Recently, Casa de Insolvență Transilvania (CITR)—the insolvency administrator for the Mangalia Shipyard in Romania—submitted a restructuring plan to the court, marking the shipyard’s entry into a critical phase of its insolvency restructuring.
Under the restructuring plan, the Mangalia shipyard intends to transfer its operations to a strategic investor in order to resume full operations, preserve jobs, and secure necessary investment. The proposed restructuring plan is scheduled to be submitted to creditors for a vote on March 25, after which it will proceed to the judicial review stage.
CITR stated that this restructuring plan prioritizes ensuring the continued operation of the Mangalia shipyard, retaining its existing workforce, and selecting a strategic investor through an open and transparent international tender process. A representative from the agency noted: “This restructuring plan offers the most robust and realistic opportunity to safeguard the jobs of the shipyard’s employees, while simultaneously enabling the facility to secure the investment required for modernization and a long-term operational relaunch.”
According to the latest information, a delegation from the European defense giant Rheinmetall has conducted an on-site inspection of the Mangalia Shipyard. Sources indicate that the group favors project-based collaboration over a full acquisition, with a primary focus on military vessel projects.
In addition to Rheinmetall Group, Mediterranean Shipping Company (MSC)—the world’s largest shipowner—is also reportedly involved in negotiations to acquire the Mangalia shipyard. As early as 2025, reports emerged that MSC had submitted a proposal to the Romanian government regarding the management and operation of the Mangalia shipyard.
MSC intends to utilize the Mangalia shipyard to provide maintenance and repair services for its fleet, and plans to construct cruise ships, Ro-Ro vessels, and tugboats at the facility in the future. Currently, MSC’s newbuild orders are primarily concentrated in shipyards in Asia (for container ships) and Europe (for cruise ships).
Separately, reports indicate that the Turkish shipbuilding firm Desan has also expressed interest in the Mangalia shipyard; Desan’s status as a potential investor had previously been confirmed by Romania’s Minister of Economy, Bogdan Ivan.
According to records, the Mangalia Shipyard is one of Europe’s largest shipyards; established in 1976, it was originally known as the 2 Mai Mangalia Shipyard. In 1997, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME, now Hanwha Ocean) took over the shipyard and held a 51% majority stake. In 2018, Damen Shipyards acquired all of DSME’s shares from the financially troubled company.
Soon after, Damen Shipyards reached a joint agreement with the Romanian government, agreeing to transfer 2% of its shares to Romanian state-owned enterprise Santierul Naval 2 Mai free of charge in exchange for the management rights of the shipyard. After the equity transfer was completed, Santierul Naval 2 Mai’s shareholding ratio reached 51%, becoming the largest shareholder of the shipyard.
However, due to a new corporate governance law (Law No. 187/2023) passed by the Romanian government in 2023, the Romanian government no longer abides by the agreement on the operation and management of the shipyard, and Damen Shipyards has lost the management rights of Damen Mangalia. For this reason, Damen Shipyard announced its withdrawal from Damen Mangalia.
In May 2024, Damen Shipyards filed for bankruptcy for Damen Mangalia, and formally initiated bankruptcy proceedings in June of the same year. Prior to bankruptcy, the shipyard had experienced a three-year drought in orders. To date, the shipyard has been in bankruptcy for over a year, with total debts exceeding the value of its assets.
During Damen Shipyards’ management tenure, the Mangalia shipyard evolved into one of Europe’s top five shipyards, boasting three dry docks. At present, the shipyard remains under the control of the Romanian government, while Damen Shipyards retains a 49% stake and serves as the largest creditor.
Currently, the Mangalia shipyard relies on ship repair operations to sustain its basic functioning; while seeking a strategic investor, the facility is raising funds by auctioning off non-core assets to cover payroll expenses and maintain production activities.