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