Volga Shipping Company to lend RUB 25 mln to Oka Shipyard

The Board of Directors of Volga Shipping Company OJSC has approved the lending of RUB 25 mln to Okskaya Sudoverf (Shipyard Oka) at 10-pct interest, the company says having not revealed the purpose of the loan.

Volga Shipping OJSC is one of the biggest transport companies in Russia. It was founded in 1843. The company transports cargoes along rivers and lakes of the country. In 2013, Volga Shipping carried 6.56 mln t of cargo.

Okskaya Sudoverf (Shipyard Oka, based in Navashino, Nizhny Novgorod region) was founded in 1907. The modern Okskaya Shipyard OJSC was established through privatization of the state enterprise Navashino Shipyard “Oka”. The shipyard specializes in building multipurpose river and sea-going vessels. Major shareholder of Volga Shipping Company and Shipyard Oka is Universal Cargo Logistics Holding B.V. (UCL Holding).