the yard has just finished a few refits and new refits are on the planning board for the second half of this year.”
Suspension of payment in the Netherlands represents an alternative to bankruptcy, allowing a company to temporarily suspend payments to creditors while searching for a financial solution to its difficulties.
Image: A 30m raised pilot-house Matica seen in build last month