3. Maj Shipyard Account Blocked

The account of 3. Maj Shipyard was blocked on Friday, as stated in the response to the inquiry from the Zagreb Stock Exchange from the Rijeka shipyard, and the Management also announced that the restructuring program of Uljanik Shipyard will create conditions for intensifying the overall business production activities of the Uljanik group, which includes 3. Maj.

>>>Škibola: 3. Maj Driven into a Deadlock by Poor Management Actions

“The fact is that the operations of 3. Maj Shipyard are hindered due to the overall situation and partly related to the issues of the Uljanik group. The restructuring program of Uljanik Shipyard will create conditions for intensifying the overall business production activities of the Uljanik group, which includes 3. Maj,” stated the Rijeka shipyard in response to the Zagreb Stock Exchange’s inquiry for a comment on media reports regarding its operations.

From that shipyard, it was also stated on Friday afternoon that at the time of the article’s publication in Poslovni dnevnik, the company’s account was not blocked.

“Moreover, we have agreed with all creditors on models for settling obligations. Unfortunately, shortly before, the company’s account was blocked. The company is making efforts to unblock the account as soon as possible,” the notice on the stock exchange states.

The Coordination of the Metalworkers’ Union of Croatia – Industrial Union at 3. Maj Shipyard on Thursday submitted a request to initiate a mediation process in a dispute with the employer due to the non-payment of salaries for July.

They emphasized that the Metalworkers’ Union at 3. Maj will adhere to the legally prescribed procedure for resolving the issue and will conduct the mediation process in good faith.

>>>3. Maj Shipyard Recorded a Loss of 151 Million Kuna in the First Half of the Year

According to data from the union, salaries at 3. Maj are paid by the 15th of the month, for about 1,320 workers.

3. Maj Shipyard recorded total revenues of 109.5 million kuna in the first six months of this year, which is about 80 percent less than in the same period last year, while the loss of this company, a member of the Uljanik Group, reached 151 million kuna. In the same period last year, the Rijeka shipyard operated with a profit of 1.7 million kuna. The short-term obligations of this company in the first half of the year reached almost 303 million kuna, while in the same period last year they amounted to 248 million kuna.

In the Uljanik Group, salary payments are also delayed, prompting unions to demand immediate payment, threatening industrial actions otherwise. Every month, 51 million kuna needs to be secured to pay the salaries of workers at Uljanik and 3. Maj.

Uljanik Group ended the first half of this year with a loss of 364.8 million kuna, which is an increase of about three times compared to the same period last year when it amounted to 113.3 million kuna.

This group has 4,241 employees. 3. Maj is part of this group, in which Uljanik d.d. holds 88.27 percent of the share capital.

>>>Payment of 22.5 Percent of Claims to Workers of 3. Maj TIBO

In July, the restructuring plan for Uljanik was sent to the European Commission, and a response from the Commission regarding the analysis of the restructuring program is awaited.