The Italian Sea Group has only one ship under construction for a Russian shipowner
The unit in question will be delivered in 2023 and has already been almost entirely paid for (6 million euros remain).
The Italian Sea Group confirms that production on in-progress orders and refit activities are continuing without any delay, despite the sanctions imposed by the European Union against Russia resulting from the ongoing conflict in Ukraine. "To date, no orders have been cancelled, and there have been no delays in payments of existing contractual Statements of Work (SAL). Please note that TISG works exclusively on orders for shipowners with the support of international brokerage firms, with contracts that require advance payments for the SAL. In the event of default, the client will, as a last resort, lose any advance payments made. TISG would retain ownership of the vessel, giving the company the opportunity to immediately resell the yacht and realize attractive capital gains."
Regarding the Net Backlog's exposure to the Russian market, the Marina di Carrara shipyard states that, "as of today, there is only one contract in place with a Russian client; specifically, the company has yet to collect €6 million for the vessel's final delivery, scheduled for early 2023." It should be noted, however, that the contracting entity is not among those affected by international sanctions.
CLICK HERE TO SUBSCRIBE TO THE FREE SUPER YACHT 24 NEWSLETTER
