JS VBC amalgamates interests of a group of Russian transport businesses engaged in marine and river bulk transportation services, passenger transit transportations, and operating ship repair and fleet servicing facilities. The company has assumed responsibility for managing two largest Russian shipping companies – Northwest Shipping and Volga Shipping. The owners of V.F.Tanker Ltd have also delegated their managerial functions to JS VBC. The company initiated and is successfully implementing a modern short-sea vessels construction program on behalf of Volga Shipping and Northwest Shipping leveraged by a credit line opened with the International Finance Corporation (IFC) and credits from a number of large banks of Russia.
Volga-Baltic Company orders 10 dry cargo carries for $85 million in China
Volga-Baltic Company (VBC, Moscow) has finalized execution of a contract for construction of ten 5,000-dwt sea-going dry cargo carries at the Chinese shipyards, PortNews IAA learnt from Viktor Olerski, BOD Chairman of North-west Shipping Company. According to Olerski, the contract’s value is about $85 million. Some 20% of the total value will be invested by the companies, the rest are credit granted by HSH Nordbank (Hamburg). The project is designed by Marine Engineering Bureau (St. Petersburg). The first vessel of the series is said to be delivered in 2008, Olerski said. The vessels are to be deployed for the routs linking European ports.