By John Helmer in Moscow Russia’s maiden LNG terminal became operational in late 2008, after years of controversy over seismic and ground contamination onshore; threats to whale habitats at sea and tax evasion claims in Moscow. Gazprom, Russia’s dominant gas producer and monopoly exporter, now has shareholding control of the project operator, Sakhalin Energy, replacing […]

by John Helmer - Tuesday, April 28th, 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 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 first sign of a Russian economic crisis is a line of desperate people, pushing and shoving outside a locked door, on which a scribbled sign has been posted indicating that the cash those outside thought they owned would be unavailable until further notice. In the classic Soviet tradition, a […]

by John Helmer - Wednesday, October 15th, 2008
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By John Helmer in Moscow Russia’s vice premier for energy and resources, Igor Sechin — who is also chairman of Rosneft, the state owner oil producer and lead exporter — met behind closed doors on the weekend with the heads of Russia’s oil and gas majors to discuss their refinancing problems. State intervention to support […]

by John Helmer - Tuesday, October 14th, 2008
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By John Helmer in Moscow The largest oil concession in the world is changing direction as Glencore may be losing out in Russia again. Announcements last week from Prime Minister Vladimir Putin indicate that the movement of Russian oil for export is now to be supervised by Putin’s former chief Kremlin aide, Igor Sechin, who […]

by John Helmer - Tuesday, May 20th, 2008
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By John Helmer in Moscow Putin names his merry men, no change in the forest The list of the new Russian government ministers, released by Prime Minister Vladimir Putin this afternoon, preserves most senior officials in their place, and keeps the precarious balance of factions, which compete for and decide Russia’s major resource concessions, and […]

by John Helmer - Monday, May 12th, 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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By John Helmer in Moscow State-owned maritime fleet leader Sovcomflot is making a last-ditch bid to reap value for its bonus-holders before the Russian presidential election on March 2. But the lack of time isn’t the only catch. Sovcomflot ‘s bid to buy out minority shareholders of Novorossiysk Shipping Company (Novoship) has been rejected by […]

by John Helmer - Thursday, January 17th, 2008
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