Harland & Wolff plans to renovate old ships
Harland & Wolff hopes to capitalize on the freeze in demand for new cruise ships by renewing old ones.
The 162-year-old shipyard operator, best known for building the Titanic at its Belfast site, said construction of new cruise ships had “stalled” in recent months amid rising interest rates.
Instead, operators are “increasingly decommissioning older vessels and refurbishing others as part of their mid-life upgrades,” the company said, adding that it “expects to benefit from this trend.”
Heritage: 162-year-old shipyard operator best known for building Titanic at its Belfast site
It has opened offices in Southampton and Miami to compete for more work in the sector.
The company, which also owns the Appledore shipyard in Devon, revealed the plans and reported widening half-year losses of £31.5m, up from £17.6m a year ago, despite that revenues grew by 65 per cent to £25.5m.
He said the losses reported yesterday were mainly due to the hiring of new workers in preparation to deliver the contract and other work. The company is also in advanced talks to secure crucial £200m funding.
Shares fell 12.8 per cent, or 1.95 pence, to 13.3 pence.