Russia’s main delivery firm Sovcomflot plans to promote a part of its fleet, it stated on Friday, because it grapples with Western sanctions and seeks to repay excellent loans.
Sovcomflot has confronted rising challenges in concluding charters as ports, finish purchasers, marine insurers and different freight firms pull again from Russian enterprise amid sanctions imposed in response to Moscow’s invasion of Ukraine.
Lloyds Listing delivery newspaper reported, citing unnamed sources, that as much as a 3rd of Sovcomflot’s owned fleet was up on the market because it sought to repay Western loans.
Sovcomflot stated the “rumors” concerning the sell-off of a 3rd of its fleet have been “exaggerated.”
“Getting older delivery amenities in addition to vessels, utilization of which appeared to be unattainable on account of restrictions imposed towards Russian business fleet, have been put up on the market,” Sovcomflot stated.
The corporate owns and operates 122 vessels, together with 50 crude oil tankers, 34 tankers for transportation of oil merchandise. 14 shuttle tankers, 10 fuel carriers and 10 icebreakers.
(Reporting by Reuters; modifying by Elaine Hardcastle)
{Photograph}: Arctic shuttle tanker Shturman Albanov. Photograph credit score: Sovcomflot
Matters
Russia
Was this text worthwhile?
Listed here are extra articles it’s possible you’ll get pleasure from.
An important insurance coverage information,in your inbox each enterprise day.
Get the insurance coverage trade’s trusted e-newsletter
