STLC to obtain additional RUB 5.9 billion of federal subsidies in 2018

State Transport Leasing Company will obtain additional RUB 5.9 billion of federal subsidies in 2018 for civil cargo/passenger ships leasing. The decision was made by the heads of Russia’s Ministry of Industry and Trade and Ministry of Transport, a source from the Ministry of Industry and Trade told IAA PortNews. 

Amendments to the budget have been published with the resources to be transferred from the account of the Ministry of Industry and Trade to the account of the Ministry of Transport (the company's sole shareholder). 

The source told IAA PortNews this amount was earlier earmarked for the projects of Goznak-Leasing (a company of USC from 2016). 

When asked by IAA PortNews corresponded, press center of STLC confirmed information about RUB 5.9 billion of federal subsidies to be obtained by the company.  STLC is also going to attract more than RUB 5 billion for implementation of projects on construction of 11 dry cargo carriers and 2 high-speed passenger ships. The ships are to be built by Russian shipyards and leased out to ship owners. The leaseholders are to be defined on a competitive basis before the end of 2018.

The State Transport Leasing Company (GTLK) is Russia’s largest player in the lease market. It leases out aircraft, vessels, rail transport, road vehicles and special equipment to domestic transport enterprises and invests in the development of Russia's transport infrastructure. The company's sole shareholder is the Russian Federation represented by the Ministry of Transport. GTLK holds double-B ratings from the world’s three leading international rating agencies and an A+(RU) national rating from ACRA. As of 30 June 2018, leasing portfolio of GTLK exceeded RUB 803 billion.