European shipyards' hackles raised over Attica's Korean order

European shipyards questioning Greek owner the Attica Group’s attempt to raise US$81 million using European tax payers’ money for newbuilds ordered at Daewoo Shipbuilding & Marine Engineering (DSME).  In 2009, Attica applied to the European Investment Bank (EIB) to supply US$189 million to fund two Ro-Pax ferries, of which Attica will provide 40 percent equity.
The complaint is based on the allegation that DSME is building below break-even and is breaching the EU-Korea free-trade agreement which was signed in Brussels in October 2009.
One shipbuilding source questioned whether it was justifiable to allocate European tax payer money on a project that was “highly disputable”.
The Attica Group responded by saying that it had held talks with shipyards in Europe but was unable to come to an agreement regarding price and delivery dates.
European yards are challenging the Attica Group based on the Community of European Shipyards’ Association’s (CESA) launch of a procedure to investigate claims by members of competitors tendering at low prices deemed to be irrational.