At the Helsinki shipyard, we have followed the news from Ukraine in shock. Helsinki Shipyard condemns Russia’s hostilities in Ukraine, and our thoughts are on the side of Ukrainian civilians and all those affected by the hostilities. We hope for an immediate end to hostilities and for peaceful solutions.

The sanctions imposed as a result of the war have had no effect on Helsinki Shipyard’s business or cash flow. The construction of ongoing cruise ship orders is progressing according to schedule in all respects. At present, the yard employs 450 of its own employees, about 700 employees of subcontractors and a large number of different suppliers through the network, e.g. design offices, material suppliers and other service providers

This also applies to the icebreaker order that has been on the news, which was contracted at the end of 2021 and for which an export permit has been applied for from the Ministry for Foreign Affairs. The employment effect of the icebreaker order at the shipyard and in the Finnish maritime industry network is a total of approximately 2,100 person-years.

As a Finnish company, we always comply with all sanctions regulations as well as official instructions and regulations. We are in constant dialogue with government, officials and city representatives, and no new information has come to light that affects our business. Helsinki Shipyard Oy, its board members or our owner Algador Holdings of Cyprus are not subject to the imposed sanctions. Helsinki Shipyard is a Finnish company and has Finnish management.

On Friday, March 4, 2022, the Helsinki shipyard turned 157, and the shipyard’s operations in Hietalahti, Helsinki, have been uninterrupted since 1865. The shipyard has a great history, which includes many great successes, important projects and also more difficult moments. The shipyard’s personnel have always been committed and worked tirelessly to deliver top quality ships and solutions to our customers. Helsinki Shipyard’s know-how is world-class and well-known in the world, and we have delivered about 60% of the world’s icebreakers.

Over the years, the shipyard has made significant innovations in shipbuilding, which are still in use today. In addition, departments that are now independent and successful companies have been separated from the yard’s operations. We want to continue this valuable work and the development of Finnish know-how and competitiveness well into the future. It is still possible to build technically demanding ships in Europe, and we believe that this know-how should be maintained in Finland in the future as well.

Simo Rastas

Acting CEO