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Mexican Oil Company Saves Barreras Shipyard From Bankruptcy


Astilleros Hijos de J. Barreras, one of the largest shipyards in Spain

The Mexican state oil company Pemex has purchased 51% of shares in the shipyard Astilleros Hijos de J. Barreras, which will make them the majority shareholder. This will save one of Spain major shipyards, which has been a specialized constructor of Spanish tuna superseiners in the last 2 decades. 
The resolution, according to EFE, was adopted on Monday at a meeting of the board of directors of the multinational public company but has not detailed the exact percentage, which however has been reported to be 51% by various Latin American media.
On April 15th, the leader of the Galician government, Alberto Nunez Feijoo, announced after a meeting in Mexico with the Central American country’s president, Enrique Peña Nieto, that the state was studying Pemex possibility of becoming ‘shareholder’ of the Galician naval, with who already has contracted to build two flotels.  According to La Nueva España, the president of the largest Spanish tuna  fishing company, Ignacio Lachaga, is also a partner of the shipyard Astilleros Hijos de J. Barreras in Vigo with 20 percent of the shares.
The Spanish tuna fishing company Albacora had initially planned to have two new tuna seiners built at Astilleros Barreras, located in Vigo. However, due to labor and economic issues - the company entered bankruptcy protection and suspended payments in July- Barreras was passed for this order. Instead, the largest tuna company in Europe decided to commission Astilleros Armon for the construction of the two new tuna boats and have them built in the shipyard located in Gijón, which would cost around Euro 24 million.
During the first discussions, Barreras budgeted the construction of the two seiners at Euro 34 million.
Barreras was planning to use the money that had been raised through the construction of the ships to exit bankruptcy.
However, Albacora selected Armón claiming it was necessary to urgently have the vessels operating as soon as possible, given there is the possibility of losing the fishing licenses that had already been granted.
Lachaga said they were “in a hurry” because at least one of the tuna vessels had to be fishing in the vicinity of the Seychelles within two years, La Voz de Galicia reported.
Recently several Mexican tuna fishing companies have concluded orders for tuna seiners with other Spanish shipyards.