The Uljanik Brodogradnja 1856 shipyard in Pula is moving toward new ownership.
The Croatian Center for Restructuring and Sales (CERP), the body that manages state-owned holdings, has accepted the binding offer submitted by the Turkish Kuzey Star Shipyard Denizcilik Sanayi ve Ticaret to purchase a 97.13% stake in the Istrian company.
The offered price is €12.0535 million, compared to the €11.085 million set as the basis for the procedure.
CERP’s decision does not yet coincide with the completion of the transaction. Since Kuzey Star is a non-EU investor, the acquisition must go through the Croatian foreign investment screening process. Only after approval from the Ministry of Finance can the sales contract be signed and the shares transferred to the new owner.
The selection was made following a competitive bidding process in which two binding offers were submitted. However, the offer from Luxembourg-based Mira Finance Capital Holding was declared invalid: CERP’s checks showed that the required deposit as a guarantee of the offer’s seriousness had not been accredited. Therefore, it was not evaluated on its merits.
A key aspect of the procedure concerns the area’s intended use. The tender required the buyer to maintain shipbuilding activity on the entire maritime state property covered by the concession, including the construction and repair of ships and floating structures. Kuzey Star has undertaken this commitment.
The restriction takes on particular significance following the long-running crisis of the former Uljanik group and the bankruptcy of the historic Pula shipyard. The Uljanik Brodogradnja 1856 company was reestablished precisely as part of an effort to safeguard its industrial activity. In 2024, the Croatian state acquired 54.77% of the company from the bankrupt Uljanik Brodogradilište for €6.9 million, bringing public ownership to nearly 97%, and provided up to €10 million in financing for liquidity and the completion of ongoing contracts.
However, the financial results show that the recovery is still incomplete. In 2025, Uljanik Brodogradnja 1856 generated revenues of €16.6 million, compared to €12.9 million in 2024, but closed the financial year with a net loss of €2.9 million, worsening from the €1.86 million of the previous year. The company employed 216 people.
The shipyard has nevertheless maintained active production. Recent orders include the construction of a 13,700-ton livestock carrier, while specialized vessels and a floating dock have also been completed in recent years.
Kuzey Star is a shipbuilding company based in Tuzla, Istanbul, engaged in ship repair, maintenance, conversion, and construction. The group operates a shipyard covering approximately 108,000 square meters, two floating docks, and three slipways for newbuildings.
The entry of an industrial operator in the sector therefore represents a shift in perspective compared to the other proposal submitted in the tender, that of the Luxembourg-based financial holding company. However, it remains to be seen what the production plan for Pola will be and, above all, what investment capacity Kuzey Star will deploy to restore the shipyard to a state of economic equilibrium.
(Shipping Italy)
