Romania’s Mangalia shipyard operator has moved to seek a strategic investor through an international tender, according to a press release issued by insolvency administrator CITR on Wednesday.
CITR said a strategic investor would be expected to support continuity of operations, including by taking over employees and making investments needed to preserve the yard’s technical and operational capacity. The tender is part of the restructuring plan prepared by CITR.
The shipyard started building vessels in 1976. In 1997, Daewoo-Mangalia Heavy Industries—a subsidiary of Daewoo Shipbuilding & Marine Engineering—took over the enterprise and focused on large container ships, bulk carriers, and tankers.
Dutch shipbuilding group Damen acquired Daewoo’s shares at the end of 2017 and took operational control in 2018, despite holding a 49% stake in the joint venture.
In August 2023, Damen said it would exit the joint venture, citing a legal framework it said violated previously agreed conditions, decision-making blockages, and a lack of support from the Romanian partner. In April 2024, Damen filed a case against Romania at the Vienna International Arbitral Centre, seeking cancellation of the Mangalia shipyard contract, as reported by local media at the time.
The yard entered insolvency in June 2024 after Damen filed a bankruptcy request against the joint venture in May. In December 2024, Santierul Naval 2 Mai Mangalia said it had agreed to terminate its association contract with Damen.
Damen continues to operate in Romania through its shipyard in the eastern city of Galati. Santierul Naval 2 Mai Mangalia shares traded 1.0% lower at 19.2 lei at 09:10 CET on 4 March on the Bucharest Stock Exchange.
