Fincantieri, the Italian shipbuilding company that is the biggest cruise ship builder in the world, said that it is taking action in face of rising steel an d energy prices, but noted that production is expected to remain in full swing.

The company said that first months of 2022 had been characterised by the impacts of the conflict between Russia and Ukraine, in particular on the European market, leading to a reduction in the commercial trades with Russia as a result of sanctions, an increase in energy and natural gas prices as well as other commodities whose supply chains are affected by the conflict, including steel.

“In this context, the Group implemented specific mitigation plans in order to ensure the availability of those commodities considered strategic for production activities. Excluding unpredictable side effects related to the ongoing conflict as well as the pandemic, Fincantieri expects to maintain production activities at full swing with a growth in revenues higher than pre-pandemic levels along with the consolidation of margins,” the company said in a statement. 

Net financial position for 2022 is expected to be in line with the 2020 figures, the company added.