Fincantieri and Genova Industrie Navali form new cooperation

GIN consists of luxury cruise shipbuilder T. Mariotti and repair yard San Giorgio del Porto GIN consists of luxury cruise shipbuilder T. Mariotti and repair yard San Giorgio del Porto

Fincantieri and Genova Industrie Navali (GIN)—the holding company founded in 2008 from the merger of two historical Genoa shipyards, T. Mariotti and San Giorgio del Porto—have reached a cooperation agreement covering areas ranging from newbuildings, to ship repair, conversions and outfitting.

Minority stake in T. Mariotti

This agreement provides for Fincantieri's acquisistion of a minority stake in GIN Group’s holding company and an option for a minority stake in T. Mariotti.

Fincantieri said its stake will help GIN to achieve further financial strength, which is increasingly important to take on complex projects and to overcome market challenges, especially in the sector of small and medium-sized luxury cruise ship construction.

The Seabourn expedition ship newbuilds, initially announced as going to a newly formed venture between T. Mariotti and Damen, are now expected to go to the Fincantieri-Mariotti venture.

See also 'Damen, T. Mariotti part ways but Damen Cruise has a newbuild deal'

Posted 07 March 2019

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Anne Kalosh

Editor, Seatrade Cruise News & Senior Associate Editor Seatrade Cruise Review