The European Commission has approved a restructuring plan for Croatian bulker operator Jadroplov Shipping.
The commission believes Jadroplov Shipping’s restructuring plan is in line with the EU state aid rules and has cleared HRK105.6m ($17m) in financial aid for the company.
According to an EU statement, the company has been suffering from reduced volumes and falling prices in the dry bulk shipping business and decided to carry out a comprehensive restructuring program which aims at alleviating the financial pressure of the company due to heavy debts, keeping the company operational in the long term.
Jadroplov Shipping was established in 1947 as a state-owned company and transformed into a private company in 1993. The company currently owns a fleet of six bulkers comprising of four supramaxes and two handymaxes.