Not so privileged…
Reports have surfaced to suggest Italian shipyard Privilege Yard, reportedly in the middle of constructing a 127m superyacht, is facing strike action from its workers due to the non-payment of wages. A source has contacted SuperyachtNews.com, revealing there is now a full-time police guard at the gates of the shipyard.…
A number of reports have surfaced in the media to suggest Italian shipyard Privilege Yard is facing strike action from its workers due to the non-payment of wages. The shipyard has remained under the superyacht industry’s radar for some time, though in 2012 media reports confirmed the yard had a 127m superyacht, designed by Abdesiam Laraki of Laraki Yacht Design, under construction.
The future of the elusive 127m build, and the yard itself, remains under question, particularly in the context of the shipyard’s history. In 2009, just two years after the shipyard was established, workers went on strike as a result of unpaid wages. According to Italian media reports, January 2014 saw the yard once again face financial difficulty (though it is unclear whether this is an ongoing effect of the 2009 troubles or a new financial problem altogether) though there was promise of resolution by the end of the month. However, a source has contacted SuperyachtNews.com to suggest that the yard’s workers remain unpaid and are on strike.
In January 2014, Italian news website IlTempo.it announced that credit granted a loan to the yard of 90 million euros, which would have meant the yard was able to resume operations and construction on a superyacht it names as P430, by the end of January. The article quotes Privilege Yard as commenting: “During 2013 we expected the lenders … [would] decide on the new loan … We have increased [resources] by a further five million euro capital, bringing [the total] to 80 million … and we have obtained loans from some shareholders for an identical amount” [translation].
The news story goes on to add that the first act upon receipt of the funds, expected come at the end of January, would be repaying the balance owed to the companies operating within the yard and regulating the salaries of the workers.
However a source, wishing to remain unnamed, contacted SuperyachtNews.com in April, 2014, claiming to have heard the Civitavecchia-based yard, which the source believes to have two superyachts in build – one of 126m and one of 127m – has still not paid its workers. “They are currently on strike and there is a full-time police guard on the gates,” the source revealed.
Despite ongoing efforts, SuperyachtNews.com has been unable to make any form of contact with Privilege Yard to either confirm or deny the reports. SuperyachtNews.com will continue its efforts and update readers with any additional information.
The future of the elusive 127m build, and the yard itself, remains under question, particularly in the context of the shipyard’s history. In 2009, just two years after the shipyard was established, workers went on strike as a result of unpaid wages. According to Italian media reports, January 2014 saw the yard once again face financial difficulty (though it is unclear whether this is an ongoing effect of the 2009 troubles or a new financial problem altogether) though there was promise of resolution by the end of the month. However, a source has contacted SuperyachtNews.com to suggest that the yard’s workers remain unpaid and are on strike.
In January 2014, Italian news website IlTempo.it announced that credit granted a loan to the yard of 90 million euros, which would have meant the yard was able to resume operations and construction on a superyacht it names as P430, by the end of January. The article quotes Privilege Yard as commenting: “During 2013 we expected the lenders … [would] decide on the new loan … We have increased [resources] by a further five million euro capital, bringing [the total] to 80 million … and we have obtained loans from some shareholders for an identical amount” [translation].
The news story goes on to add that the first act upon receipt of the funds, expected come at the end of January, would be repaying the balance owed to the companies operating within the yard and regulating the salaries of the workers.
However a source, wishing to remain unnamed, contacted SuperyachtNews.com in April, 2014, claiming to have heard the Civitavecchia-based yard, which the source believes to have two superyachts in build – one of 126m and one of 127m – has still not paid its workers. “They are currently on strike and there is a full-time police guard on the gates,” the source revealed.
Despite ongoing efforts, SuperyachtNews.com has been unable to make any form of contact with Privilege Yard to either confirm or deny the reports. SuperyachtNews.com will continue its efforts and update readers with any additional information.
Profile links
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
