Harland & Wolff Revamps Old Vessels to Capitalize on Market Trends
Harland & Wolff has identified a lucrative opportunity to refurbish old cruise ships in response to the halt in demand for new vessels. The renowned shipyard operator, famous for constructing the Titanic, acknowledged that the construction of new cruise ships has declined due to rising interest rates. Instead, operators are opting to decommission old vessels and refurbish existing ones. Harland & Wolff aims to benefit from this trend and has established offices in Southampton and Miami to attract more business in the sector.
Heritage: The 162-year-old shipyard operator is best known for building the Titanic at its Belfast site
Despite reporting a significant increase in revenues by 65% to £25.5m, Harland & Wolff revealed widening half-year losses of £31.5m compared to £17.6m the previous year. The losses were primarily attributed to the cost of hiring new workers in preparation for upcoming contracts and other projects. The company is currently in advanced negotiations to secure a crucial £200m financing package. As a result of the disappointing financial results, the company’s shares have plummeted by 12.8%.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
