Wulkan Shipyard in Szczecin: from crisis to stability - one year of management efforts

- Our government has decided to recapitalize the shipyard with PLN 240 million. These funds will be allocated to build a dock for MSR Gryfia, capable of servicing the largest ships entering the port of Szczecin. We also plan to expand Wulkan Shipyard’s production capacity. With this support, we will build new production halls and purchase necessary equipment, including steel bending tools, so that the shipyard and its partner companies can continue to grow and meet their business goals, said Arkadiusz Marchewka, Secretary of State at the Ministry of Infrastructure.

Aleksandra Skibniewska, President of the State Development Fund, added:

- Today we are taking another step in developing the West Pomeranian shipbuilding sector by signing an investment agreement with the Ministry of Infrastructure. It will support the modernization and expansion of Wulkan Shipyard’s infrastructure and allow us to initiate a new executive contract for the construction of a floating dock for MSR Gryfia.

Grzegorz Huszcz, Board Representative for Organizational Affairs at Wulkan Shipyard, emphasized that the final design of the dock will meet both market demands and formal technical requirements:

- After months of joint discussions and analysis with MSR Gryfia, we have redefined the scope of the dock project. The result is a facility that retains full capabilities as a vessel repair platform and meets all classification society standards. We have developed a solid basis for signing a new executive agreement, with clearly defined costs and a schedule for the entire undertaking.

A difficult beginning – effective recovery

A year ago, the new board took over Wulkan Shipyard during a period of severe financial distress. In early 2024, the company was facing a net loss of PLN 136 million (2023), risk of restructuring bankruptcy, three-month payment delays, and unprofitable contracts with unrealistic conditions.

- It was a very difficult year. Today marks one year since the management board assumed responsibility for the shipyard. Back then, we faced insolvency, a number of loss-making contracts, and a real risk of collapse. Over the past year, the management and our entire team worked extremely hard, making difficult but necessary changes. Now, we have achieved financial stability. I want to thank everyone at the shipyard who contributed to this outcome, said Radosław Kowalczyk, CEO of Wulkan Shipyard.

Key results of the recovery process

Today, the shipyard is solvent and meeting its financial obligations on time. Preliminary results for 2024 show a profit of PLN 17 million (subject to audit). Nearly 70 companies operate within Wulkan’s premises, with more than 2,000 people working on-site daily. The shipyard is maximizing the use of its production capacity and industrial space.

Development directions

The company’s next strategic steps include:

• Construction of modern production halls for ship and offshore structures,
• Investment in automation and state-of-the-art equipment,
• Execution of a vessel construction contract for the Maritime Office,
• Expansion of cooperation with maritime sector firms,
• Completion of the floating dock for MSR Gryfia – currently 50% complete, scheduled for delivery within 24 months.

- We are halfway to our goal, but we can already speak of success: the shipyard is financially stable and has real prospects for development. This is thanks to the hard work of our team, strong partnerships, and the support of the Ministry of Infrastructure and the State Development Fund, Radosław Kowalczyk concluded.