By Frances Robinson
BRUSSELS–The European Commission has opened an in-depth investigation to verify whether numerous public support measures granted by Portugal to the shipyard Estaleiros Navais de Viana do Castelo S.A. are in line with EU state aid rules.
At this stage, the commission has doubts that these measures were carried out on terms that a private operator would have accepted under market conditions. The opening of an in-depth investigation gives interested third parties an opportunity to comment on the measures under assessment. It does not prejudge the outcome of the investigation.
On the basis of the commission’s preliminary assessment, it appears that the shipyard, also known as ENVC, may have benefited from several aid measures in the past worth more than 180 million euros ($239 million). These measures include interest-bearing loans to cover operating costs provided in 2012, a capital increase carried out in 2006 and several loans granted between 2006 and 2011 to cover operating costs. In addition, it appears that EMPORDEF, the state-owned holding which fully owns ENVC, has issued numerous comfort letters and guarantees in support of financing agreements between ENVC and commercial banks.
-Write to Frances Robinson at [email protected]
(c) 2013 Dow Jones & Company
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,816 members that receive our newsletter.
Have a news tip? Let us know.
The Office of the United States Trade Representative (USTR) has announced sweeping new measures targeting China’s growing dominance in global maritime sectors, including potential fees of up to $1.5 million...
MSC has returned to Zhoushan Changhong International Shipyard for up to eight 21,700 teu LNG dual-fuelled ships, as the Swiss-Italian carrier consolidates its pole position among liner operators.
By Jenny Leonard and Jennifer A. Dlouhy Feb 21, 2025 (Bloomberg) –The Trump administration is proposing fees on the use of China’s commercial ships it says could help counter the country’s...
Maritime and offshore news trusted by our 108,816 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
