Atlântico Sul Shipyard suspends operations indefinitely

Suspension for an indefinite period of activities at the Ipojuca shipyard, in Pernambuco, accompanied by a debt of R$ 1 billion with BNDES

The Atlântico Sul Shipyard (EAS) announced to its shareholders and employees that it is closing its activities in Ipojuca (PE) indefinitely.
The controllers of the shipyard, the groups Camargo Corrêa and Queiroz Galvão, will now try to negotiate the debts that reach R$ 1 billion with the BNDES, its main creditor.

The announcement came just over a month after the Shipyard deliver its last ship, the vessel “Portinari”, the last of the five aframax ordered by Transpetro.
With no revenue from there, the shipyard had already laid off a large part of its staff in Ipojuca. In 2014, at the height of its existence, EAS had 6 direct employees and over 2015 outsourced workers, but in 3,6 it had to reduce its staff to XNUMX employees.

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Currently, the shipyard has less than 150 workers and the expectation is that only 30 will remain to carry out maintenance tasks. Even with improvements in its productivity rates, the Shipyard still has not been able to cope with those practiced in Asia, which still has government subsidies.

the debts

According to information, the Atlântico Sul Shipyard has a cash position of R$ 160 million, and on August 10, an installment of R$ 20 million owed to the BNDES expires.

The future of the shipyard is uncertain and even a request for judicial recovery is not ruled out and while the debts are being negotiated, its controllers are looking for orders and even possible buyers.
The controllers even talked to Satco, which was interested in acquiring the company, but the discussions did not have a satisfactory outcome.

Another attempt at placing orders was made together with cabotage companies, but the uncertainties in the Brazilian shipbuilding industry, which is experiencing expectation of the approval or not of a provisional measure that should facilitate the importation of new and used ships, made the negotiations not go ahead.

The Atlântico Sul Shipyard was created in 2005 and has since accumulated losses of more than R$ 1 billion. In 2018, EAS had a net loss of BRL 70,1 million and currently the shipyard had less than 150 workers and the expectation is that only 30 will remain to perform maintenance tasks.

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