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Tuesday | October 20 | 2020

Greece to sell Hellenic Shipyards, its largest shipyard

Greece started on Friday the bidding process for the sale of Hellenic Shipyards, the country’s largest shipyard, the Greek Finance Ministry announced.

The activity of the military division of Hellenic Shipyards, which is based in Skaramangas, near Athens, is to be reviewed.

The US-based International Development Finance Corporation, along with a Greek company, have expressed interest in the Skaramangas shipyard, Athens authorities said.

Analysts estimate that Greece will get only a small share of the estimated revenues from privatizations in 2020 because the crisis caused by the coronavirus pandemic (COVID-19) has forced authorities to postpone planned asset sales to avoid low bids.

Athens authorities expect to get between 350 and 400 million euros, the head of the privatization agency, Aris Xenofos, told Reuters, well below the initial target of 2.4 billion euros.

Greece’s Gross Domestic Product fell by 14% between April and June 2020, the worst quarterly contraction in 25 years.

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