Meyer Werft Saved: MSC Mega-Deal and State Aid Secure Future

Bild: © NEPTUN Werft
The Meyer Werft and Neptun Werft have been through turbulent times. Skyrocketing costs and long-term fixed-price contracts plunged the traditional shipbuilders into a deep financial crisis. To prevent bankruptcy and the loss of around 22,000 jobs at the shipyards and their countless suppliers, the federal government and the state of Lower Saxony intervened. By taking over 80 percent of the shares, they saved the shipyards from collapse.

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With the state stepping in, the course on board has changed drastically. A strict restructuring plan is currently causing friction with the founding Meyer family as old structures are being broken up. Despite these internal storms and a minor fire in the engine room of a new build—which was quickly extinguished by the works fire department—operational activities continue smoothly. The company's financial future is contractually secured until 2028.

The ultimate breakthrough, however, is a massive new order from MSC Cruises. For ten billion euros, the shipyard will build four state-of-the-art cruise ships in the coming years, securing work straight through to 2035. Giants like Royal Caribbean's "Hero of the Seas" and an exclusive residence ship are also currently sitting in the massive dry docks. From port to starboard, operations in Papenburg and Rostock are running at full speed.

To ensure a crisis-proof future, the shipyards are now diversifying. The Neptun Werft in Rostock is now also building naval supply vessels and research ships for the government. At the same time, massive investments are being made in eco-friendly propulsion systems, such as liquefied natural gas (LNG) and hydrogen, for all new builds. This way, the shipyards are preparing for a clean and successful future on the high seas.