Polish big shipowner back on feet next year - new admin

Pawel Brzezicki as the compulsory administrator of the Polsteam (PZM) shipowner and shipping company announced on Friday that the company would undergo restructuring.

Fot. PAP Jerzy Undro / Szczecin 25.08.04 Dyrektor Polskiej Żeglugi Morskiej Paweł Brzezicki naszego największego armatora decyzją ministra skarbu Jacka Sochy został odwołany,przeciwko czemu protestuje cała załoga PŻM ,Rada pracownicza i Związki Zawodowe. Fot. PAP Jerzy Undro

Brzezicki, whom the minister of maritime economy and inland waterways appointed PZM's compulsory administrator in February, was PZM's director-general in 1998-2005.

"The number of employees is the same as when I left, but only half the number of ships is produced. We will prepare a restructuring plan. The bloated employment level is the reason why PZM is not achieving operating profits. Hence also concern being shown by banks", Brzezicki told a press conference.

Underlining that not the number of employees but their functionality was the most important, Brzezicki called the planned changes qualitative not quantitative. "Wage cuts will certainly be proposed. Whoever earns the most will have their pay cut the most, who makes little money will not have their pay cut, or only minimally", he said.

"Remedying the situation and attaining the image of the company from my (previous) time here, namely 93 ships instead of fewer than 50, will take two business cycles, or about 15 years", according to Brzezicki. He added that one year should be enough to get PZM back on its feet.

PZM is planning to build new ferries at the Szczecin Shipyard, Brzezicki also said, adding that the first decisions would be made before the end of this year.

PZM is Poland's biggest shipowner, with over 60 vessels in its capital group and 2,600 crew members. (PAP)

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