In Germany, the district courts of Flensburg and Neumünster have opened bankruptcy proceedings against the shipbuilding holding FSG-Nobiskrug Holding and its subsidiaries – two shipyards and a design bureau. The procedure was initiated by an insurance company that filed a corresponding application. The court temporarily declared the holding insolvent, and the hearings on the case are scheduled for February 2025.
The holding’s financial difficulties are caused by the lack of new orders, which has jeopardized the payment of salaries to employees. The court-appointed managers are negotiating with the customers of two key projects – a ferry for the Australian company SeaRoad and a yacht being built at the shipyards in Flensburg and Rendsburg. The possibility of receiving temporary support from the federal and regional governments is being considered.
Flensburger Schiffbau-Gesellschaft (FSG), founded in 1872, had built more than 760 ships by 2014. Since 2010, the company has specialized in Ro-Ro vessels, becoming a leader in this segment. However, the 2020 pandemic led to the disruption of contracts and the suspension of production, which was the beginning of a crisis at the enterprise.