Turkey's Kuzey Star wins $13.5M bid for Croatian shipyard Uljanik
What's the deal? Croatia's Centre for Restructuring and Sale (CERP) has accepted a binding offer from Istanbul-based Kuzey Star ShipyardDealroom has a profile for this one. Try Dealroom → to acquire a controlling stake in Pula shipbuilder UljanikDealroom has a profile for this one. Try Dealroom → Brodogradnja 1856Dealroom has a profile for this one. Try Dealroom →. Kuzey Star bid €12,053,500 ($13.5 million) for a 97.13% stake, topping the tender's €11,085,250 ($12.4 million) starting price.
The terms: The four state-owned share blocks carry a total nominal value of €34,384,080 ($38.5 million). CERP will conclude a sale and transfer agreement, but the shares can only change hands once Croatia's Ministry of Finance clears the deal under the Foreign Investment Screening Act, since Kuzey Star sits outside the European Union.
Why now? CERP launched the tender on June 18, 2026. Nine investors bought documentation and two binding offers arrived; a rival bid from Luxembourg-based Mira Finance HoldingDealroom has a profile for this one. Try Dealroom → was ruled invalid after its required guarantee was never recorded in CERP's account.
What's the endgame? As a tender condition, Kuzey Star agreed to keep the yard building and repairing ships and constructing floating structures across its concession area. Uljanik's current portfolio includes livestock carriers and fishing vessels.
What could go wrong? The company recently told CERP of operating disruptions and asked for support. The Croatian government has approved a €1.85 million ($2.07 million) loan from CERP to keep operations running and secure conditions for completing the sale.
The signal: The deal marks a foreign revival attempt for a storied yard that collapsed in 2019, when bankruptcy proceedings opened against Uljanik and Uljanik BrodogradilišteDealroom has a profile for this one. Try Dealroom →. The new entity, formed to restart shipbuilding in Pula and handed the concession in 2020, is not the legal successor to either — a clean slate now passing into Turkish hands, pending Zagreb's sign-off.
Read more: bairdmaritime.com
Image credit: Queensland State Archives
