In January-September 2007, net profit of Far East Shipping Company (FESCO) grew 1.8 times, year-on-year, to RUR 1.5 billion, the company’s press center reports. Proceeds form basic activities (fleet operation) under Russian Accounting Standard totaled RUR 2.77 billion. The company attributes the net profit increase to optimization of assets and costs as well as to favorable situation at the world freight market. The time-charter considered to be the main instrument for estimation of the fleet efficiency grew by 13.2%. Net assets grew toRUR 19.616 billion (+262%, year-on-year). The company’s capitalization as of September 28, 2007 totaled some $2.195 billion (2.6-fold increase). The market price of the company’s shares grew by 209% to RUR 27 per share from RUR 12.9 at the beginning of the year.
FESCO icebreaking and special fleet supported piloting of 32 transport vessels in the Easter region of Arctic. Transport vessels supported by FESCO icebreakers delivered 136,600 tonnes of cargo to the Northern Chukotka.