Mediterranean Shipping Company (MSC) has confirmed that it will jointly acquire Romania’s bankrupt Mangalia Shipyard with German defense giant Rheinmetall for €138 million, aiming to revitalize one of Europe’s largest shipbuilding facilities.

Rheinmetall had previously won the shipyard at auction, and the latest announcement confirms that MSC will participate in the acquisition and co-fund it. The deal is expected to be completed within weeks, and neither party has disclosed its respective ownership stake.

Under the plan, the two sides will transform Mangalia Shipyard into a dual-use shipbuilding center that accommodates both commercial shipbuilding and naval projects, with the site divided into dedicated production areas and secure zones. Rheinmetall is already advancing a €920 million shipbuilding program in Romania involving four vessels, including two 96-meter offshore patrol vessels and two 43-meter diver support vessels. Rheinmetall said that after the acquisition is completed, it plans to carry out a comprehensive expansion and upgrade of the shipyard.

MSC’s participation has been in the works for some time. Earlier reports showed that MSC’s interest in Mangalia Shipyard first surfaced as early as June 2025, with potential construction opportunities including cruise ships, ro-ro passenger ships and tugs. Rheinmetall subsequently confirmed in May this year that the two companies were exploring a joint acquisition.

At the time of the latest deal, MSC is also seeking a potential investment in Germany’s Meyer Werft, a cruise shipbuilder 80% owned by the German federal and regional governments.

Mangalia Shipyard has three dry docks. Due to a long-running dispute between Dutch shipyard Damen and the Romanian government over management control, the shipyard entered bankruptcy proceedings in June 2024. The acquisition provides a path for the shipyard to return to large-scale construction and may also give MSC an important new foothold in Europe’s shipbuilding industry.