Dutch shipyard Moonen has filed for a suspension of payment to its creditors after its majority shareholder, Mexican steel manufacturer Altos Hornos de Mexico (AHDM) revealed swingeing production cuts and job losses caused by plummeting domestic steel prices.

Moonen, which has three orders in the book, will immediately halt production, as it is unable to finance the continuation of the projects. The first of these projects – 30m Matica – was due for delivery in May 2016.

As the yard itself acknowledged, it has been a tumultuous post-crash period for the yard, which was struggling for liquidity before said shareholder stepped in. However, this represents another grave misfortune in its history.

In a statement issued to the media the yard said, ‘By asking for suspension of payment the director of Moonen Shipyard hopes to get the time to search, in good cooperation with the receiver, for solutions for a restart.’

SuperyachtNews.com contacted Moonen directly but its staff were unavailable for further comment.

Matica under construction in June 2015.

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Moonen Shipyards BV

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