Far East Shipping to consider FESCO Group Board's composition
The Board of Directors of OAO Far East Shipping Company (FESCO) will consider the composition of the Board of Directors of FESCO Transportation Group on October 1, 2012, the company said in a statement.
The FESCO’s Board will also review the Group’s budget forecast for 2012 and consider the revised budget for 2012.
Vladivostok-based Far East Shipping Company is a Transport Group FESCO’s shipping asset, a shipping company and the carrier of bulk and general cargoes. Seaborne cargo shipments by the company’s fleet, consisting of 67 vessels of total 900,000 DWT, cover the entire world ocean. In 2011, FESCO’s net income (RAS) plummeted by nearly 88% to RUB 113,849,000. Operating revenue shrank by 13.3% year-on-year to RUB 2,819,222,000.