Cruise ship industry crisis could hit Finland's biggest shipyard

Cruise ship lines that have ordered vessels from the Turku Meyer shipyard saw their share prices drop on Monday amid growing fears over passenger ships' apparent role in the spread of the novel coronavirus. Royal Caribbean Cruises and Carnival Cruise Lines saw major sell-offs of their shares. The Research Institute of the Finnish Economy (Etla) says this could have a knock-on effect on Finland's shipbuilding industry and its overall GDP. The shipyard is a major player in the economy of southwestern Finland and that of the whole country, as nearly two-thirds of its suppliers are domestic. Meyer Turku and its direct subcontractors had a turnover of nearly two billion euros in 2018. Meyer has some 4,000 employees, with at least as many people employed indirectly. Markku Lehmus, chief of forecasting at Etla, says that the possible impact on the yard depends on how long the situation drags on and predicts a significant drop in cruise ship bookings for at least the next six months

- Yle -



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