Recently, the Russian Government has approved the bill on support of Russia's shipbuilding and shipping industry. As Deputy Minister of Transport of Russia Viktor Olersky said in an interview with journalists the amendments will help reduce considerably the payback period of new ships.
"Economics of a vessel is determined by its price and the cost of its operation. Our calculations, adjusted with the calculations of ship owners, show that the existing law allows reducing the payback period of the vessel to an average of 20 years. But this is not enough to make an investment decision by the shipowner. If the bill, aimed at reduction of the production cost of our shipyards, is approved then the payback of a ship will be around 12 years. This is the return on investments term for which the shipowner is absolutely ready to consider placing an order at the Russian shipyard and, most importantly, to make this decision ", Mr. Olersky was quoted as saying.
The new bill was prepared by the Ministry of Transport jointly with the Ministry of Industry and Trade and representatives of USC and shipping companies. The bill will be introduced before the Russian State Duma at the end of May, 2011.