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Forum bulletin


Shareholders of the Volga Shipping Company Approved the Deal on Lend-Lease of 10 Dry-Cargo Carriers Under Construction

February 20, 2010

On the extraordinary general meeting of the Volga Shipping Company held on February 18, 2010, the entry into an agreement with WEB Leasing Company for purchase and lend-lease (temporary possession and use with subsequent buyout) of 10 RSD-44 project dry-cargo carriers was approved.

According to the press-service of the shipping company, under the terms of the agreement, WEB Leasing Company is to purchase 10 self-propelling all-purpose mixed (river-sea-going) dry-cargo carriers of project RSD-44 at the Oka Shipyard (Navashino, the Nizhni Novgorod Region) and lease them out to the Volga Shipping Company, OJSC. WEB Leasing, OJSC (jointly with the United Shipbuilding Corporation, OJSC), and the Volga Shipping Company are to supply financing of all construction programme meant for 3 years in the amount of RUR 4.72 bln.

RSD-44 series project was developed by the Marine Engineering Bureau. This is an all-purpose dry-cargo carrier to be used for transportation of bulk, general cargoes and containers.

The entire series of power boats automated to the maximum extent is to be equipped with up-to-date mechanisms ensuring high maneuverability and good handling quality. Their freight-carrying capacity is 5.5 thousand tons which is 500 tons more than that of Volgo-Don series. Deck level of the power boat is 5.4 meters thus ensuring passing under unraised bridges of Russian rivers.

The keel lay down of the lead ship is to take place in February, 2010, at the Oka Shipyard, OJSC. The vessel is to be put into commission in 2011. Volgo-Don class vessels are to be gradually replaced by new ships.

The Volga Shipping Company, OJSC, is one of the largest shipping companies of Russia. In 2008, the company celebrated its 165 anniversary. The company performs cargo and passenger transportation by rivers and lakes of the country. The company’s fleet comprises 250 cargo and passenger motor ships. According to the results of navigation-2009, 4.5 mln. tons of cargoes and 359 thousands of passengers were carried. The Volga Shipping Company is a part of the Universal Cargo Logistics Holding.

Source: PortNews

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