The owner of the Swan Hunter shipyard has said it will be at least two years before a new use is found for his site.

Jaap Kroese said he was sceptical of any progress being made very quickly, but said he would stick with North Tyneside Council's regeneration efforts, as selling to a developer would mean losing control of the site's destiny.

A working party led by the authority, and also including neighbouring Newcastle City Council and One NorthEast, with input from Mr Kroese himself, was set up last September to consider the yard's future.

It was also charged with mapping out the future for the wider north Tyneside river area. The group originally said a report would be produced by the end of January 2007, then Trade Minister Margaret Hodge urged progress before Christmas, and now an interim report is said to have been prepared, with the working party due to meet to discuss it.

Mr Kroese said: "The study is still going on, and the yard has not been sold to any developer.

"We will follow North Tyneside Council with whatever they want. If we just sold to a developer, they would have their own ideas about what to do." He said he was resigned to the process taking a long time.

The Dutch entrepreneur said: "It will be at least two years." Responding to reports that the famous Swan Hunter cranes have been sold on to an Indian company, Mr Kroese confirmed that they had been sold to Fairfield Industries on Teesside and he believed they had since been sold on again.