FESCO set to decommission inefficient vessels
Far Eastern Shipping Company (FESCO, part of FESCO Group) is set to phase out the ships, which currently and in the long run will not be able ensure acceptable cost-effective operations, the shipping company said. First of all, those are multipurpose and dry cargo ships, operating on the global market.
At the same time FESCO plans to invest in the renewal of vessels operating in coastal trade, particularly, ice-class ships.
The Vladivostok-based JSC Far East Shipping Company is a Transport Group FESCO’s shipping asset. FESCO is the carrier of bulk and general cargoes. The company’s 67 vessels of total 900,000DWT are engaged in seaborne cargo shipments across the world. In 2011, FESCO’s net profit (RAS) tumbled by nearly 88% to RUB 113,849,000, operating revenue for the same period fell 13.3% to RUB 2,819,222,000.