By John Helmer in Moscow As the curtain goes up this week on Russia’s newest shipbuilding company, the 100% state-owned United Shipbuilding Corporation (USC), maritime sources say the curtain may be coming down on St. Petersburg yard, Baltic Plant (“Baltiysky Zavod”). Baltic is owned by the United Industrial Corporation (UIC) of Sergei Pugachev, who also […]

by John Helmer - Wednesday, April 8th, 2009
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By John Helmer in Moscow Far Eastern Shipping Company (Fesco) has released through a wire service a set of unaudited financial estimates for the full year 2008. The release was unusual, analysts said, and appears timed to counteract the impact of a downgrade by the Moody’s rating agency in Moscow on Thursday. Despite better than […]

by John Helmer - Friday, March 27th, 2009
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By John Helmer in Moscow The only internationally listed Russian port company is turning out to be one of the stable revenue survivors in the shipping, trading, container, and currency storms now blowing havoc across the Black Sea. But don’t pay attention to the stock markets, the company management and Russian maritime analysts warn. Shares […]

by John Helmer - Thursday, March 5th, 2009
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By John Helmer in Moscow Russia’s leading maritime fleet executives, who were keen to announce newbuild orders and fleet renewal plans a year ago, have become very coy in the face of falling cargo volumes and freight rates, and the expiry of long-term charters. The principal lenders to the Russian shipping companies are even more […]

by John Helmer - Monday, February 2nd, 2009
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By John Helmer in Moscow The wave of bad news that has been expected to hit, and keep on hitting Novorossiysk, Russia’s leading outlet on the Black Sea — weakening rouble, falling cargo volumes in and out, dwindling revenues –struck first in November. But it seems it didn’t return to strike the port in December. […]

by John Helmer - Wednesday, January 21st, 2009
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By John Helmer in Moscow After Far Eastern Shipping Company (Fesco), Russia’s dry-cargo fleet leader, lost 22% off its share price in the past week, Moscow investment bank Renaissance Capital has issued an investment warning that the plummeting rate for container shipping between Asia and Europe “creates a major headwind for FESCO”. Fesco (ticker FESH:RU), […]

by John Helmer - Thursday, January 15th, 2009
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By John Helmer in Moscow Prime Minister Vladimir Putin has finally put in writing what Gunvor owner, Gennady Timchenko, has been lobbying the Kremlin to support for several years, ousting Transneft pipeline boss, Semyon Vainshtok, in the process. This is a new state-backed crude oil pipeline for the purpose of putting in business a new, […]

by John Helmer - Wednesday, December 3rd, 2008
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By John Helmer in Moscow The Russian Federation’s decade of rampant economic growth has been a boon to maritime activity and ports on the Black Sea. But the good times are coming to an end, writes John Helmer Russia has been aiming to develop dry cargo movements, both export and import, as the preferred direction […]

by John Helmer - Saturday, November 29th, 2008
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By John Helmer in Moscow Russia’s Black Sea strategy has been aiming to develop dry-cargo movements, both export and import, as the preferred direction for Russian oil exportsshifts eastward towards China, and from Arctic oilfields in the north, westwards into northern Europe. That was before theglobal financial crisis intensified in the autumn. But the signs […]

by John Helmer - Tuesday, November 18th, 2008
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By John Helmer in Moscow The Novorossiysk Shipping Company (Novoship) disappointed Moscow maritime analysts and the stock market today with FY 2007 financial results, just issued. Reported revenues totaled $615.3 million, 10% above the 2006 figure, but below consensus estimates and projections by transport analysts at Renaissance Capital and Finam. Net profit was reported at […]

by John Helmer - Thursday, April 24th, 2008
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