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Royal Arctic Line could pay high price for German shipyard collapse

The crisis at German shipyard P+S Werften will cost Royal Arctic Line USD 5 - 6 million, or a massive part of the expected profits in 2012, if the shipping company’s largest order ever - five custom designed ships – is cancelled.

The crisis at German shipyard P+S Werften will cost Royal Arctic Line USD 5 - 6 million, or a massive part of the expected profits in 2012, if the shipping company’s largest order ever - five custom designed ships - is cancelled, says Royal Arctic Line in relation to the shipping company’s financial statements for the first half of 2012.

“German P+S Werften filed for bankruptcy on August 29th 2012. If this results in a cancellation of orders, the company’s expenses in this regard are currently estimated to be USD 5 - 6 million, which would affect the total result for 2012,” writes the senior management of Royal Arctic Line.

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