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The Atlantic Shipyard, responsible for generating 11 thousand jobs at the Port of Suape in Pernambuco, is returning to the market after Judicial Recovery and plans to enter other markets.
According to the balance sheet from last year, despite the difficulties, the Atlantic Shipyard was able to generate cash sufficient for the company to make early payments to its creditors. Last year, the Atlantic Shipyard, operating at the Port of Suape in Pernambuco, mitigated its losses by 89.4%, reducing them to only R$ 33.3 million, which is quite low compared to R$ 317.2 million in 2020. Thus, according to the balance sheet published last Tuesday (5), what allowed it to make early payments of R$ 30 million to creditors was its return as an essential ship repair supplier for the market and the reduction of its debt.
Atlantic Shipyard Achieved Revenue Generation of R$ 65.4 Million
In Judicial Recovery since 2020, EAS has until next year to no longer be considered in RJ. In the fiscal year closing in 2021, the company marked its debt restructuring at R$ 1.398.9 billion, which allowed gains from lower interest payments.
The shipyard achieved revenue generation of R$ 65.4 million from services that enable a net cash generation of R$ 26.6 million. It is worth noting that the Atlantic Shipyard is a company of the Camargo Corrêa and Queiroz Galvão groups, where each group holds 50% of the shares. The EAS has a plant built at the Port of Suape in Pernambuco.
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The plant produces large ships in an area of 1,600 hectares. The facility houses one of the largest dry docks in the country, capable of accommodating several ships up to one million tons of gross tonnage, and features two Goliath cranes, capable of lifting up to 1,500 tons each and up to 2,800 tons when combined. Additionally, the plant at the Port of Suape also boasts a mega naval production infrastructure 4.0, allowing it to operate in practically the entire naval sector.
EAS Is Performing Services on About 11 Ships and Tugs, Focusing on the Return of the Brazilian Ship Repair Market
The Atlantic Shipyard, at the Port of Suape, is focusing on returning to the ship repair market, a segment that Brazil is very much in need of. In two years, the company has become a reference in the sector.
Last year, the company performed services on about 11 ships and tugs, and currently has a portfolio of service contracts that allows it to occupy its dry dock area, dry production, and the naval pier.
The company currently employs 500 workers but has previously generated jobs for 11 thousand people between 2007 and 2014, when Pernambuco was identified as a state in a near full employment situation.
According to Nicole Mattar, the balance sheet from last year demonstrates the effort and willingness of the shipyard at the Port of Suape to recover. When Mattar began operations in 2008, she delivered 15 tanker ships and two oil platforms; however, in the last seven years, the company has struggled with the national economic crisis that began in 2015, leading to a halt in activities.
Shipyard Is Seeking New Business
According to Nicole, the company will make a new advance, following the schedule of the PPJ that estimates payments to creditors in March and September.
According to the superintendent of the Pernambuco company, EAS goes beyond ship repairs and is working on new business, such as the construction of support platforms for wind power towers.
Brazil still needs to finalize the legislation for this new sector and is currently announcing the construction of a wind farm of 106 GW, which will require multiple platforms.
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