V.F. Tanker will merge into Volga Shipping Company
On 11 May 2018, the Board of Directors of AO Volga Shipping Company approved the agenda of the annual general meeting of shareholders. One of the issues will be the merger of OOO V.F. Tanker into AO Volga Shipping Company, says A.Management UCL Holding.
According to the statement, the merger of V.F. Tanker into Volga Shipping Company is a part of the process aimed at optimization of the management structure and at improving the efficiency of VBTH businesses related to cargo shipping by water transport. According to the plan suggested at the BoD meeting, Volga Shipping Company taking over the tanker fleet and the personnel of V.F. Tanker will carry dry bulk and liquid bulk cargo.
Starting from 2009, when UCL Holding acquired its shipping division, the companies have been consistently carrying out their development policy focused on upgrading the fleet, improving operational and financial efficiency, ensuring transparency of their management structure.
The merger of the shipping companies will ensure a synergy through scaling-up and reduction of costs with optimal use of their fleets. Further success of the consolidated shipping company is highly predictive taking into consideration the experience and skills of Volga Shipping Company and V.F. Tanker personnel along with high reputation of both companies in the market and long relations with their partners and clients.
The annual general meeting of Volga Shipping Company’s shareholders is scheduled for June 2018.
Universal Cargo Logistics Holding (UCL Holding) is and international transportation group that consolidates companies specializing in railway and water transportation of cargo, handling of cargo in Russian ports, providing logistics and shipbuilding services. According to their activities, the сompanies of the holding make three divisions – UCL Rail (railway), UCL Port (stevedoring) and VBTH (shipping).
VBTH is a shipping and shipbuilding division of UCL Holding (majority stakeholder of VBTH). The division comprises Volga Shipping Company, North Western Shipping Company, V.F. Tanker and Okskaya shipyard.