In 2009, the revenue of FESCO Transport Group is likely to fall by approximately 30%, year-on-year, against over $1.33 bln in 2008, Sergei Generalov, FESCO head, told RBC Daily.
“Of course it is just a budget forecast. Actual result will be seen in the end of the year but it may be both higher and lower,” he said. According to a pessimistic forecast of the budget, FESCO divisions are to see the following fall of revenue: port division - 20%, maritime division - 33%, logistics - 35%, railway - на 46%.
As of today, the group’s consolidated debt is $1.046 bln. The sum to be repaid in 2009 - $260 mln including $60 mln which have already been repaid. The rest of the short debt is to be paid from two sources including FESCO own resources ($198 mln as of the beginning of 2009) and the resources raised within the framework of the refinancing program (VTB, EBRD, IFC, ING etc.).
In 2009, the Group’s investment program is much smaller as compared with the previous years. Some $100 mln will be spent by FESCO for the fleet being built under earlier signed contracts in Poland and China. This year the company is to write off four old vessels and to sell other four vessels. Thus the fleet;s capacity is to decrease by 6,000 TEU. However, the new fleet to be put into operation will increase the capacity by 4,800 TEU. Thus, the final decrease of the capacity is to be much less”, Sergei Generalov added.
FESCO Transport Group created on the basis of Far Eastern Shipping Company is one of the leading container operators in Russia. The deadweight of the Group’s fleet exceeds 1 million tonnes. The Group’s own container fleet exceeds 50,000 TEU. The Group’s port transshipment facilities (FESCO holds 50% of NCC, 50% of VMTP and 75% of VCT) have the capacity exceeding 1.6 mln TEU. FESCO’s railway division includes Transgarant, Transgarant-Vostok and 50% of Russkaya Troika.
“Of course it is just a budget forecast. Actual result will be seen in the end of the year but it may be both higher and lower,” he said. According to a pessimistic forecast of the budget, FESCO divisions are to see the following fall of revenue: port division - 20%, maritime division - 33%, logistics - 35%, railway - на 46%.
As of today, the group’s consolidated debt is $1.046 bln. The sum to be repaid in 2009 - $260 mln including $60 mln which have already been repaid. The rest of the short debt is to be paid from two sources including FESCO own resources ($198 mln as of the beginning of 2009) and the resources raised within the framework of the refinancing program (VTB, EBRD, IFC, ING etc.).
In 2009, the Group’s investment program is much smaller as compared with the previous years. Some $100 mln will be spent by FESCO for the fleet being built under earlier signed contracts in Poland and China. This year the company is to write off four old vessels and to sell other four vessels. Thus the fleet;s capacity is to decrease by 6,000 TEU. However, the new fleet to be put into operation will increase the capacity by 4,800 TEU. Thus, the final decrease of the capacity is to be much less”, Sergei Generalov added.
FESCO Transport Group created on the basis of Far Eastern Shipping Company is one of the leading container operators in Russia. The deadweight of the Group’s fleet exceeds 1 million tonnes. The Group’s own container fleet exceeds 50,000 TEU. The Group’s port transshipment facilities (FESCO holds 50% of NCC, 50% of VMTP and 75% of VCT) have the capacity exceeding 1.6 mln TEU. FESCO’s railway division includes Transgarant, Transgarant-Vostok and 50% of Russkaya Troika.