Helsinki Shipyard

Finnish shipbuilding company

This article is about a shipbuilding company. For shipyards located in Helsinki, see Helsinki shipyard.

DNY Finland Oy

Company type| Osakeyhtiö
Industry| Shipbuilding
Predecessor| Arctech Helsinki Shipyard
Founded| May 15, 2019 (2019-05-15)[1]
Headquarters|

Helsinki

Finland

Key people

| Kim Salmi (Managing Director)[2]
Products| Icebreakers, cruise ships
Revenue|

* €263,000 (11–12/2023)[2]
* €123,476,000 (2022)[1]

Net income

* –€5,702,000 (11–12/2023)[2]
* –€50,473,000 (2022)[1]

Owner|

* Algador Holdings (2019–11/2023)
* Chantier Davie Canada (11/2023–)

Number of employees

| 349 (12/2023)[2]
Website| helsinkishipyard.fi

Helsinki Shipyard (officially DNY Finland Oy) is a Finnish shipbuilding company based at Hietalahti shipyard in Helsinki, Finland.

## History

[edit]

Helsinki Shipyard was established in May 2019 to take over the shipbuilding activities of Arctech Helsinki Shipyard at Hietalahti shipyard in downtown Helsinki.[3][4] The company had become an economic burden for its Russian owners after the European Union and the United States imposed economic sanctions on the shipyard's Russian state-owned parent company, United Shipbuilding Corporation (USC), as a response to the Russian involvement in the unrest in Ukraine. In early 2018, it was reported that USC was looking for a new majority owner for Arctech Helsinki Shipyard which was making heavy cumulative losses and had been unable to attract new orders since 2016.[5] In April 2019, the Russian government finally authorized the sale of the shipyard.[6][7]

The sale of the shipbuilding operations in Finland was announced on 15 May 2019. In preparation of the transaction, a new shipbuilding company Helsinki Shipyard was established to take over the assets and operations of Arctech Helsinki Shipyard at Hietalahti Shipyard. It was then sold to Algador Holdings, a private Russian company owned by Rishat Bagautdinov ja Vladimir Kasyanenko, while Arctech remained as a subsidiary of the United Shipbuilding Corporation and would continue shipbuilding operations in Russia as a shareholder of the Saint Petersburg-based Nevsky Shipyard. Victor Olerskiy, the former deputy Russian transport minister and the former head of Federal Agency of Maritime and River Transportation, was appointed as the chairman of the board of the new company.[3][4]

Following the Russian invasion of Ukraine in February 2022, the shipyard's future became uncertain even though neither the Finnish company itself nor its Russian owners were targeted by the new international sanctions against Russia. According to the Mayor of Helsinki, Juhana Vartiainen, the city would have to re-evaluate the long-term land-lease agreement for the Hietalahti shipyard, located in central Helsinki, due to the changed geopolitical situation.[8]

In March 2023, Helsinki Shipyard announced that the Quebec-based shipbuilder Chantier Davie Canada (Davie Shipbuilding), part of the Inocea Group, had exercised an exclusive option for the potential purchase the Finnish shipyard's assets. The negotiations had reportedly begun already in December 2022.[9][10] The conditional business purchase agreement, subject to approval of the authorities and fulfillment of the terms of the agreement, was signed in April 2023.[11] In June 2023, the City of Helsinki agreed to extend the land lease agreement for the shipyard site by 50 years until 2073.[12] The acquisition was completed on 3 November 2023.[13][14] Following the change in ownership, the shipyard has continued using Helsinki Shipyard as the brand name while the legal name of the new company is DNY Finland Oy.[2][15]

## Orders

[edit]

Shortly after the change of ownership, the new owners hinted that the first shipbuilding order for the new company would be announced within a month from its founding.[16] In late May 2019, Hufvudstadsbladet reported that the shipyard had signed a letter of intent for the construction of two 150-to-160-passenger Polar Class 5 expedition cruise ships to an undisclosed buyer.[17] On 27 June, the shipyard confirmed an order for two 113-metre (371 ft) expedition cruise ships with capacity of 157 passengers under the name "Project Vega". While Kommersant initially reported that the ships would be built for Vodohod, a Russian shipping company owned by the same people who acquired the Helsinki shipyard,[18] in 2020 it was revealed that the vessels would be operated by the revived British cruise line Swan Hellenic.[19] Steel block production began at Western Baltija Shipbuilding in Klaipėda, Lithuania, on 27 April 2020 and hull assembly of the first vessel, SH Minerva, began with keel laying in Helsinki on 24 September 2020.[20] This was followed by launching on 23 June 2021[21] and delivery of the vessel in late November of the same year.[22] The keel of the second vessel, SH Vega, was laid on 4 February 2021[23] and the vessel was floated out in February 2022.[24] The vessel was delivered in July 2022 following a naming ceremony at the shipyard.[25]

On 20 October 2020, Finnish media reported that Helsinki Shipyard was about to sign a shipbuilding contract for a third expedition cruise ship for Swan Hellenic.[26][27] On the following day, the shipyard confirmed a 150 million euro order for a Polar Class 6 luxury cruise ship with a capacity of 196 passengers in 96 cabins. The production of the ship began with steel cutting at CRIST in Poland on 10 June 2021[28] and the keel was laid in Helsinki on 8 April 2022.[29] The 125-metre (410 ft) SH Diana, slightly larger than its two predecessors, was floated out from the shipyard's covered dry dock in January 2023 and, after completing sea trials, was delivered on 31 March.[30]

On 18 January 2022, Helsinki Shipyard announced that it had received an order for a large LNG-powered icebreaker from Norilsk Nickel in late 2021. The construction of the largest and most powerful diesel-electric icebreaker ever built in Finland was planned to begin in 2022 with delivery slated for late 2024.[31] In February 2022, the project was put on hold due to international sanctions following Russia's invasion to Ukraine.[32] On 30 September 2022, the Ministry for Foreign Affairs refused to grant an export license for the vessel.[33]

On 8 March 2025, Helsinki Shipyard received its first shipbuilding order under the new ownership when the Government of Canada awarded Davie Shipbuilding a C$3.25 billion contract for the construction of a polar icebreaker for the Canadian Coast Guard under the Polar Icebreaker Project. The 138.5-metre (454 ft 5 in) Polar Class 2 icebreaker will be built jointly by Helsinki Shipyard in Finland and Davie Shipbuilding in Quebec with delivery scheduled for 2030.[34][35]

## List of ships

[edit]

See also: List of ships built at Hietalahti shipyard

Ship name | Year | Type | Yard number | IMO number | Status | Notes | Image | Ref

|
|
|
|
|
|
|
|

SH Minerva | 2021  | Cruise ship | 516  | 9895240 | In service  |  |  | [20][36]
SH Vega | 2022  | Cruise ship | 517  | 9895252 | In service  | Sister ship to SH Minerva |  | [23][37]
SH Diana | 2023  | Cruise ship | 518  | 9921740 | In service  |  |  | [30][38]
| 2024 (planned)  | Icebreaker | 519  | 9957804  | Cancelled  |  |  | [31][33]
Imnaryuaq[39] | 2030 (planned)  | Icebreaker | 520  | 1118725  | Ordered  | Built jointly with Davie Shipbuilding in Lévis, Quebec.  |  | [34][40]

## References

[edit]

1. ^ a b c "Stella Polaris Investments Oy". Kauppalehti. Alma Talent. Retrieved 16 December 2023.
2. ^ a b c d e "DNY Finland Oy". Kauppalehti. Alma Talent. Retrieved 16 December 2023.
3. ^ a b "Helsinki shipyard acquisition will be finalized in May" (PDF). Arctech Helsinki Shipyard. 15 May 2019. Archived from the original (PDF) on 12 July 2019. Retrieved 15 May 2019.
4. ^ a b "Helsingin telakan myynnistä sopu, venäläisliikemiehet puikkoihin – välttyykö telakka jatkossa sanktioilta?". Kauppalehti. Alma Media. 15 May 2019. Retrieved 15 May 2019.
5. ^ "Ostohuhujen keskellä olevalla Helsingin telakalla valtavat tappiot - TE: "Miksi Kermas haluaisi ostaa telakan?"". Kauppalehti. Alma Talent. 22 January 2018. Retrieved 22 January 2019.
6. ^ "Arctech Shipyardin uusi toimitusjohtaja: Helsingin telakan myynti toteutuu kevääseen mennessä". YLE. 22 January 2019. Retrieved 22 January 2019.
7. ^ "Правительство разрешило продажу Arctech" (in Russian). Kommersant. 10 April 2019. Retrieved 11 April 2019.
8. ^ "HS:n tiedot: Helsingin telakka ajautumassa vakaviin vaikeuksiin pakotteiden vuoksi, yhtiön vuokrasopimus kaupungin kanssa vaarassa". Helsingin Sanomat (in Finnish). Sanoma Media Finland. 2 March 2022. Retrieved 4 March 2023.
9. ^ "Chantier Davie Canada Inc. enters exclusive process for potential purchase of assets of Helsinki Shipyard Oy". Helsinki Shipyard. 26 March 2023. Retrieved 26 March 2023.
10. ^ "Kanadalainen yhtiö aikoo ostaa Helsingin telakan venäläisiltä" (in Finnish). Helsingin Sanomat. 26 March 2023. Retrieved 26 March 2023.
11. ^ "Kanadalainen Davie on tehnyt sopimuksen Helsingin telakan ostamisesta venäläisiltä" (in Finnish). Helsingin Sanomat. 28 April 2023. Retrieved 28 April 2023.
12. ^ "Chantier Davie Inc. on saanut Helsingin kaupunginvaltuustolta hyväksynnän uudelle Hietalahden telakka-aluetta koskevalle maanvuokrasopimukselle". ePressi (in Finnish). 22 June 2023. Retrieved 4 November 2023.
13. ^ "Davie completes purchase of the assets of Helsinki Shipyard". Helsinki Shipyard. 3 November 2023. Retrieved 4 November 2023.
14. ^ "Davie completes purchase of the assets of Helsinki Shipyard". Chantier Davie Canada Inc. 3 November 2023. Retrieved 4 November 2023.
15. ^ "Helsinki Shipyard". Helsinki Shipyard. Retrieved 16 December 2023.
16. ^ "Helsingin telakan kauppa on sinetöity – toimitusjohtajaksi suomalainen". Navigator Magazine. Osakeyhtiö Laivastolehti. 20 May 2019. Retrieved 20 May 2019.
17. ^ "Helsinki Shipyard signs LOI for two expedition cruise ships – report". CruiseBusiness.com Magazine. 29 May 2019. Retrieved 29 May 2019.
18. ^ ""Водоходъ" взял курс на полюс" (in Russian). Kommersant. 3 June 2019. Retrieved 4 June 2019.
19. ^ "Helsingin telakan risteilyalusten taustalta paljastui yllättävä omistaja" (in Finnish). Navigator Magazine. 23 July 2020. Retrieved 12 September 2020.
20. ^ a b "First Keel Laying Ceremony at Helsinki Shipyard". Helsinki Shipyard. 24 September 2020. Retrieved 24 September 2020.
21. ^ "The first Swan Hellenic's expedition cruise ship was launched at Helsinki Shipyard". Helsinki Shipyard. 23 June 2021. Retrieved 23 June 2021.
22. ^ "A new 5-star ship for Cultural Expedition Cruises named SH Minerva at Helsinki Shipyard". Helsinki Shipyard. 24 November 2021. Retrieved 18 January 2022.
23. ^ a b "Helsinki Shipyard lays the keel for Swan Hellenic's SH Vega". Seatrade Cruise News. 11 February 2021. Retrieved 11 February 2021.
24. ^ "SH Vega, Swan Hellenic's second expedition cruise ship, is now on the water". Helsinki Shipyard. 11 February 2022. Retrieved 4 November 2023.
25. ^ "Already the second 5-star ship for Cultural Expedition Cruises named at Helsinki Shipyard". Helsinki Shipyard. 11 July 2022. Retrieved 4 November 2023.
26. ^ "Helsingin telakan uusi tilaus tuo töitä tuhannelle: Eksoottinen risteilykonsepti kiinnostaa korona-aikanakin – "Äärettömän iloinen asia"". Kauppalehti (in Finnish). Alma Media. 20 October 2020. Retrieved 20 October 2020.
27. ^ "Miljoonia euroja ja tuhat uutta työpaikkaa – Helsingin telakka saamassa uuden risteilijätilauksen, toimitusjohtajan mukaan asia varmistuu lähipäivinä" (in Finnish). YLE. 20 October 2020. Retrieved 20 October 2020.
28. ^ "Helsinki Shipyard: Kolmannen tutkimusristeilijän tuotanto käynnistyi" (in Finnish). Navigator Magazine. 12 June 2021. Retrieved 12 June 2021.
29. ^ "Helsinki Shipyard oikealla kurssilla – telakalla on laskettu kolmannen luksusristeilyaluksen köli ja alus sai nimekseen SH Diana". Helsinki Shipyard (in Finnish). 8 April 2022. Retrieved 26 March 2023.
30. ^ a b "Third state-of-the-art expedition ship SH Diana is delivered". Helsinki Shipyard. 4 April 2023. Retrieved 5 April 2023.
31. ^ a b "Helsinki Shipyard on saanut uuden jäänmurtajatilauksen Norilsk Nickeliltä" (in Finnish). Navigator Magazine. 18 January 2022. Retrieved 18 January 2022.
32. ^ "Helsingin telakkaa haetaan konkurssiin" (in Finnish). Kauppalehti. 6 September 2022. Retrieved 6 September 2022.
33. ^ a b "The Ministry of Foreign Affairs has given a negative decision regarding the export license to the icebreaker ordered by Norilsk Nickel". Helsinki Shipyard. 4 October 2022. Retrieved 4 October 2022.
34. ^ a b "Davie and Canadian Government Agree on Heavy Icebreaker Construction – Work to Begin at Helsinki Shipyard". Helsinki Shipyard. 8 March 2025. Retrieved 8 March 2025.
35. ^ "Government of Canada awards contract to Chantier Davie Canada Inc. for construction of new polar icebreaker". Government of Canada. 8 March 2025. Retrieved 8 March 2025.
36. ^ "The production of the luxury expedition cruise vessels started today". Helsinki Shipyard. 27 April 2020. Retrieved 27 April 2020.
37. ^ "Helsingin vaikeuksissa olleelle telakalle tilaus – toimittaa kaksi jokiristeilyalusta Venäjälle" (in Finnish). YLE. 27 June 2019. Retrieved 28 June 2019.
38. ^ "Swan Hellenic's third and larger ship is called SH Diana". Seatrade Cruise News. 6 April 2022. Retrieved 7 April 2022.
39. ^ "The Arctic This Week Take Five: Week of 7 April, 2025". The Arctic Institute. 11 April 2025. Retrieved 26 April 2025.
40. ^ "HELSINKI 520 (1118725)". Sea-web. S&P Global. Retrieved 26 April 2025.