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Ukraine Crisis

Damen halts delivery of newbuilds to Russia

Netherlands-based shipbuilder Damen has announced it decided to stop deliveries of new vessels to clients in Russia due to the ongoing invasion of Ukraine.

Talking to Dutch media, Damen said its decision will have significant impact on the company's earnings.

Damen said it will affect working vessels already contracted or under construction, like tugs and fishing boats. It will also have an impact on dozens of Damen's suppliers.  “It was not a light decision," said a spokesperson. 

Damen is also working to take care of the 200-plus employees of its Ukrainian division, located in the city of Nikolaev.