USC to get $1bn credit for construction of shipyards in the Far East

United Shipbuilding Corp. (USC) plans to raise about $ 1 billion of credit next year for shipyards construction project in the Far East, USC’s CFO Sergei Chenchik said at a launching ceremony of a river bulker held at Oka Shipyard, the PortNews correspondent reports.

According to Mr. Chechnik the Corp. has been in talks with VneshEconomBank and Sberbank. USC expects to get the Credit Facility for a period up to 10 years. The estimated payback period of Vostok-Raffles shipyard is 6-7 years, of Zvezda-DSME - 10-12 years.

USC had projected to build two large shipyards in the Far East in cooperation with foreign partners: with Daewoo Shipbuilding & Marine Engineering Co. (DSME) – Zvezda DSME, and Vostok-Raffles with Singapore's Yantai Raffles Shipyard Ltd.

United Shipbuilding Corporation, founded in 2007, incorporates three regional shipbuilding centers: JSC Western Shipbuilding Center (St. Petersburg), JSC Northern Center of Shipbuilding and Ship Repair (Severodvinsk), JSC Far Eastern Center of Shipbuilding and Ship Repair (Vladivostok), as well as leading marine design offices. USC is also forming the Southern Center of Shipbuilding and Ship Repair.