Page 130: of Maritime Reporter Magazine (June 1998)

3

Ihe End tad The Beginning The impending ownership change for the Barreras yard at Vigo signals the start of privatization of AESA-controlled shipbuilding capacity. by David Tinsley, technical editor

W hile continuing to gain ground in terms of finan-cial performance and market credibility, state-owned Astilleros Espanoles (AESA) will face considerable new challenges as well as responsibilities over the coming years, given a government commitment to the privatization process.

The corporation has tenaciously adhered to a policy of concen- trating on more specialized sectors of the newbuilding market, even in the case of those larger yards where volume steel throughput with the more populous classes of vessel had initially been funda- mental to the economics of the operation. That key element of strat- egy has undoubtedly contributed to an improved financial picture, while strengthening a reputation in niche areas of business and otherwise technically-demanding fields, as in stainless steel tanker, shuttle tanker, ferry and offshore vessel construction. One of the most significant aspects of the pattern of commercial development has been the cultivation of contractual links with influential groups in Scandinavia, the U.S. and elsewhere, in keeping with a very high export orientation. In fact, only limited opportunities have presented themselves on the home front over a period of weak demand from the Spanish shipping industry.

Maritime Reporter/Engineering News