WILLEMSTAD, GORINCHEM – CDM Holding and Damen Shipyards Group are jointly investing $40 million in Damen Shiprepair Curaçao. The extensive modernization of the yard means a significant reinforcement of Curaçao’s position as a maritime hub in the Caribbean. For the investment, Curaçao uses the contribution of 20 million euros that was promised by the Netherlands for individual business support as part of the corona emergency aid.
WILLEMSTAD, GORINCHEM
– CDM Holding and Damen Shipyards Group are jointly investing $40 million in Damen Shiprepair Curaçao. The extensive modernization of the yard means a significant reinforcement of Curaçao’s position as a maritime hub in the Caribbean. For the investment, Curaçao uses the contribution of 20 million euros that was promised by the Netherlands for individual business support as part of the corona emergency aid.
“It’s great that all parties involved have been able to make good agreements together,” said State Secretary Alexandra van Huffelen of Kingdom Relations. “It is important that the economy in Curaçao becomes less dependent on tourism. The dock can certainly contribute to that.”
“It’s great that all parties involved have been able to make good agreements together,” said State Secretary Alexandra van Huffelen of Kingdom Relations. “It is important that the economy in Curaçao becomes less dependent on tourism. The dock can certainly contribute to that.”
“The shipyard fulfills a strategic position in the maritime cluster of Curaçao”, adds Minister Ruisandro Cijntje of Economic Development. “It provides about a thousand direct and indirect jobs and makes an average contribution of 0.6 percent to gross domestic product and 4 percent to foreign reserves.”
“The shipyard fulfills a strategic position in the maritime cluster of Curaçao”, adds Minister Ruisandro Cijntje of Economic Development. “It provides about a thousand direct and indirect jobs and makes an average contribution of 0.6 percent to gross domestic product and 4 percent to foreign reserves.”
Space for education and training
Space for education and training
Both the tenant Damen and CDM Holding, owner of the yard site and facilities, are investing in the yard. CDM Holding can make use of the 20 million euros that the Netherlands has made available to Curaçao. The total investments mainly benefit the infrastructure of the yard; especially the two dug docks. “This ensures that the yard will remain a good working environment in the coming years, with room for education and training opportunities,” explains Getmar Caldera, CEO of CDM Holding.
Both the tenant Damen and CDM Holding, owner of the yard site and facilities, are investing in the yard. CDM Holding can make use of the 20 million euros that the Netherlands has made available to Curaçao. The total investments mainly benefit the infrastructure of the yard; especially the two dug docks. “This ensures that the yard will remain a good working environment in the coming years, with room for education and training opportunities,” explains Getmar Caldera, CEO of CDM Holding.
Since February 2017, Damen has been in charge of the yard, which started in 1959 as N.V. Curaçaose Dok Maatschappij. The situation and prospects for the yard have changed significantly since 2017 due to, among other things, the closure of the refinery and oil terminal in Curaçao, the boycott of Venezuela, the consequences of COVID-19 and the overall situation in the oil and gas sector. The yard has therefore had a number of financially very disappointing years.
Since February 2017, Damen has been in charge of the yard, which started in 1959 as N.V. Curaçaose Dok Maatschappij. The situation and prospects for the yard have changed significantly since 2017 due to, among other things, the closure of the refinery and oil terminal in Curaçao, the boycott of Venezuela, the consequences of COVID-19 and the overall situation in the oil and gas sector. The yard has therefore had a number of financially very disappointing years.
Damen’s parent company in the Netherlands initially absorbed the losses of the Curaçao yard itself. Due to the corona pandemic, the parent company no longer had that option and therefore turned to the Curaçao government and CDM Holding for support in the summer of 2020. In the autumn of 2020, the Kingdom Council of Ministers approved an extensive support package for Curaçao to overcome the pandemic. This included an amount of 20 million euros for individual business support. The government of Curaçao proposed to the Netherlands to make CDM Holding and Damen Shiprepair Curaçao eligible for this.
Damen’s parent company in the Netherlands initially absorbed the losses of the Curaçao yard itself. Due to the corona pandemic, the parent company no longer had that option and therefore turned to the Curaçao government and CDM Holding for support in the summer of 2020. In the autumn of 2020, the Kingdom Council of Ministers approved an extensive support package for Curaçao to overcome the pandemic. This included an amount of 20 million euros for individual business support. The government of Curaçao proposed to the Netherlands to make CDM Holding and Damen Shiprepair Curaçao eligible for this.
Potential
Potential
Damen Shipyards Group still believes in the potential of the Curaçao location. In order to fully develop this and to continue to play an important role for employment in Curaçao, as well as for the position of the country as a maritime hub in the Caribbean, the yard will be made future-proof with these investments.
Damen Shipyards Group still believes in the potential of the Curaçao location. In order to fully develop this and to continue to play an important role for employment in Curaçao, as well as for the position of the country as a maritime hub in the Caribbean, the yard will be made future-proof with these investments.
The revitalization of the ship repair yard started with the reorganization that Damen carried out earlier this year. “The overhaul of the doors of dock B that Damen already had carried out in June also fits in with that plan and shows the commitment of us as a company,” said Peter Luiten, managing director of Damen Shiprepair Curaçao.
The revitalization of the ship repair yard started with the reorganization that Damen carried out earlier this year. “The overhaul of the doors of dock B that Damen already had carried out in June also fits in with that plan and shows the commitment of us as a company,” said Peter Luiten, managing director of Damen Shiprepair Curaçao.
The business plan for the yard provides for a new, leaner management, debt cancellation and sufficient capital for the foreseeable future. The yard became eligible for the aid after an independent working group concluded that Damen Shiprepair Curaçao’s business plan is sufficiently viable.
The business plan for the yard provides for a new, leaner management, debt cancellation and sufficient capital for the foreseeable future. The yard became eligible for the aid after an independent working group concluded that Damen Shiprepair Curaçao’s business plan is sufficiently viable.
https://www.curacaochronicle.com/post/main/damen-shipyard-believes-in-curacao-and-invests-with-cdm-holding-in-shiprepair-curacao/
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