UCL Holding and its shipping division VBTH (Volga-Balt Transport Holding) announced the merger of Western Company and North-Western Shipping Company. The decision was made to streamline the business of the UCLH’s shipping assets, the Group said Monday.
If the Annual General Meeting of shareholders of the shipping companies approves the merger, all the necessary procedures will be completed by the end of this year.
The North-Western Shipping will become the successor in respect of all rights and obligations of Western Shipping Company.
"The reorganization will allow the UCLH’s shipping division increase the competitiveness of the inland shipping and seaborne freight transport services and will streamline the internal business processes," the Group said.
North-Western Shipping Company is one of the largest Russian carriers, specializing in shipping imported / exported general cargo, loose and grab bulk cargo, oversized cargo and in towing services. The company owns and operates a fleet of 110 cargo ships of total 4,000DWT, including 87 mixed river-sea class vessels, 8 barges, 8 tugboats and 6 workboats. Annual traffic volume of NWSCo is about 6 million tons.
Western Shipping Company transports export / import cargo, dry bulk cargo in Russia’s North West, South and inland waterways of European Russia and in Western Europe. The company's fleet comprises 11 vessels of mixed "river-sea" vessels. The volume of traffic is about 900,000 tons a year. Both are members of VBTH, a majority owned the shipping division of UCL Holding.
Dutch-registered Universal Cargo Logistics Holding (UCL Holding) is an international transport group comprising a number of shipping, shipbuilding, railway, logistics and stevedoring companies based in Russia. The Group owns terminals at Sea Port Saint-Petersburg and Universal Handling Complex in the North-West Russia; southern ports of Tuapse and Taganrog. UCLH is a majority owner of Volga-Balt Transport Holding (VBTH).