Croatia Invites Bid for Bankrupt 3 Maj Shipbuilder to Revive Industry
The Croatian government is looking to revive its once-strong shipbuilding industry through a series of privatization efforts. After having stepped in to take control of the shipbuilders 3 Maj and Uljanik Brodogradiliste, the government’s Center for Restructuring and Sale (CERP) has opened bids for the 3 Maj yard located in Rijeka.
Croatia’s once thriving shipbuilding industry succumbed to rising costs, competition from Asia, and the financial strain of COVID-19 and the war in Ukraine. The yards had been struggling before 3 Maj was forced into bankruptcy in April 2025. One of the creditors petitioned the courts, and the company filed for bankruptcy in mid-April with a receiver appointed in May. September 9 was set for a hearing and the deadline for submitting claims.
The shipyard known as 3 Maj traces its origins to 1905. Its recent projects have included two luxury polar cruise ships for Australia’s Scenic Group. The company had been forced to set up its own subcontractor to manage the construction projects and to get the cruise ships completed due to the yard’s financial troubles. Among 3 Maj’s last commercial shipping projects were the construction of two 650-foot self-unloading dry bulk lake freighters for Canada’s Algoma Central Corporation. Scenic Group was reported to be exploring opportunities earlier this year to pursue additional cruise ships with the yard.
The Croatian government stepped in January 2025 to take control of the yard through a debt-to-equity swap for $10.6 million. SeeNews reported at the time that the total claims against the shipyard amounted to more than $48 million and that the plan was to initiate a sale.
CERP, in a filing dated September 17, is inviting public bids for 3 Maj. The minimum price to acquire 100 percent of the government’s shares is set at approximately $7.9 million. Bidders must pay a $2,400 document fee to enter the bidding and include a $79,000 bid guarantee with their entry. Bids must be submitted by November 17.
Croatia looks to restart the shipbuilding industry and, as such, has placed a restriction on bidding, saying that the buyer has an obligation to maintain the company’s shipbuilding activities.
The government also took control of another major shipbuilder, Uljanik Brodogradiliste, in March 2024, holding a 97 percent stake. That shipyard had also slipped into bankruptcy after its creditors unsuccessfully tried to sell their 55 percent stake in the company in 2023 and again in 2024. The government took over the yard to facilitate making payment of the past due wages to workers. SeeNews reported that the Croatian government also plans to privatize this yard before the end of 2025.