Zaliv Shipyards Finishes First Vessel Hull for Dutch Shipbuilder

Zaliv Shipyard (SZLV: N/R) has completed a cargo vessel hull with a capacity of 7,200 mt of dry-load containers for Dutch Damen Shipyards Bergum, according to OTP Bank, which is financing part of the project. This hull is the first of six that Zaliv has agreed to build for Damen. According to our estimates, sales have grown more than four times yoy to USD 18 mln at the end of 1H07. Zaliv Shipyard is one of 12 companies (including Stakhaniv Wagon (SVGZ: HOLD) and AvtoKrAZ (KRAZ: HOLD)) that make up KrAZ Holding, which is considering an IPO in 2008-2009.