September 25, 2022

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The Russian giant is selling its tanker fleet.  There is no other choice - O2

The Russian giant is selling its tanker fleet. There is no other choice – O2

Sovcomfłot, the state-owned Russian shipping giant, is speaking with clients from the United Arab Emirates and China. All because it wants to sell more than 40 tanks from its fleet. This one has 120 of them.

The reason for these actions is the sanctions imposed by the European Union and Great Britain on Russia as a result of the Kremlin’s aggression against Ukraine. These require the termination of all commercial contracts with Russian state-owned enterprises.

This means that the Russians must pay off their debts to Western companies as quickly as possible. It is not known how much is indebted to Sovcomflot. The latest available data showed that the shipping giant has commitments of up to $2.1 billion consisting of short and long-term components.

The businessman said that all banks and charterers have until May 15 to actually finish the contracts, which means Sofcomflot has a very short window to repay the loans, and there is realistically only one way to do that and that is to sell the ships. pl Anonymous financial industry employee.

The company has sold eight units so far. Four of them went to the Dubai-based Cuban Shipping Company.

The European Union is currently working on the sixth sanctions package against Russia. This presupposes, inter alia, the introduction of restrictions on trade and insurance of ships providing Russian oil transportation services.

Karolina Sopusica, journalist at o2.pl

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