Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Fesco secures $51m state loan guarantees

Fesco secures $51m state loan guarantees

Vladivostok: Moscow has approved RUB1.5bn (US$51m) in loan guarantees for Russia's Far East Shipping Co (Fesco), according to Russian Daily Transport Report.?Analysts said the group has been severely affected by the downturn in container shipping, with revenues for 2009 set to be less than half of 2008's. But according its CEO, Sergey Generalov, in a recent interview with HK Shipping Gazette sister publication, The Container Shipping Manager, Fesco has increased its market share at the expense of rivals, and has been cushioned by terminal operations earnings.
The guarantee, approved by deputy economic development minister Oleg Saveliev, will be the first company in the industry to receive state guarantees to this amount. The company is going to raise the credit totalling RUB2.5 billion from VTB which will be spent on debt servicing. [03/11/09]

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.