III КВАРТАЛ 2022Г. - 55 баллов
Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,
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– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
– I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint.
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.
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– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
– I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint.
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.
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[DETAIL_TEXT] => Interview
– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
– I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint.
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.
[~DETAIL_TEXT] => Interview
– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
– I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint.
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.
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[PREVIEW_TEXT] => Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,
lawyer Anton Nikiforov also commented on the issue.
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lawyer Anton Nikiforov also commented on the issue.
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[DETAIL_TEXT] => Statistics shows
According to the common international practice, the main figure characterizing leasing development in this or that country is the total cost of the contracts concluded during the reporting year. The growth of the so-called “new production” is considered to be one of the basic figures by almost all national leasing associations of the USA and Europe, as well as the European Federation of Leasing Company Associations (Leaseeurope).
According to this criterion, in Russia the cost of the railway transport leasing contracts was not less than RUR 43 bln in 2005, and more than RUR 59 bln in 2006, 2007 will give about 75 bln. This fact enables us to say that “railway” leasing as an alternative to credit and rent scheme of rolling-stock purchase has formed in the Russian Federation.
What types of rolling stock do transport companies purchase? According to statistics, the most popular type of rolling stock is gondola cars, tank wagons and flat wagons. Hoppers and box cars are also popular. There was a significant growth in passenger wagon leasing.
Till recently, the rate of growth of railway rolling stock leasing contract volume exceeded the average growth rate of leasing in Russia, which is why the share of the sector constantly increased on the market. Deputy Chairperson of the Russian Leasing Company Association (Rosleasing) Valery Kashkin believes that the main reason for this is the “peculiarity of Russia”, i.e. extremely long transport routes that provide the demand for such machinery.
However, it should be taken into consideration that we are speaking of a relative share of the sector. The absolute figures of rolling stock leasing contracts are much higher in some states of the European Union and in the USA than in Russia. However, other sectors of leasing market are better developed there, that is why the relative share of railway rolling stock leasing is not very large. So, the role of railway rolling-stock leasing in the total structure of Russian leasing market may be called “a large piece of a small pie”.
The comparative macroeconomic evaluations of experts prove that the Russian leasing “pie” is really small. “According to the volume of leasing operations, the leasing share in the gross domestic product and investment into basic assets (about 7%), the level of the Russian Federation coincides with that of the Netherlands”, Professor of the High School of Economics Viktor Gazman is certain.
Peculiarities of Russian Leasing
Speaking of the degree of Russian railway leasing market development, one can’t but notice that its modern stage has its own characteristic features. Leasing companies offer more and more attractive financial terms for clients, reduce their rates step-by-step and increase the periods of leasing contracts. “Conclusion of contracts for a several-year period has become a usual practice, used by many leading players of the sector”, states Sergey Bogdanov, Director of Business Development, OOO Brunswick Rail Leasing.
Leasing companies also pay much attention to such qualitative indicator as geographical availability. Earlier contracts used to be concluded in industrial cities with a developed bank infrastructure mainly nowadays leasing companies strive to enlarge their presence in the regions, better cooperating with the enterprises located far from the traditional business centres. Besides, a group of relatively small players has started to form on the market. Their park of leased wagons consists of not thousands, but of hundreds and even dozens units.
Another characteristic feature is that the major part of the rolling stock purchased by Russian transport companies is given in financial leasing, which is the most popular sort of leasing deal in Russia. According to experts, the railway transport leasing market is characterized by a very high level of concentration. Almost 20% of companies operating on the market conclude 80% of the total amount of contracts; and no more than 40 companies work in this sector. “Such a situation is characteristic of several sectors of the leasing market, because on the whole the market is not regulated anyway, and there are no limiting barriers, such as the minimum capital volume required or the system of obligatory licensing”, believes Deputy Chairperson of Rosleasing Vasily Kashkin. In his opinion, the high concentration in wagons and locomotives leasing sector results from the large scale of contracts, high price competition and the tenders held by OAO RZD, in which only the largest players can participate.
OAO RZD Is VIP Client
Speaking of the role of OAO RZD in the Russian leasing services market development, it can’t but be admitted that the role coincides with the company’s position on the transport services market. So, it is not surprising that Russia’s largest railway corporation’s share is 75% of the total volume of contracts for rolling stock leasing. And, according to the Investment programme for 2007-2008, OAO RZD’s volume of rolling stock purchase in lease exceeds RUR 72 bln (excluding VAT)
The company’s top-management has stated several times that at the current stage of the reform they believe attraction of external investments to be of key importance. In fact, any other position would be considered strange, because the ageing park of OAO RZD is one of the largest problems of the transport sector. As for tenders, they influence the market positively because it makes lessors work under conditions of minimum recompense and look for the ways to reduce expenses. Still, there are some negative factors of the national carrier’s influence on the leasing market. Analysts believe that the most important of them is that the reform has not been completed yet, which creates additional risks for the market players. For example, many experts fear that the launch of the Cargo Company and the possible changes of the tariff rates on this or that freight transportation types may influence the profitability of private companies-operators’ different business activities.
What Is the Forecast?
According to experts, another factor that may influence the further development of the railway rolling stock leasing market is designing new machinery models. That is why some estimations and forecasts are pessimistic. “All the processes that take place on the Russian railway rolling stock leasing market are just local bursts, caused by the urgent necessity to replace the ageing rolling stock units. They do not come out of the frames of usual market fluctuations”, believes Head of the Railway Transport Research Department of the Institute of the Problems of Natural Monopolies Vasily Savchuk.
In his opinion, the basic models of wagons purchased by the players of the transport market are just improved copies of their obsolescent predecessors. For this reason, later the purchase of such rolling stock will be unprofitable because of its low economic efficiency. So, a new qualitative leap of the growth rates of leasing can hardly be expected.
viewpoint
Andrey Filev,
CEO, ZAO Russian-German Leasing Company (RG Leasing):
– Railway rolling stock leasing is a popular financial service. Its share in the leasing structure is large in Russia. It is caused by the developed rent relations in the railway transportation sector, and the high liquidity of wagons, i.e. it is possible to sell them fast, compensating for the invested means. Besides, the market demand for the wagons is guaranteed by the constant growth of freight transportation and rolling stock ageing. Considering the formed profitability of transportation, the rent payment at seven-year leasing can be compared with the leasing payments. So, leasing as a financial instrument envisaging tax privileges and the transfer of the property rights becomes more popular and interesting.
About thirty leasing companies actively operate in the railway rolling stock leasing sector. We also think that our activity in the segment is one of the priorities of our business development, and we have accumulated rich experience in the sector.
Most our contracts envisage leasing in roubles, since we believe that otherwise there can arise significant risks for both – the leasing company and the carriers. The major advantage of leasing in roubles is that the size of leasing payments is fixed in roubles for the whole term of the contract, while rent fee may increase. It is especially important when we speak of the leasing period. Most of our contracts are concluded for a long term (from 5 to 7 years). It is because the Russian legislation envisages that the term of available use of rolling stock (including locomotives) is over 15 years, i.e. using the most speeded up amortization with the coefficient of 3, and if the wagons are wrote-off, the term of leasing contracts must not be less than 60 months. Thus, a transport company that purchased wagons in leasing in roubles and rents them can obtain additional revenue.
Vladimir Vinogradov,
Director of PricewaterhouseCoopers:
– The interest to the leasing services market is very high. It attracts the attention of tax authorities as well. The attention is mainly connected with the sums of VAT, which leasing companies claim to be recouped. That is why the tax authorities demand that a leasing company were profitable even at the very beginning of its operation. Since January 1, 2006, amendments made to Clause # 269 of the RF Tax Code came in fore, and now leasing companies can use the ratio of loaned and own means of 12.5:1 only if “they go in for leasing only”. Unfortunately, the meaning of the statement is not explained. Perhaps, it means that all the revenues are to be from the contracts classified as “leasing” for taxation targets.
I’d like to stress that the amendments to Clause # 269 of the RF Tax Code do not formally “cover” the situation when the company is financed by a foreign affiliated company.
[~DETAIL_TEXT] => Statistics shows
According to the common international practice, the main figure characterizing leasing development in this or that country is the total cost of the contracts concluded during the reporting year. The growth of the so-called “new production” is considered to be one of the basic figures by almost all national leasing associations of the USA and Europe, as well as the European Federation of Leasing Company Associations (Leaseeurope).
According to this criterion, in Russia the cost of the railway transport leasing contracts was not less than RUR 43 bln in 2005, and more than RUR 59 bln in 2006, 2007 will give about 75 bln. This fact enables us to say that “railway” leasing as an alternative to credit and rent scheme of rolling-stock purchase has formed in the Russian Federation.
What types of rolling stock do transport companies purchase? According to statistics, the most popular type of rolling stock is gondola cars, tank wagons and flat wagons. Hoppers and box cars are also popular. There was a significant growth in passenger wagon leasing.
Till recently, the rate of growth of railway rolling stock leasing contract volume exceeded the average growth rate of leasing in Russia, which is why the share of the sector constantly increased on the market. Deputy Chairperson of the Russian Leasing Company Association (Rosleasing) Valery Kashkin believes that the main reason for this is the “peculiarity of Russia”, i.e. extremely long transport routes that provide the demand for such machinery.
However, it should be taken into consideration that we are speaking of a relative share of the sector. The absolute figures of rolling stock leasing contracts are much higher in some states of the European Union and in the USA than in Russia. However, other sectors of leasing market are better developed there, that is why the relative share of railway rolling stock leasing is not very large. So, the role of railway rolling-stock leasing in the total structure of Russian leasing market may be called “a large piece of a small pie”.
The comparative macroeconomic evaluations of experts prove that the Russian leasing “pie” is really small. “According to the volume of leasing operations, the leasing share in the gross domestic product and investment into basic assets (about 7%), the level of the Russian Federation coincides with that of the Netherlands”, Professor of the High School of Economics Viktor Gazman is certain.
Peculiarities of Russian Leasing
Speaking of the degree of Russian railway leasing market development, one can’t but notice that its modern stage has its own characteristic features. Leasing companies offer more and more attractive financial terms for clients, reduce their rates step-by-step and increase the periods of leasing contracts. “Conclusion of contracts for a several-year period has become a usual practice, used by many leading players of the sector”, states Sergey Bogdanov, Director of Business Development, OOO Brunswick Rail Leasing.
Leasing companies also pay much attention to such qualitative indicator as geographical availability. Earlier contracts used to be concluded in industrial cities with a developed bank infrastructure mainly nowadays leasing companies strive to enlarge their presence in the regions, better cooperating with the enterprises located far from the traditional business centres. Besides, a group of relatively small players has started to form on the market. Their park of leased wagons consists of not thousands, but of hundreds and even dozens units.
Another characteristic feature is that the major part of the rolling stock purchased by Russian transport companies is given in financial leasing, which is the most popular sort of leasing deal in Russia. According to experts, the railway transport leasing market is characterized by a very high level of concentration. Almost 20% of companies operating on the market conclude 80% of the total amount of contracts; and no more than 40 companies work in this sector. “Such a situation is characteristic of several sectors of the leasing market, because on the whole the market is not regulated anyway, and there are no limiting barriers, such as the minimum capital volume required or the system of obligatory licensing”, believes Deputy Chairperson of Rosleasing Vasily Kashkin. In his opinion, the high concentration in wagons and locomotives leasing sector results from the large scale of contracts, high price competition and the tenders held by OAO RZD, in which only the largest players can participate.
OAO RZD Is VIP Client
Speaking of the role of OAO RZD in the Russian leasing services market development, it can’t but be admitted that the role coincides with the company’s position on the transport services market. So, it is not surprising that Russia’s largest railway corporation’s share is 75% of the total volume of contracts for rolling stock leasing. And, according to the Investment programme for 2007-2008, OAO RZD’s volume of rolling stock purchase in lease exceeds RUR 72 bln (excluding VAT)
The company’s top-management has stated several times that at the current stage of the reform they believe attraction of external investments to be of key importance. In fact, any other position would be considered strange, because the ageing park of OAO RZD is one of the largest problems of the transport sector. As for tenders, they influence the market positively because it makes lessors work under conditions of minimum recompense and look for the ways to reduce expenses. Still, there are some negative factors of the national carrier’s influence on the leasing market. Analysts believe that the most important of them is that the reform has not been completed yet, which creates additional risks for the market players. For example, many experts fear that the launch of the Cargo Company and the possible changes of the tariff rates on this or that freight transportation types may influence the profitability of private companies-operators’ different business activities.
What Is the Forecast?
According to experts, another factor that may influence the further development of the railway rolling stock leasing market is designing new machinery models. That is why some estimations and forecasts are pessimistic. “All the processes that take place on the Russian railway rolling stock leasing market are just local bursts, caused by the urgent necessity to replace the ageing rolling stock units. They do not come out of the frames of usual market fluctuations”, believes Head of the Railway Transport Research Department of the Institute of the Problems of Natural Monopolies Vasily Savchuk.
In his opinion, the basic models of wagons purchased by the players of the transport market are just improved copies of their obsolescent predecessors. For this reason, later the purchase of such rolling stock will be unprofitable because of its low economic efficiency. So, a new qualitative leap of the growth rates of leasing can hardly be expected.
viewpoint
Andrey Filev,
CEO, ZAO Russian-German Leasing Company (RG Leasing):
– Railway rolling stock leasing is a popular financial service. Its share in the leasing structure is large in Russia. It is caused by the developed rent relations in the railway transportation sector, and the high liquidity of wagons, i.e. it is possible to sell them fast, compensating for the invested means. Besides, the market demand for the wagons is guaranteed by the constant growth of freight transportation and rolling stock ageing. Considering the formed profitability of transportation, the rent payment at seven-year leasing can be compared with the leasing payments. So, leasing as a financial instrument envisaging tax privileges and the transfer of the property rights becomes more popular and interesting.
About thirty leasing companies actively operate in the railway rolling stock leasing sector. We also think that our activity in the segment is one of the priorities of our business development, and we have accumulated rich experience in the sector.
Most our contracts envisage leasing in roubles, since we believe that otherwise there can arise significant risks for both – the leasing company and the carriers. The major advantage of leasing in roubles is that the size of leasing payments is fixed in roubles for the whole term of the contract, while rent fee may increase. It is especially important when we speak of the leasing period. Most of our contracts are concluded for a long term (from 5 to 7 years). It is because the Russian legislation envisages that the term of available use of rolling stock (including locomotives) is over 15 years, i.e. using the most speeded up amortization with the coefficient of 3, and if the wagons are wrote-off, the term of leasing contracts must not be less than 60 months. Thus, a transport company that purchased wagons in leasing in roubles and rents them can obtain additional revenue.
Vladimir Vinogradov,
Director of PricewaterhouseCoopers:
– The interest to the leasing services market is very high. It attracts the attention of tax authorities as well. The attention is mainly connected with the sums of VAT, which leasing companies claim to be recouped. That is why the tax authorities demand that a leasing company were profitable even at the very beginning of its operation. Since January 1, 2006, amendments made to Clause # 269 of the RF Tax Code came in fore, and now leasing companies can use the ratio of loaned and own means of 12.5:1 only if “they go in for leasing only”. Unfortunately, the meaning of the statement is not explained. Perhaps, it means that all the revenues are to be from the contracts classified as “leasing” for taxation targets.
I’d like to stress that the amendments to Clause # 269 of the RF Tax Code do not formally “cover” the situation when the company is financed by a foreign affiliated company.
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[PREVIEW_TEXT] => Leasing of railway transport that started in Russia in practice several years ago, together with the structural reforms in the railway sector, has been demonstrating significant growth rates. Is the positive dynamics stable? Will the growth remain the same?
These are the main questions asked by market experts
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These are the main questions asked by market experts
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[SECTION_META_DESCRIPTION] => Leasing of railway transport that started in Russia in practice several years ago, together with the structural reforms in the railway sector, has been demonstrating significant growth rates. Is the positive dynamics stable? Will the growth remain the same? <br />These are the main questions asked by market experts
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[DETAIL_TEXT] => Statistics shows
According to the common international practice, the main figure characterizing leasing development in this or that country is the total cost of the contracts concluded during the reporting year. The growth of the so-called “new production” is considered to be one of the basic figures by almost all national leasing associations of the USA and Europe, as well as the European Federation of Leasing Company Associations (Leaseeurope).
According to this criterion, in Russia the cost of the railway transport leasing contracts was not less than RUR 43 bln in 2005, and more than RUR 59 bln in 2006, 2007 will give about 75 bln. This fact enables us to say that “railway” leasing as an alternative to credit and rent scheme of rolling-stock purchase has formed in the Russian Federation.
What types of rolling stock do transport companies purchase? According to statistics, the most popular type of rolling stock is gondola cars, tank wagons and flat wagons. Hoppers and box cars are also popular. There was a significant growth in passenger wagon leasing.
Till recently, the rate of growth of railway rolling stock leasing contract volume exceeded the average growth rate of leasing in Russia, which is why the share of the sector constantly increased on the market. Deputy Chairperson of the Russian Leasing Company Association (Rosleasing) Valery Kashkin believes that the main reason for this is the “peculiarity of Russia”, i.e. extremely long transport routes that provide the demand for such machinery.
However, it should be taken into consideration that we are speaking of a relative share of the sector. The absolute figures of rolling stock leasing contracts are much higher in some states of the European Union and in the USA than in Russia. However, other sectors of leasing market are better developed there, that is why the relative share of railway rolling stock leasing is not very large. So, the role of railway rolling-stock leasing in the total structure of Russian leasing market may be called “a large piece of a small pie”.
The comparative macroeconomic evaluations of experts prove that the Russian leasing “pie” is really small. “According to the volume of leasing operations, the leasing share in the gross domestic product and investment into basic assets (about 7%), the level of the Russian Federation coincides with that of the Netherlands”, Professor of the High School of Economics Viktor Gazman is certain.
Peculiarities of Russian Leasing
Speaking of the degree of Russian railway leasing market development, one can’t but notice that its modern stage has its own characteristic features. Leasing companies offer more and more attractive financial terms for clients, reduce their rates step-by-step and increase the periods of leasing contracts. “Conclusion of contracts for a several-year period has become a usual practice, used by many leading players of the sector”, states Sergey Bogdanov, Director of Business Development, OOO Brunswick Rail Leasing.
Leasing companies also pay much attention to such qualitative indicator as geographical availability. Earlier contracts used to be concluded in industrial cities with a developed bank infrastructure mainly nowadays leasing companies strive to enlarge their presence in the regions, better cooperating with the enterprises located far from the traditional business centres. Besides, a group of relatively small players has started to form on the market. Their park of leased wagons consists of not thousands, but of hundreds and even dozens units.
Another characteristic feature is that the major part of the rolling stock purchased by Russian transport companies is given in financial leasing, which is the most popular sort of leasing deal in Russia. According to experts, the railway transport leasing market is characterized by a very high level of concentration. Almost 20% of companies operating on the market conclude 80% of the total amount of contracts; and no more than 40 companies work in this sector. “Such a situation is characteristic of several sectors of the leasing market, because on the whole the market is not regulated anyway, and there are no limiting barriers, such as the minimum capital volume required or the system of obligatory licensing”, believes Deputy Chairperson of Rosleasing Vasily Kashkin. In his opinion, the high concentration in wagons and locomotives leasing sector results from the large scale of contracts, high price competition and the tenders held by OAO RZD, in which only the largest players can participate.
OAO RZD Is VIP Client
Speaking of the role of OAO RZD in the Russian leasing services market development, it can’t but be admitted that the role coincides with the company’s position on the transport services market. So, it is not surprising that Russia’s largest railway corporation’s share is 75% of the total volume of contracts for rolling stock leasing. And, according to the Investment programme for 2007-2008, OAO RZD’s volume of rolling stock purchase in lease exceeds RUR 72 bln (excluding VAT)
The company’s top-management has stated several times that at the current stage of the reform they believe attraction of external investments to be of key importance. In fact, any other position would be considered strange, because the ageing park of OAO RZD is one of the largest problems of the transport sector. As for tenders, they influence the market positively because it makes lessors work under conditions of minimum recompense and look for the ways to reduce expenses. Still, there are some negative factors of the national carrier’s influence on the leasing market. Analysts believe that the most important of them is that the reform has not been completed yet, which creates additional risks for the market players. For example, many experts fear that the launch of the Cargo Company and the possible changes of the tariff rates on this or that freight transportation types may influence the profitability of private companies-operators’ different business activities.
What Is the Forecast?
According to experts, another factor that may influence the further development of the railway rolling stock leasing market is designing new machinery models. That is why some estimations and forecasts are pessimistic. “All the processes that take place on the Russian railway rolling stock leasing market are just local bursts, caused by the urgent necessity to replace the ageing rolling stock units. They do not come out of the frames of usual market fluctuations”, believes Head of the Railway Transport Research Department of the Institute of the Problems of Natural Monopolies Vasily Savchuk.
In his opinion, the basic models of wagons purchased by the players of the transport market are just improved copies of their obsolescent predecessors. For this reason, later the purchase of such rolling stock will be unprofitable because of its low economic efficiency. So, a new qualitative leap of the growth rates of leasing can hardly be expected.
viewpoint
Andrey Filev,
CEO, ZAO Russian-German Leasing Company (RG Leasing):
– Railway rolling stock leasing is a popular financial service. Its share in the leasing structure is large in Russia. It is caused by the developed rent relations in the railway transportation sector, and the high liquidity of wagons, i.e. it is possible to sell them fast, compensating for the invested means. Besides, the market demand for the wagons is guaranteed by the constant growth of freight transportation and rolling stock ageing. Considering the formed profitability of transportation, the rent payment at seven-year leasing can be compared with the leasing payments. So, leasing as a financial instrument envisaging tax privileges and the transfer of the property rights becomes more popular and interesting.
About thirty leasing companies actively operate in the railway rolling stock leasing sector. We also think that our activity in the segment is one of the priorities of our business development, and we have accumulated rich experience in the sector.
Most our contracts envisage leasing in roubles, since we believe that otherwise there can arise significant risks for both – the leasing company and the carriers. The major advantage of leasing in roubles is that the size of leasing payments is fixed in roubles for the whole term of the contract, while rent fee may increase. It is especially important when we speak of the leasing period. Most of our contracts are concluded for a long term (from 5 to 7 years). It is because the Russian legislation envisages that the term of available use of rolling stock (including locomotives) is over 15 years, i.e. using the most speeded up amortization with the coefficient of 3, and if the wagons are wrote-off, the term of leasing contracts must not be less than 60 months. Thus, a transport company that purchased wagons in leasing in roubles and rents them can obtain additional revenue.
Vladimir Vinogradov,
Director of PricewaterhouseCoopers:
– The interest to the leasing services market is very high. It attracts the attention of tax authorities as well. The attention is mainly connected with the sums of VAT, which leasing companies claim to be recouped. That is why the tax authorities demand that a leasing company were profitable even at the very beginning of its operation. Since January 1, 2006, amendments made to Clause # 269 of the RF Tax Code came in fore, and now leasing companies can use the ratio of loaned and own means of 12.5:1 only if “they go in for leasing only”. Unfortunately, the meaning of the statement is not explained. Perhaps, it means that all the revenues are to be from the contracts classified as “leasing” for taxation targets.
I’d like to stress that the amendments to Clause # 269 of the RF Tax Code do not formally “cover” the situation when the company is financed by a foreign affiliated company.
[~DETAIL_TEXT] => Statistics shows
According to the common international practice, the main figure characterizing leasing development in this or that country is the total cost of the contracts concluded during the reporting year. The growth of the so-called “new production” is considered to be one of the basic figures by almost all national leasing associations of the USA and Europe, as well as the European Federation of Leasing Company Associations (Leaseeurope).
According to this criterion, in Russia the cost of the railway transport leasing contracts was not less than RUR 43 bln in 2005, and more than RUR 59 bln in 2006, 2007 will give about 75 bln. This fact enables us to say that “railway” leasing as an alternative to credit and rent scheme of rolling-stock purchase has formed in the Russian Federation.
What types of rolling stock do transport companies purchase? According to statistics, the most popular type of rolling stock is gondola cars, tank wagons and flat wagons. Hoppers and box cars are also popular. There was a significant growth in passenger wagon leasing.
Till recently, the rate of growth of railway rolling stock leasing contract volume exceeded the average growth rate of leasing in Russia, which is why the share of the sector constantly increased on the market. Deputy Chairperson of the Russian Leasing Company Association (Rosleasing) Valery Kashkin believes that the main reason for this is the “peculiarity of Russia”, i.e. extremely long transport routes that provide the demand for such machinery.
However, it should be taken into consideration that we are speaking of a relative share of the sector. The absolute figures of rolling stock leasing contracts are much higher in some states of the European Union and in the USA than in Russia. However, other sectors of leasing market are better developed there, that is why the relative share of railway rolling stock leasing is not very large. So, the role of railway rolling-stock leasing in the total structure of Russian leasing market may be called “a large piece of a small pie”.
The comparative macroeconomic evaluations of experts prove that the Russian leasing “pie” is really small. “According to the volume of leasing operations, the leasing share in the gross domestic product and investment into basic assets (about 7%), the level of the Russian Federation coincides with that of the Netherlands”, Professor of the High School of Economics Viktor Gazman is certain.
Peculiarities of Russian Leasing
Speaking of the degree of Russian railway leasing market development, one can’t but notice that its modern stage has its own characteristic features. Leasing companies offer more and more attractive financial terms for clients, reduce their rates step-by-step and increase the periods of leasing contracts. “Conclusion of contracts for a several-year period has become a usual practice, used by many leading players of the sector”, states Sergey Bogdanov, Director of Business Development, OOO Brunswick Rail Leasing.
Leasing companies also pay much attention to such qualitative indicator as geographical availability. Earlier contracts used to be concluded in industrial cities with a developed bank infrastructure mainly nowadays leasing companies strive to enlarge their presence in the regions, better cooperating with the enterprises located far from the traditional business centres. Besides, a group of relatively small players has started to form on the market. Their park of leased wagons consists of not thousands, but of hundreds and even dozens units.
Another characteristic feature is that the major part of the rolling stock purchased by Russian transport companies is given in financial leasing, which is the most popular sort of leasing deal in Russia. According to experts, the railway transport leasing market is characterized by a very high level of concentration. Almost 20% of companies operating on the market conclude 80% of the total amount of contracts; and no more than 40 companies work in this sector. “Such a situation is characteristic of several sectors of the leasing market, because on the whole the market is not regulated anyway, and there are no limiting barriers, such as the minimum capital volume required or the system of obligatory licensing”, believes Deputy Chairperson of Rosleasing Vasily Kashkin. In his opinion, the high concentration in wagons and locomotives leasing sector results from the large scale of contracts, high price competition and the tenders held by OAO RZD, in which only the largest players can participate.
OAO RZD Is VIP Client
Speaking of the role of OAO RZD in the Russian leasing services market development, it can’t but be admitted that the role coincides with the company’s position on the transport services market. So, it is not surprising that Russia’s largest railway corporation’s share is 75% of the total volume of contracts for rolling stock leasing. And, according to the Investment programme for 2007-2008, OAO RZD’s volume of rolling stock purchase in lease exceeds RUR 72 bln (excluding VAT)
The company’s top-management has stated several times that at the current stage of the reform they believe attraction of external investments to be of key importance. In fact, any other position would be considered strange, because the ageing park of OAO RZD is one of the largest problems of the transport sector. As for tenders, they influence the market positively because it makes lessors work under conditions of minimum recompense and look for the ways to reduce expenses. Still, there are some negative factors of the national carrier’s influence on the leasing market. Analysts believe that the most important of them is that the reform has not been completed yet, which creates additional risks for the market players. For example, many experts fear that the launch of the Cargo Company and the possible changes of the tariff rates on this or that freight transportation types may influence the profitability of private companies-operators’ different business activities.
What Is the Forecast?
According to experts, another factor that may influence the further development of the railway rolling stock leasing market is designing new machinery models. That is why some estimations and forecasts are pessimistic. “All the processes that take place on the Russian railway rolling stock leasing market are just local bursts, caused by the urgent necessity to replace the ageing rolling stock units. They do not come out of the frames of usual market fluctuations”, believes Head of the Railway Transport Research Department of the Institute of the Problems of Natural Monopolies Vasily Savchuk.
In his opinion, the basic models of wagons purchased by the players of the transport market are just improved copies of their obsolescent predecessors. For this reason, later the purchase of such rolling stock will be unprofitable because of its low economic efficiency. So, a new qualitative leap of the growth rates of leasing can hardly be expected.
viewpoint
Andrey Filev,
CEO, ZAO Russian-German Leasing Company (RG Leasing):
– Railway rolling stock leasing is a popular financial service. Its share in the leasing structure is large in Russia. It is caused by the developed rent relations in the railway transportation sector, and the high liquidity of wagons, i.e. it is possible to sell them fast, compensating for the invested means. Besides, the market demand for the wagons is guaranteed by the constant growth of freight transportation and rolling stock ageing. Considering the formed profitability of transportation, the rent payment at seven-year leasing can be compared with the leasing payments. So, leasing as a financial instrument envisaging tax privileges and the transfer of the property rights becomes more popular and interesting.
About thirty leasing companies actively operate in the railway rolling stock leasing sector. We also think that our activity in the segment is one of the priorities of our business development, and we have accumulated rich experience in the sector.
Most our contracts envisage leasing in roubles, since we believe that otherwise there can arise significant risks for both – the leasing company and the carriers. The major advantage of leasing in roubles is that the size of leasing payments is fixed in roubles for the whole term of the contract, while rent fee may increase. It is especially important when we speak of the leasing period. Most of our contracts are concluded for a long term (from 5 to 7 years). It is because the Russian legislation envisages that the term of available use of rolling stock (including locomotives) is over 15 years, i.e. using the most speeded up amortization with the coefficient of 3, and if the wagons are wrote-off, the term of leasing contracts must not be less than 60 months. Thus, a transport company that purchased wagons in leasing in roubles and rents them can obtain additional revenue.
Vladimir Vinogradov,
Director of PricewaterhouseCoopers:
– The interest to the leasing services market is very high. It attracts the attention of tax authorities as well. The attention is mainly connected with the sums of VAT, which leasing companies claim to be recouped. That is why the tax authorities demand that a leasing company were profitable even at the very beginning of its operation. Since January 1, 2006, amendments made to Clause # 269 of the RF Tax Code came in fore, and now leasing companies can use the ratio of loaned and own means of 12.5:1 only if “they go in for leasing only”. Unfortunately, the meaning of the statement is not explained. Perhaps, it means that all the revenues are to be from the contracts classified as “leasing” for taxation targets.
I’d like to stress that the amendments to Clause # 269 of the RF Tax Code do not formally “cover” the situation when the company is financed by a foreign affiliated company.
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These are the main questions asked by market experts
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These are the main questions asked by market experts
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[DETAIL_TEXT] => Results of the Summit
On October 8, 2007, the Presidents of Russia, Byelorussia and Kazakhstan signed an agreement to establish a single customs union. Thus, they agreed to develop a three-party treaty on creation of a single customs space. The most important thing is that the participants of the summit approved the idea and the plan of measures to be taken to form the union (on unification of the normative bases of the member states).
The development is to take three years, but the Presidents recommended reducing the terms of the state procedures necessary to prepare for the unit’s functioning. According to the RF President Vladimir Putin, “in the framework of the union it is planned to create the first supranational body for tariffs regulation in the area of the former USSR. It is a straight way to create a true union, and in this particular case, it will be the true union to increase the competitiveness of the economies of our states. As a result, this will lead to a merging of different sectors, manufacturers, and growth of cooperation between separate enterprises. It will positively influence the lives of our people. And much depends on the people living in the border regions”.
Bad Shots
On the whole, functioning of intrastate unions on the territory of the former USSR is still an “explosive mixture” of old conflicts and new economic relations. For example, to improve gas transit transportation to Europe and make it independent from political situations, OAO Gazprom – tired of constant conflicts – decided to construct a gas pipeline along the bottom of the Baltic Sea. In 1997 the agreement on the creation of an allied Russian-Byelorussian state took place, which still remains just a formality. And most agreements of former USSR republics have had the same fate. The fact that the RF President Vladimir Putin claims that the CIS will never be similar to the EU proves that one should be rather skeptical about such agreements.
“Vladimir Putin called the decision about the customs union creation “almost revolutionary”, but he could name it “laboured” as well”, says Dmitry Pikul, Deputy President of “The Fund of Assistance to the Institutions of Sovereignty on the Trans-Border Areas”. “The idea of a customs union has been discussed for a long time, it was planned to be carried out in the framework of the Common Economic Space between Russia, Byelorussia, Kazakhstan and Ukraine”.
After 1995, over ten documents aimed to create the Common Economic Space in the framework of the EurAsEC were concluded. The first of them – an agreement on the launch of a customs union – was signed by Russia, Byelorussia and Kazakhstan in January 1997. One year later, disappointing results were summed up at a special meeting: “The difficulties arising at creation of such a union are explained by the misadjusted actions of member states which hardly took into account partners’ interests. The situation was made even worse by the inefficient mechanism of member states’ opinions adjustment, making decisions and controlling how well they are fulfilled. The mismatch of interests was mainly a result of significant differences in the economic potentials of the states, different economic structures, different rates of economic reforms being carried out and significant differences in their characters”, states Anatoly Glushenkov, who was Deputy Chairman of the Federation Council Committee for the CIS.
He is supported by Pavel Smirnov, Senior Deputy Minister of the Russian Federation for the cooperation with the CIS member states. “A characteristic feature of the agreement of 1995 as well as the following ones was a certain difference between the number of approved documents and the number of really fulfilled ones. The document contained the issues and engagements fixed in the framework of the CIS, and first of all the Agreement on the economic union creation. We do not have a single customs tariff, which is the most important criterion for any customs union. We can change the rates unilaterally. And in the near future there is no prospect of us unifying the rates.”
Time proved that the first customs partnership was a real failure, in spite of a number of measures taken to enlarge the integration process. Thus, in February 1999, a treaty on the customs union and the Common Economic Space was concluded by Byelorussia, Kazakhstan, Russia and Tajikistan. It envisaged the basis for provision of a single customs territory; common customs tariffs; lack of any tariff and non-tariff limitations (licensing, assignment of quotas) in mutual trade; simplification and abolishment of customs control on the customs borders of member states; similar mechanisms of economy and trade regulation founded on universal market principals of management and harmonized economic legislation; management bodies; common customs policy. In spite of developing integration processes, the creation of the union has not been completed so far.
In the opinion of Chingiz Izmailov, Chairman of the Executive Committee of the CIS Coordinating Transport Council, freight transportation to foreign states is too difficult these days because of customs and taxes. Potentially, the creation of the customs union will reduce freight transportation terms due to simplification of customs procedures, and organize transportation of non-excise goods that will pass the border without preliminary declaration, thus increasing international trade volumes, and besides, it will make transit transport corridors more attractive. “Today, the average transportation speed is high enough, but the main problem is queues on the border. And the creation of the union is an economic integration. A single union has a good prospect”, highlights Chingiz Izmailov.
We Have Positive Experience
“We have made a very important new step to development of integration processes on the territory of the former USSR. It is not the creation of the Customs union yet (it will be created by 2011 when all the procedures, ratifications are completed and all the additional agreements are signed), but I would like to note that all the parties wish not only to take part in the process, but to reach the main target as fast as possible”, stated the RF President after the agreement was signed. In opinion of D. Pikul, it means that the prospects of economic integration in the three states envisage more than just unified tariffs. “Nowadays, integration policy is carried out by means of “connecting” the area of the former Soviet Union by different unions and alliances: the EurAsEC, the CIS Collective Security Treaty (CST), the Shanghai Cooperation Organisation (SCO), etc. These unions are not so cumbersome as the CIS and enable some definite aspects of cooperation to develop dynamically. Later, there may be synergy between these alliances, in which case they will be transformed into a single block or another form of cooperation”.
In fact, nowadays there is some agreement on the intention to create a customs union, however hard work is required to develop a new legislative base and to unify the acting one. “The political decision made today is just the first stage. Later we will need legislative acts and subordinate legislation. Today, when the EurAsEC have concluded the treaty on a single customs area, the legislative base of the three countries is to be reformed. Thus, new laws and subordinate legislation regulating the transport market development are necessary”, says Mr. Izmailov. “In Russia there is a practice of political planning and economic forecasting for long terms, but I am not sure there is one in other states on the territory of the former USSR. So, each definite situation for each state should be analysed. For example, the EU pays a lot of interest to Kazakhstan, offering de facto partnership to get guarantees of energy supplies”, adds D. Pikul.
Energy Sector as Integration Engine
Besides, as for the energy market development, perhaps it will be the force that will create a common customs area. Today Russia pays much attention to the EurAsEC members’ cooperation in the energy sector. At the summit in October, Vladimir Putin emphasised that two important documents are being developed – the concept of efficient usage of water and energy resources in the Central Asian region and the concept of formation of a single energy market in the EurAsEC member states. “These documents are being adjusted. We hope that they will help the states to reach new successes in the energy cooperation sector”, said V. Putin. “Nowadays economic safety means much for the activities of international economic organisations”, believes Grigory Rapota, general secretary of the EurAsEC. In his opinion, the fact that the EurAsEC member states are carrying out a number of joint energy projects proves that there is a close economic and political cooperation between them.
On the whole, the efforts of Russia to enlarge integration aim not only to benefit economic cooperation but also provision of national safety. From the history standpoint, the latter issue is more important for Russia than international trade development. “Central Asia is the area of the fight between Russia, the EU and the USA for hydrocarbon resources and routes for their transportation as well as one of military and strategic interest. In accordance with the theory of economic integration, the interaction of the economies will influence the coordination and the consistency of the states in political circles”, claims D. Pikul. “That is what the RF President must be counting on. In this sense, the economic integration is one of the forms of foreign policy, of providing long-term foreign political interests in the sector”. This factor can really give a powerful impulse to the slow red-tape bureaucracy, and all the necessary documents will at last be developed.
Resume
The economic area being created will help create a number of international trade development advantages. Perhaps, it will smooth the negative impact of complicated customs procedures on the time of freight transportation via the transit transport corridors. Whether the necessary universal normative base will be efficient is a most complicated and painful question. Nevertheless, Russia seems to be ready to form its neghbouring states into a single union. And its reasons will be both economic and strategic. In any case, the transport market will benefit from integration.
By Anna Nezhinskaya
reference
The Eurasian Economic Community (EurAsEC) is an international economic organisation. Its functions concern formation of common external customs borders between member states (Byelorussia, Kirgizia, Kazakhstan, Russia, Tajikistan and Uzbekistan).
The treaty on the establishment of the Eurasian Economic Community was signed by President of Byelorussia Alexander Lukashenko, President of Kazahstan Nursultan Nazarbaev, President of Kirgizia Askar Akaev, President of Russia Vladimir Putin, and President of Tajikistan Emomali Rakhmonov in Astana (the capital of Kazakhstan) on October 10, 2000.
The budget of the Community is developed by the Integration Committee for every financial year. It is ajusted by member states and approved by the Interstate Council. The budget consists of bases of contribution: the share of Russia is 40%, that of Byelorussia, Kazakhstan and Uzbekistan is 15% each, and Kirgizia and Tajikistan give 7.5% each.
The Interstate Council of EurAsEC makes decisions by reaching a consensus. The decisions taken must be fulfilled. In all the member states necessary national normative and legislative acts are developed and approved in accordance with the relevant national legislation for it.
[~DETAIL_TEXT] => Results of the Summit
On October 8, 2007, the Presidents of Russia, Byelorussia and Kazakhstan signed an agreement to establish a single customs union. Thus, they agreed to develop a three-party treaty on creation of a single customs space. The most important thing is that the participants of the summit approved the idea and the plan of measures to be taken to form the union (on unification of the normative bases of the member states).
The development is to take three years, but the Presidents recommended reducing the terms of the state procedures necessary to prepare for the unit’s functioning. According to the RF President Vladimir Putin, “in the framework of the union it is planned to create the first supranational body for tariffs regulation in the area of the former USSR. It is a straight way to create a true union, and in this particular case, it will be the true union to increase the competitiveness of the economies of our states. As a result, this will lead to a merging of different sectors, manufacturers, and growth of cooperation between separate enterprises. It will positively influence the lives of our people. And much depends on the people living in the border regions”.
Bad Shots
On the whole, functioning of intrastate unions on the territory of the former USSR is still an “explosive mixture” of old conflicts and new economic relations. For example, to improve gas transit transportation to Europe and make it independent from political situations, OAO Gazprom – tired of constant conflicts – decided to construct a gas pipeline along the bottom of the Baltic Sea. In 1997 the agreement on the creation of an allied Russian-Byelorussian state took place, which still remains just a formality. And most agreements of former USSR republics have had the same fate. The fact that the RF President Vladimir Putin claims that the CIS will never be similar to the EU proves that one should be rather skeptical about such agreements.
“Vladimir Putin called the decision about the customs union creation “almost revolutionary”, but he could name it “laboured” as well”, says Dmitry Pikul, Deputy President of “The Fund of Assistance to the Institutions of Sovereignty on the Trans-Border Areas”. “The idea of a customs union has been discussed for a long time, it was planned to be carried out in the framework of the Common Economic Space between Russia, Byelorussia, Kazakhstan and Ukraine”.
After 1995, over ten documents aimed to create the Common Economic Space in the framework of the EurAsEC were concluded. The first of them – an agreement on the launch of a customs union – was signed by Russia, Byelorussia and Kazakhstan in January 1997. One year later, disappointing results were summed up at a special meeting: “The difficulties arising at creation of such a union are explained by the misadjusted actions of member states which hardly took into account partners’ interests. The situation was made even worse by the inefficient mechanism of member states’ opinions adjustment, making decisions and controlling how well they are fulfilled. The mismatch of interests was mainly a result of significant differences in the economic potentials of the states, different economic structures, different rates of economic reforms being carried out and significant differences in their characters”, states Anatoly Glushenkov, who was Deputy Chairman of the Federation Council Committee for the CIS.
He is supported by Pavel Smirnov, Senior Deputy Minister of the Russian Federation for the cooperation with the CIS member states. “A characteristic feature of the agreement of 1995 as well as the following ones was a certain difference between the number of approved documents and the number of really fulfilled ones. The document contained the issues and engagements fixed in the framework of the CIS, and first of all the Agreement on the economic union creation. We do not have a single customs tariff, which is the most important criterion for any customs union. We can change the rates unilaterally. And in the near future there is no prospect of us unifying the rates.”
Time proved that the first customs partnership was a real failure, in spite of a number of measures taken to enlarge the integration process. Thus, in February 1999, a treaty on the customs union and the Common Economic Space was concluded by Byelorussia, Kazakhstan, Russia and Tajikistan. It envisaged the basis for provision of a single customs territory; common customs tariffs; lack of any tariff and non-tariff limitations (licensing, assignment of quotas) in mutual trade; simplification and abolishment of customs control on the customs borders of member states; similar mechanisms of economy and trade regulation founded on universal market principals of management and harmonized economic legislation; management bodies; common customs policy. In spite of developing integration processes, the creation of the union has not been completed so far.
In the opinion of Chingiz Izmailov, Chairman of the Executive Committee of the CIS Coordinating Transport Council, freight transportation to foreign states is too difficult these days because of customs and taxes. Potentially, the creation of the customs union will reduce freight transportation terms due to simplification of customs procedures, and organize transportation of non-excise goods that will pass the border without preliminary declaration, thus increasing international trade volumes, and besides, it will make transit transport corridors more attractive. “Today, the average transportation speed is high enough, but the main problem is queues on the border. And the creation of the union is an economic integration. A single union has a good prospect”, highlights Chingiz Izmailov.
We Have Positive Experience
“We have made a very important new step to development of integration processes on the territory of the former USSR. It is not the creation of the Customs union yet (it will be created by 2011 when all the procedures, ratifications are completed and all the additional agreements are signed), but I would like to note that all the parties wish not only to take part in the process, but to reach the main target as fast as possible”, stated the RF President after the agreement was signed. In opinion of D. Pikul, it means that the prospects of economic integration in the three states envisage more than just unified tariffs. “Nowadays, integration policy is carried out by means of “connecting” the area of the former Soviet Union by different unions and alliances: the EurAsEC, the CIS Collective Security Treaty (CST), the Shanghai Cooperation Organisation (SCO), etc. These unions are not so cumbersome as the CIS and enable some definite aspects of cooperation to develop dynamically. Later, there may be synergy between these alliances, in which case they will be transformed into a single block or another form of cooperation”.
In fact, nowadays there is some agreement on the intention to create a customs union, however hard work is required to develop a new legislative base and to unify the acting one. “The political decision made today is just the first stage. Later we will need legislative acts and subordinate legislation. Today, when the EurAsEC have concluded the treaty on a single customs area, the legislative base of the three countries is to be reformed. Thus, new laws and subordinate legislation regulating the transport market development are necessary”, says Mr. Izmailov. “In Russia there is a practice of political planning and economic forecasting for long terms, but I am not sure there is one in other states on the territory of the former USSR. So, each definite situation for each state should be analysed. For example, the EU pays a lot of interest to Kazakhstan, offering de facto partnership to get guarantees of energy supplies”, adds D. Pikul.
Energy Sector as Integration Engine
Besides, as for the energy market development, perhaps it will be the force that will create a common customs area. Today Russia pays much attention to the EurAsEC members’ cooperation in the energy sector. At the summit in October, Vladimir Putin emphasised that two important documents are being developed – the concept of efficient usage of water and energy resources in the Central Asian region and the concept of formation of a single energy market in the EurAsEC member states. “These documents are being adjusted. We hope that they will help the states to reach new successes in the energy cooperation sector”, said V. Putin. “Nowadays economic safety means much for the activities of international economic organisations”, believes Grigory Rapota, general secretary of the EurAsEC. In his opinion, the fact that the EurAsEC member states are carrying out a number of joint energy projects proves that there is a close economic and political cooperation between them.
On the whole, the efforts of Russia to enlarge integration aim not only to benefit economic cooperation but also provision of national safety. From the history standpoint, the latter issue is more important for Russia than international trade development. “Central Asia is the area of the fight between Russia, the EU and the USA for hydrocarbon resources and routes for their transportation as well as one of military and strategic interest. In accordance with the theory of economic integration, the interaction of the economies will influence the coordination and the consistency of the states in political circles”, claims D. Pikul. “That is what the RF President must be counting on. In this sense, the economic integration is one of the forms of foreign policy, of providing long-term foreign political interests in the sector”. This factor can really give a powerful impulse to the slow red-tape bureaucracy, and all the necessary documents will at last be developed.
Resume
The economic area being created will help create a number of international trade development advantages. Perhaps, it will smooth the negative impact of complicated customs procedures on the time of freight transportation via the transit transport corridors. Whether the necessary universal normative base will be efficient is a most complicated and painful question. Nevertheless, Russia seems to be ready to form its neghbouring states into a single union. And its reasons will be both economic and strategic. In any case, the transport market will benefit from integration.
By Anna Nezhinskaya
reference
The Eurasian Economic Community (EurAsEC) is an international economic organisation. Its functions concern formation of common external customs borders between member states (Byelorussia, Kirgizia, Kazakhstan, Russia, Tajikistan and Uzbekistan).
The treaty on the establishment of the Eurasian Economic Community was signed by President of Byelorussia Alexander Lukashenko, President of Kazahstan Nursultan Nazarbaev, President of Kirgizia Askar Akaev, President of Russia Vladimir Putin, and President of Tajikistan Emomali Rakhmonov in Astana (the capital of Kazakhstan) on October 10, 2000.
The budget of the Community is developed by the Integration Committee for every financial year. It is ajusted by member states and approved by the Interstate Council. The budget consists of bases of contribution: the share of Russia is 40%, that of Byelorussia, Kazakhstan and Uzbekistan is 15% each, and Kirgizia and Tajikistan give 7.5% each.
The Interstate Council of EurAsEC makes decisions by reaching a consensus. The decisions taken must be fulfilled. In all the member states necessary national normative and legislative acts are developed and approved in accordance with the relevant national legislation for it.
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[DETAIL_TEXT] => Results of the Summit
On October 8, 2007, the Presidents of Russia, Byelorussia and Kazakhstan signed an agreement to establish a single customs union. Thus, they agreed to develop a three-party treaty on creation of a single customs space. The most important thing is that the participants of the summit approved the idea and the plan of measures to be taken to form the union (on unification of the normative bases of the member states).
The development is to take three years, but the Presidents recommended reducing the terms of the state procedures necessary to prepare for the unit’s functioning. According to the RF President Vladimir Putin, “in the framework of the union it is planned to create the first supranational body for tariffs regulation in the area of the former USSR. It is a straight way to create a true union, and in this particular case, it will be the true union to increase the competitiveness of the economies of our states. As a result, this will lead to a merging of different sectors, manufacturers, and growth of cooperation between separate enterprises. It will positively influence the lives of our people. And much depends on the people living in the border regions”.
Bad Shots
On the whole, functioning of intrastate unions on the territory of the former USSR is still an “explosive mixture” of old conflicts and new economic relations. For example, to improve gas transit transportation to Europe and make it independent from political situations, OAO Gazprom – tired of constant conflicts – decided to construct a gas pipeline along the bottom of the Baltic Sea. In 1997 the agreement on the creation of an allied Russian-Byelorussian state took place, which still remains just a formality. And most agreements of former USSR republics have had the same fate. The fact that the RF President Vladimir Putin claims that the CIS will never be similar to the EU proves that one should be rather skeptical about such agreements.
“Vladimir Putin called the decision about the customs union creation “almost revolutionary”, but he could name it “laboured” as well”, says Dmitry Pikul, Deputy President of “The Fund of Assistance to the Institutions of Sovereignty on the Trans-Border Areas”. “The idea of a customs union has been discussed for a long time, it was planned to be carried out in the framework of the Common Economic Space between Russia, Byelorussia, Kazakhstan and Ukraine”.
After 1995, over ten documents aimed to create the Common Economic Space in the framework of the EurAsEC were concluded. The first of them – an agreement on the launch of a customs union – was signed by Russia, Byelorussia and Kazakhstan in January 1997. One year later, disappointing results were summed up at a special meeting: “The difficulties arising at creation of such a union are explained by the misadjusted actions of member states which hardly took into account partners’ interests. The situation was made even worse by the inefficient mechanism of member states’ opinions adjustment, making decisions and controlling how well they are fulfilled. The mismatch of interests was mainly a result of significant differences in the economic potentials of the states, different economic structures, different rates of economic reforms being carried out and significant differences in their characters”, states Anatoly Glushenkov, who was Deputy Chairman of the Federation Council Committee for the CIS.
He is supported by Pavel Smirnov, Senior Deputy Minister of the Russian Federation for the cooperation with the CIS member states. “A characteristic feature of the agreement of 1995 as well as the following ones was a certain difference between the number of approved documents and the number of really fulfilled ones. The document contained the issues and engagements fixed in the framework of the CIS, and first of all the Agreement on the economic union creation. We do not have a single customs tariff, which is the most important criterion for any customs union. We can change the rates unilaterally. And in the near future there is no prospect of us unifying the rates.”
Time proved that the first customs partnership was a real failure, in spite of a number of measures taken to enlarge the integration process. Thus, in February 1999, a treaty on the customs union and the Common Economic Space was concluded by Byelorussia, Kazakhstan, Russia and Tajikistan. It envisaged the basis for provision of a single customs territory; common customs tariffs; lack of any tariff and non-tariff limitations (licensing, assignment of quotas) in mutual trade; simplification and abolishment of customs control on the customs borders of member states; similar mechanisms of economy and trade regulation founded on universal market principals of management and harmonized economic legislation; management bodies; common customs policy. In spite of developing integration processes, the creation of the union has not been completed so far.
In the opinion of Chingiz Izmailov, Chairman of the Executive Committee of the CIS Coordinating Transport Council, freight transportation to foreign states is too difficult these days because of customs and taxes. Potentially, the creation of the customs union will reduce freight transportation terms due to simplification of customs procedures, and organize transportation of non-excise goods that will pass the border without preliminary declaration, thus increasing international trade volumes, and besides, it will make transit transport corridors more attractive. “Today, the average transportation speed is high enough, but the main problem is queues on the border. And the creation of the union is an economic integration. A single union has a good prospect”, highlights Chingiz Izmailov.
We Have Positive Experience
“We have made a very important new step to development of integration processes on the territory of the former USSR. It is not the creation of the Customs union yet (it will be created by 2011 when all the procedures, ratifications are completed and all the additional agreements are signed), but I would like to note that all the parties wish not only to take part in the process, but to reach the main target as fast as possible”, stated the RF President after the agreement was signed. In opinion of D. Pikul, it means that the prospects of economic integration in the three states envisage more than just unified tariffs. “Nowadays, integration policy is carried out by means of “connecting” the area of the former Soviet Union by different unions and alliances: the EurAsEC, the CIS Collective Security Treaty (CST), the Shanghai Cooperation Organisation (SCO), etc. These unions are not so cumbersome as the CIS and enable some definite aspects of cooperation to develop dynamically. Later, there may be synergy between these alliances, in which case they will be transformed into a single block or another form of cooperation”.
In fact, nowadays there is some agreement on the intention to create a customs union, however hard work is required to develop a new legislative base and to unify the acting one. “The political decision made today is just the first stage. Later we will need legislative acts and subordinate legislation. Today, when the EurAsEC have concluded the treaty on a single customs area, the legislative base of the three countries is to be reformed. Thus, new laws and subordinate legislation regulating the transport market development are necessary”, says Mr. Izmailov. “In Russia there is a practice of political planning and economic forecasting for long terms, but I am not sure there is one in other states on the territory of the former USSR. So, each definite situation for each state should be analysed. For example, the EU pays a lot of interest to Kazakhstan, offering de facto partnership to get guarantees of energy supplies”, adds D. Pikul.
Energy Sector as Integration Engine
Besides, as for the energy market development, perhaps it will be the force that will create a common customs area. Today Russia pays much attention to the EurAsEC members’ cooperation in the energy sector. At the summit in October, Vladimir Putin emphasised that two important documents are being developed – the concept of efficient usage of water and energy resources in the Central Asian region and the concept of formation of a single energy market in the EurAsEC member states. “These documents are being adjusted. We hope that they will help the states to reach new successes in the energy cooperation sector”, said V. Putin. “Nowadays economic safety means much for the activities of international economic organisations”, believes Grigory Rapota, general secretary of the EurAsEC. In his opinion, the fact that the EurAsEC member states are carrying out a number of joint energy projects proves that there is a close economic and political cooperation between them.
On the whole, the efforts of Russia to enlarge integration aim not only to benefit economic cooperation but also provision of national safety. From the history standpoint, the latter issue is more important for Russia than international trade development. “Central Asia is the area of the fight between Russia, the EU and the USA for hydrocarbon resources and routes for their transportation as well as one of military and strategic interest. In accordance with the theory of economic integration, the interaction of the economies will influence the coordination and the consistency of the states in political circles”, claims D. Pikul. “That is what the RF President must be counting on. In this sense, the economic integration is one of the forms of foreign policy, of providing long-term foreign political interests in the sector”. This factor can really give a powerful impulse to the slow red-tape bureaucracy, and all the necessary documents will at last be developed.
Resume
The economic area being created will help create a number of international trade development advantages. Perhaps, it will smooth the negative impact of complicated customs procedures on the time of freight transportation via the transit transport corridors. Whether the necessary universal normative base will be efficient is a most complicated and painful question. Nevertheless, Russia seems to be ready to form its neghbouring states into a single union. And its reasons will be both economic and strategic. In any case, the transport market will benefit from integration.
By Anna Nezhinskaya
reference
The Eurasian Economic Community (EurAsEC) is an international economic organisation. Its functions concern formation of common external customs borders between member states (Byelorussia, Kirgizia, Kazakhstan, Russia, Tajikistan and Uzbekistan).
The treaty on the establishment of the Eurasian Economic Community was signed by President of Byelorussia Alexander Lukashenko, President of Kazahstan Nursultan Nazarbaev, President of Kirgizia Askar Akaev, President of Russia Vladimir Putin, and President of Tajikistan Emomali Rakhmonov in Astana (the capital of Kazakhstan) on October 10, 2000.
The budget of the Community is developed by the Integration Committee for every financial year. It is ajusted by member states and approved by the Interstate Council. The budget consists of bases of contribution: the share of Russia is 40%, that of Byelorussia, Kazakhstan and Uzbekistan is 15% each, and Kirgizia and Tajikistan give 7.5% each.
The Interstate Council of EurAsEC makes decisions by reaching a consensus. The decisions taken must be fulfilled. In all the member states necessary national normative and legislative acts are developed and approved in accordance with the relevant national legislation for it.
[~DETAIL_TEXT] => Results of the Summit
On October 8, 2007, the Presidents of Russia, Byelorussia and Kazakhstan signed an agreement to establish a single customs union. Thus, they agreed to develop a three-party treaty on creation of a single customs space. The most important thing is that the participants of the summit approved the idea and the plan of measures to be taken to form the union (on unification of the normative bases of the member states).
The development is to take three years, but the Presidents recommended reducing the terms of the state procedures necessary to prepare for the unit’s functioning. According to the RF President Vladimir Putin, “in the framework of the union it is planned to create the first supranational body for tariffs regulation in the area of the former USSR. It is a straight way to create a true union, and in this particular case, it will be the true union to increase the competitiveness of the economies of our states. As a result, this will lead to a merging of different sectors, manufacturers, and growth of cooperation between separate enterprises. It will positively influence the lives of our people. And much depends on the people living in the border regions”.
Bad Shots
On the whole, functioning of intrastate unions on the territory of the former USSR is still an “explosive mixture” of old conflicts and new economic relations. For example, to improve gas transit transportation to Europe and make it independent from political situations, OAO Gazprom – tired of constant conflicts – decided to construct a gas pipeline along the bottom of the Baltic Sea. In 1997 the agreement on the creation of an allied Russian-Byelorussian state took place, which still remains just a formality. And most agreements of former USSR republics have had the same fate. The fact that the RF President Vladimir Putin claims that the CIS will never be similar to the EU proves that one should be rather skeptical about such agreements.
“Vladimir Putin called the decision about the customs union creation “almost revolutionary”, but he could name it “laboured” as well”, says Dmitry Pikul, Deputy President of “The Fund of Assistance to the Institutions of Sovereignty on the Trans-Border Areas”. “The idea of a customs union has been discussed for a long time, it was planned to be carried out in the framework of the Common Economic Space between Russia, Byelorussia, Kazakhstan and Ukraine”.
After 1995, over ten documents aimed to create the Common Economic Space in the framework of the EurAsEC were concluded. The first of them – an agreement on the launch of a customs union – was signed by Russia, Byelorussia and Kazakhstan in January 1997. One year later, disappointing results were summed up at a special meeting: “The difficulties arising at creation of such a union are explained by the misadjusted actions of member states which hardly took into account partners’ interests. The situation was made even worse by the inefficient mechanism of member states’ opinions adjustment, making decisions and controlling how well they are fulfilled. The mismatch of interests was mainly a result of significant differences in the economic potentials of the states, different economic structures, different rates of economic reforms being carried out and significant differences in their characters”, states Anatoly Glushenkov, who was Deputy Chairman of the Federation Council Committee for the CIS.
He is supported by Pavel Smirnov, Senior Deputy Minister of the Russian Federation for the cooperation with the CIS member states. “A characteristic feature of the agreement of 1995 as well as the following ones was a certain difference between the number of approved documents and the number of really fulfilled ones. The document contained the issues and engagements fixed in the framework of the CIS, and first of all the Agreement on the economic union creation. We do not have a single customs tariff, which is the most important criterion for any customs union. We can change the rates unilaterally. And in the near future there is no prospect of us unifying the rates.”
Time proved that the first customs partnership was a real failure, in spite of a number of measures taken to enlarge the integration process. Thus, in February 1999, a treaty on the customs union and the Common Economic Space was concluded by Byelorussia, Kazakhstan, Russia and Tajikistan. It envisaged the basis for provision of a single customs territory; common customs tariffs; lack of any tariff and non-tariff limitations (licensing, assignment of quotas) in mutual trade; simplification and abolishment of customs control on the customs borders of member states; similar mechanisms of economy and trade regulation founded on universal market principals of management and harmonized economic legislation; management bodies; common customs policy. In spite of developing integration processes, the creation of the union has not been completed so far.
In the opinion of Chingiz Izmailov, Chairman of the Executive Committee of the CIS Coordinating Transport Council, freight transportation to foreign states is too difficult these days because of customs and taxes. Potentially, the creation of the customs union will reduce freight transportation terms due to simplification of customs procedures, and organize transportation of non-excise goods that will pass the border without preliminary declaration, thus increasing international trade volumes, and besides, it will make transit transport corridors more attractive. “Today, the average transportation speed is high enough, but the main problem is queues on the border. And the creation of the union is an economic integration. A single union has a good prospect”, highlights Chingiz Izmailov.
We Have Positive Experience
“We have made a very important new step to development of integration processes on the territory of the former USSR. It is not the creation of the Customs union yet (it will be created by 2011 when all the procedures, ratifications are completed and all the additional agreements are signed), but I would like to note that all the parties wish not only to take part in the process, but to reach the main target as fast as possible”, stated the RF President after the agreement was signed. In opinion of D. Pikul, it means that the prospects of economic integration in the three states envisage more than just unified tariffs. “Nowadays, integration policy is carried out by means of “connecting” the area of the former Soviet Union by different unions and alliances: the EurAsEC, the CIS Collective Security Treaty (CST), the Shanghai Cooperation Organisation (SCO), etc. These unions are not so cumbersome as the CIS and enable some definite aspects of cooperation to develop dynamically. Later, there may be synergy between these alliances, in which case they will be transformed into a single block or another form of cooperation”.
In fact, nowadays there is some agreement on the intention to create a customs union, however hard work is required to develop a new legislative base and to unify the acting one. “The political decision made today is just the first stage. Later we will need legislative acts and subordinate legislation. Today, when the EurAsEC have concluded the treaty on a single customs area, the legislative base of the three countries is to be reformed. Thus, new laws and subordinate legislation regulating the transport market development are necessary”, says Mr. Izmailov. “In Russia there is a practice of political planning and economic forecasting for long terms, but I am not sure there is one in other states on the territory of the former USSR. So, each definite situation for each state should be analysed. For example, the EU pays a lot of interest to Kazakhstan, offering de facto partnership to get guarantees of energy supplies”, adds D. Pikul.
Energy Sector as Integration Engine
Besides, as for the energy market development, perhaps it will be the force that will create a common customs area. Today Russia pays much attention to the EurAsEC members’ cooperation in the energy sector. At the summit in October, Vladimir Putin emphasised that two important documents are being developed – the concept of efficient usage of water and energy resources in the Central Asian region and the concept of formation of a single energy market in the EurAsEC member states. “These documents are being adjusted. We hope that they will help the states to reach new successes in the energy cooperation sector”, said V. Putin. “Nowadays economic safety means much for the activities of international economic organisations”, believes Grigory Rapota, general secretary of the EurAsEC. In his opinion, the fact that the EurAsEC member states are carrying out a number of joint energy projects proves that there is a close economic and political cooperation between them.
On the whole, the efforts of Russia to enlarge integration aim not only to benefit economic cooperation but also provision of national safety. From the history standpoint, the latter issue is more important for Russia than international trade development. “Central Asia is the area of the fight between Russia, the EU and the USA for hydrocarbon resources and routes for their transportation as well as one of military and strategic interest. In accordance with the theory of economic integration, the interaction of the economies will influence the coordination and the consistency of the states in political circles”, claims D. Pikul. “That is what the RF President must be counting on. In this sense, the economic integration is one of the forms of foreign policy, of providing long-term foreign political interests in the sector”. This factor can really give a powerful impulse to the slow red-tape bureaucracy, and all the necessary documents will at last be developed.
Resume
The economic area being created will help create a number of international trade development advantages. Perhaps, it will smooth the negative impact of complicated customs procedures on the time of freight transportation via the transit transport corridors. Whether the necessary universal normative base will be efficient is a most complicated and painful question. Nevertheless, Russia seems to be ready to form its neghbouring states into a single union. And its reasons will be both economic and strategic. In any case, the transport market will benefit from integration.
By Anna Nezhinskaya
reference
The Eurasian Economic Community (EurAsEC) is an international economic organisation. Its functions concern formation of common external customs borders between member states (Byelorussia, Kirgizia, Kazakhstan, Russia, Tajikistan and Uzbekistan).
The treaty on the establishment of the Eurasian Economic Community was signed by President of Byelorussia Alexander Lukashenko, President of Kazahstan Nursultan Nazarbaev, President of Kirgizia Askar Akaev, President of Russia Vladimir Putin, and President of Tajikistan Emomali Rakhmonov in Astana (the capital of Kazakhstan) on October 10, 2000.
The budget of the Community is developed by the Integration Committee for every financial year. It is ajusted by member states and approved by the Interstate Council. The budget consists of bases of contribution: the share of Russia is 40%, that of Byelorussia, Kazakhstan and Uzbekistan is 15% each, and Kirgizia and Tajikistan give 7.5% each.
The Interstate Council of EurAsEC makes decisions by reaching a consensus. The decisions taken must be fulfilled. In all the member states necessary national normative and legislative acts are developed and approved in accordance with the relevant national legislation for it.
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Cargo-luggage transportation is now at a very complicated level of its development. The lack of rolling stock, the stoppage of its production, problems of wagon repair and unclear future tariff policy do not enable private operators to realise the significant potential of this socially important segment of transport business. The President of Russian Railway Carriers Association “Union of Transport Companies” Maxim Stepanov spoke about it in an interview to “The RZD-Partner International”.Array
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[DETAIL_TEXT] => – Mr. Stepanov, cargo-luggage is not a mass freight at Russian railways and it is not very profitable. Could you describe the current stage of this transportation segment development?
– The transported cargo-luggage makes about 1% of the total freight flow along the railways, nevertheless its social importance is very high. Most part of cargo-luggage is small lots of commercial freight, owned by either private individuals or by small business – medicines, office equipment, furniture and other expensive consumer goods which need fast and safe delivery. For example, cargo-luggage wagons carry these types of goods from Moscow to Ufa, and from there they return loaded with Bashkiria goods – rubber loads, life-saving rafts, etc.
Nowadays, the market is at the stagnation period. There are several reasons for it. The terms of “passenger” Tariff Regulation № 10-02-16 adoption has not been defined yet. Its concept contains revolutionary base of the transportation cost, which may influence the business of rolling-stock operators.
We do not mind tariffs on cargo-luggage transportation growth. Moreover, I am sure that the tariff should be increased step-by-step. But that must be an economically reasonable decision. Until there are no separate revenues and expenses records keeping for freight and passenger transportation sectors, it is senseless to speak about a tariffs increase, because we do not know empirically what they should be. At transport tariffs formation under the market economy conditions, the main idea is that prices must provide at least compensation for the production expenses and “fair” profit, providing normal work of an enterprise. “Fair” profit is the one providing payment of obligatory taxes to the Federal and local budgets, as well as allocations to the enterprise’s funds.
It should be kept in mind that by a significant increase of tariffs we may break the cargo-luggage transportation market. Then a cargo owner will start to use road transport. And this is a hidden support for the foreign producers of lorry transport exploited in Russia, but not for national heavy industry.
Motor transport is competitive at routes with the length of up to 1,500-2,000 km depending on the destination. And railway transport is competitive at long-distance transportation, delivery speed, reliability and the cost of delivery. Many of the Union members have developed into logistic centres with many affiliates and representative offices throughout the country. They have their own vehicle park that transports cargo in those places where they cannot be carried by railway.
The second reason for the stagnation is the problem of a wagon park formation. The function of prolonging the life time of wagons belongs to Roszheldor (Federal Agency of Railway Transport), but it is not practically fulfilled because of the insufficient normative base and the lack of OAO RZD’s wish to give this charge to the Agency. As a result, the process of passenger wagons inspection aimed at deciding whether to prolong their lifetime or not has been stopped. Wagons of private rolling stock owners idle, because they do not have an opportunity to exploit them.
Meanwhile, operators have no opportunity to purchase new rolling stock since the only enterprise producing cargo-luggage and postal wagons, ZAO Vagonmash, gave up the production due to technological problems.
Thus, nowadays postal and cargo-luggage wagons are not produced in Russia and the CIS, consequently their park is not renewed. If the situation does not change in six or seven years, there will be no market of cargo-luggage and luggage transportation. Besides, the telegram published by OAO RZD in spring bans wagon repair depots from taking private passenger wagons for the first-volume capital repair. It is hard to understand the logic of the decision. It seems that the telegram was prepared by the Byelorusssians to load their wagon repair enterprises.
– What do market players do in this situation?
– The stagnation in the cargo-luggage transportation sector makes companies-operators purchase road trains, thus they take clients away from a railway to a road. And it can only influence the development of the sector, because during the recent five-six years about 60-65% of cargo-luggage is carried by private wagon owners, another 15-20% is transported by Post of Russia, and the rest 15-20% - by OAO RZD.
– Do representative of the Transport Companies Union have any opportunities to improve the situation?
– We have such opportunities and try to use them. Now we are holding negotiations to recommence postal and luggage communication between Moscow and the Baltic states (Riga, Tallinn, Vilnius) as well as Moscow and Warsaw (as a part of the firm train “Polonaise”). Recommencing this communication will give an additional impulse for the development of small business trade relations between these states. Besides, the founders of the Union repair their wagons in their own depot, and the situation is developing in such a way that soon we will start to construct wagons in accordance with modern modified projects by ourselves.
There is a chance to get back to the lost positions only if OAO RZD launches a subsidiary specialising in cargo-luggage transportation with a highly-qualified management, or gives these functions out for outsourcing. OAO RZD fails in the cargo-luggage transportation sector not because of private wagon owners, but because of the high tariff on cargo-luggage transportation. If private companies had not attracted clients, there would have been no cargo-luggage transportation market for a long time already.
– With such business volumes as OAO RZD has, it will be difficult to make the company pay attention to an unprofitable sector.
– I believe that it is necessary to explain how the profitability of cargo-luggage transportation is calculated. The amount of private wagons (loaded by 87% on average) is added to the amount of OAO RZD wagons (loaded by 10% on average), and it turns out that the average loading of the cargo-luggage wagons park is 38%. Thus, the results of wagon owners’ and OAO RZD’s operation are consolidated, and the both turn out to be unprofitable.
I am sure that the operational results of private companies and the cargo-luggage segment of OAO RZD should be recorded separately. Then the situation will be seen from an objective viewpoint. Nowadays, transportation of private cargo-luggage wagons is profitable for OAO RZD, because a private company pays the fee for wagon transportation as well as making many adjacent payments such as shunting operation, all types of wagon repair, rent of warehouses, territory, etc. All OAO RZD is to do is to deliver a wagon from one place to another, and the company often does it very unprofessionally, breaking all the possible deliveries terms. That is why we have already lost the cargo-luggage transportation sector to road hauliers in the European part of Russia.
by Ivan Stupachenko, Yuriy Ilyin
our reference
Association of Railway Carriers “Union of Transport Companies” was established in 2003. It unites transport and forwarding companies specialising in organisation of cargo-luggage transportation in private and rented luggage wagons. Over 10 companies are members of the Union. They manage a park of over 500 private and 300 rented luggage wagons (OAO RZD owns a luggage wagons park of 600 units).
[~DETAIL_TEXT] => – Mr. Stepanov, cargo-luggage is not a mass freight at Russian railways and it is not very profitable. Could you describe the current stage of this transportation segment development?
– The transported cargo-luggage makes about 1% of the total freight flow along the railways, nevertheless its social importance is very high. Most part of cargo-luggage is small lots of commercial freight, owned by either private individuals or by small business – medicines, office equipment, furniture and other expensive consumer goods which need fast and safe delivery. For example, cargo-luggage wagons carry these types of goods from Moscow to Ufa, and from there they return loaded with Bashkiria goods – rubber loads, life-saving rafts, etc.
Nowadays, the market is at the stagnation period. There are several reasons for it. The terms of “passenger” Tariff Regulation № 10-02-16 adoption has not been defined yet. Its concept contains revolutionary base of the transportation cost, which may influence the business of rolling-stock operators.
We do not mind tariffs on cargo-luggage transportation growth. Moreover, I am sure that the tariff should be increased step-by-step. But that must be an economically reasonable decision. Until there are no separate revenues and expenses records keeping for freight and passenger transportation sectors, it is senseless to speak about a tariffs increase, because we do not know empirically what they should be. At transport tariffs formation under the market economy conditions, the main idea is that prices must provide at least compensation for the production expenses and “fair” profit, providing normal work of an enterprise. “Fair” profit is the one providing payment of obligatory taxes to the Federal and local budgets, as well as allocations to the enterprise’s funds.
It should be kept in mind that by a significant increase of tariffs we may break the cargo-luggage transportation market. Then a cargo owner will start to use road transport. And this is a hidden support for the foreign producers of lorry transport exploited in Russia, but not for national heavy industry.
Motor transport is competitive at routes with the length of up to 1,500-2,000 km depending on the destination. And railway transport is competitive at long-distance transportation, delivery speed, reliability and the cost of delivery. Many of the Union members have developed into logistic centres with many affiliates and representative offices throughout the country. They have their own vehicle park that transports cargo in those places where they cannot be carried by railway.
The second reason for the stagnation is the problem of a wagon park formation. The function of prolonging the life time of wagons belongs to Roszheldor (Federal Agency of Railway Transport), but it is not practically fulfilled because of the insufficient normative base and the lack of OAO RZD’s wish to give this charge to the Agency. As a result, the process of passenger wagons inspection aimed at deciding whether to prolong their lifetime or not has been stopped. Wagons of private rolling stock owners idle, because they do not have an opportunity to exploit them.
Meanwhile, operators have no opportunity to purchase new rolling stock since the only enterprise producing cargo-luggage and postal wagons, ZAO Vagonmash, gave up the production due to technological problems.
Thus, nowadays postal and cargo-luggage wagons are not produced in Russia and the CIS, consequently their park is not renewed. If the situation does not change in six or seven years, there will be no market of cargo-luggage and luggage transportation. Besides, the telegram published by OAO RZD in spring bans wagon repair depots from taking private passenger wagons for the first-volume capital repair. It is hard to understand the logic of the decision. It seems that the telegram was prepared by the Byelorusssians to load their wagon repair enterprises.
– What do market players do in this situation?
– The stagnation in the cargo-luggage transportation sector makes companies-operators purchase road trains, thus they take clients away from a railway to a road. And it can only influence the development of the sector, because during the recent five-six years about 60-65% of cargo-luggage is carried by private wagon owners, another 15-20% is transported by Post of Russia, and the rest 15-20% - by OAO RZD.
– Do representative of the Transport Companies Union have any opportunities to improve the situation?
– We have such opportunities and try to use them. Now we are holding negotiations to recommence postal and luggage communication between Moscow and the Baltic states (Riga, Tallinn, Vilnius) as well as Moscow and Warsaw (as a part of the firm train “Polonaise”). Recommencing this communication will give an additional impulse for the development of small business trade relations between these states. Besides, the founders of the Union repair their wagons in their own depot, and the situation is developing in such a way that soon we will start to construct wagons in accordance with modern modified projects by ourselves.
There is a chance to get back to the lost positions only if OAO RZD launches a subsidiary specialising in cargo-luggage transportation with a highly-qualified management, or gives these functions out for outsourcing. OAO RZD fails in the cargo-luggage transportation sector not because of private wagon owners, but because of the high tariff on cargo-luggage transportation. If private companies had not attracted clients, there would have been no cargo-luggage transportation market for a long time already.
– With such business volumes as OAO RZD has, it will be difficult to make the company pay attention to an unprofitable sector.
– I believe that it is necessary to explain how the profitability of cargo-luggage transportation is calculated. The amount of private wagons (loaded by 87% on average) is added to the amount of OAO RZD wagons (loaded by 10% on average), and it turns out that the average loading of the cargo-luggage wagons park is 38%. Thus, the results of wagon owners’ and OAO RZD’s operation are consolidated, and the both turn out to be unprofitable.
I am sure that the operational results of private companies and the cargo-luggage segment of OAO RZD should be recorded separately. Then the situation will be seen from an objective viewpoint. Nowadays, transportation of private cargo-luggage wagons is profitable for OAO RZD, because a private company pays the fee for wagon transportation as well as making many adjacent payments such as shunting operation, all types of wagon repair, rent of warehouses, territory, etc. All OAO RZD is to do is to deliver a wagon from one place to another, and the company often does it very unprofessionally, breaking all the possible deliveries terms. That is why we have already lost the cargo-luggage transportation sector to road hauliers in the European part of Russia.
by Ivan Stupachenko, Yuriy Ilyin
our reference
Association of Railway Carriers “Union of Transport Companies” was established in 2003. It unites transport and forwarding companies specialising in organisation of cargo-luggage transportation in private and rented luggage wagons. Over 10 companies are members of the Union. They manage a park of over 500 private and 300 rented luggage wagons (OAO RZD owns a luggage wagons park of 600 units).
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[DETAIL_TEXT] => – Mr. Stepanov, cargo-luggage is not a mass freight at Russian railways and it is not very profitable. Could you describe the current stage of this transportation segment development?
– The transported cargo-luggage makes about 1% of the total freight flow along the railways, nevertheless its social importance is very high. Most part of cargo-luggage is small lots of commercial freight, owned by either private individuals or by small business – medicines, office equipment, furniture and other expensive consumer goods which need fast and safe delivery. For example, cargo-luggage wagons carry these types of goods from Moscow to Ufa, and from there they return loaded with Bashkiria goods – rubber loads, life-saving rafts, etc.
Nowadays, the market is at the stagnation period. There are several reasons for it. The terms of “passenger” Tariff Regulation № 10-02-16 adoption has not been defined yet. Its concept contains revolutionary base of the transportation cost, which may influence the business of rolling-stock operators.
We do not mind tariffs on cargo-luggage transportation growth. Moreover, I am sure that the tariff should be increased step-by-step. But that must be an economically reasonable decision. Until there are no separate revenues and expenses records keeping for freight and passenger transportation sectors, it is senseless to speak about a tariffs increase, because we do not know empirically what they should be. At transport tariffs formation under the market economy conditions, the main idea is that prices must provide at least compensation for the production expenses and “fair” profit, providing normal work of an enterprise. “Fair” profit is the one providing payment of obligatory taxes to the Federal and local budgets, as well as allocations to the enterprise’s funds.
It should be kept in mind that by a significant increase of tariffs we may break the cargo-luggage transportation market. Then a cargo owner will start to use road transport. And this is a hidden support for the foreign producers of lorry transport exploited in Russia, but not for national heavy industry.
Motor transport is competitive at routes with the length of up to 1,500-2,000 km depending on the destination. And railway transport is competitive at long-distance transportation, delivery speed, reliability and the cost of delivery. Many of the Union members have developed into logistic centres with many affiliates and representative offices throughout the country. They have their own vehicle park that transports cargo in those places where they cannot be carried by railway.
The second reason for the stagnation is the problem of a wagon park formation. The function of prolonging the life time of wagons belongs to Roszheldor (Federal Agency of Railway Transport), but it is not practically fulfilled because of the insufficient normative base and the lack of OAO RZD’s wish to give this charge to the Agency. As a result, the process of passenger wagons inspection aimed at deciding whether to prolong their lifetime or not has been stopped. Wagons of private rolling stock owners idle, because they do not have an opportunity to exploit them.
Meanwhile, operators have no opportunity to purchase new rolling stock since the only enterprise producing cargo-luggage and postal wagons, ZAO Vagonmash, gave up the production due to technological problems.
Thus, nowadays postal and cargo-luggage wagons are not produced in Russia and the CIS, consequently their park is not renewed. If the situation does not change in six or seven years, there will be no market of cargo-luggage and luggage transportation. Besides, the telegram published by OAO RZD in spring bans wagon repair depots from taking private passenger wagons for the first-volume capital repair. It is hard to understand the logic of the decision. It seems that the telegram was prepared by the Byelorusssians to load their wagon repair enterprises.
– What do market players do in this situation?
– The stagnation in the cargo-luggage transportation sector makes companies-operators purchase road trains, thus they take clients away from a railway to a road. And it can only influence the development of the sector, because during the recent five-six years about 60-65% of cargo-luggage is carried by private wagon owners, another 15-20% is transported by Post of Russia, and the rest 15-20% - by OAO RZD.
– Do representative of the Transport Companies Union have any opportunities to improve the situation?
– We have such opportunities and try to use them. Now we are holding negotiations to recommence postal and luggage communication between Moscow and the Baltic states (Riga, Tallinn, Vilnius) as well as Moscow and Warsaw (as a part of the firm train “Polonaise”). Recommencing this communication will give an additional impulse for the development of small business trade relations between these states. Besides, the founders of the Union repair their wagons in their own depot, and the situation is developing in such a way that soon we will start to construct wagons in accordance with modern modified projects by ourselves.
There is a chance to get back to the lost positions only if OAO RZD launches a subsidiary specialising in cargo-luggage transportation with a highly-qualified management, or gives these functions out for outsourcing. OAO RZD fails in the cargo-luggage transportation sector not because of private wagon owners, but because of the high tariff on cargo-luggage transportation. If private companies had not attracted clients, there would have been no cargo-luggage transportation market for a long time already.
– With such business volumes as OAO RZD has, it will be difficult to make the company pay attention to an unprofitable sector.
– I believe that it is necessary to explain how the profitability of cargo-luggage transportation is calculated. The amount of private wagons (loaded by 87% on average) is added to the amount of OAO RZD wagons (loaded by 10% on average), and it turns out that the average loading of the cargo-luggage wagons park is 38%. Thus, the results of wagon owners’ and OAO RZD’s operation are consolidated, and the both turn out to be unprofitable.
I am sure that the operational results of private companies and the cargo-luggage segment of OAO RZD should be recorded separately. Then the situation will be seen from an objective viewpoint. Nowadays, transportation of private cargo-luggage wagons is profitable for OAO RZD, because a private company pays the fee for wagon transportation as well as making many adjacent payments such as shunting operation, all types of wagon repair, rent of warehouses, territory, etc. All OAO RZD is to do is to deliver a wagon from one place to another, and the company often does it very unprofessionally, breaking all the possible deliveries terms. That is why we have already lost the cargo-luggage transportation sector to road hauliers in the European part of Russia.
by Ivan Stupachenko, Yuriy Ilyin
our reference
Association of Railway Carriers “Union of Transport Companies” was established in 2003. It unites transport and forwarding companies specialising in organisation of cargo-luggage transportation in private and rented luggage wagons. Over 10 companies are members of the Union. They manage a park of over 500 private and 300 rented luggage wagons (OAO RZD owns a luggage wagons park of 600 units).
[~DETAIL_TEXT] => – Mr. Stepanov, cargo-luggage is not a mass freight at Russian railways and it is not very profitable. Could you describe the current stage of this transportation segment development?
– The transported cargo-luggage makes about 1% of the total freight flow along the railways, nevertheless its social importance is very high. Most part of cargo-luggage is small lots of commercial freight, owned by either private individuals or by small business – medicines, office equipment, furniture and other expensive consumer goods which need fast and safe delivery. For example, cargo-luggage wagons carry these types of goods from Moscow to Ufa, and from there they return loaded with Bashkiria goods – rubber loads, life-saving rafts, etc.
Nowadays, the market is at the stagnation period. There are several reasons for it. The terms of “passenger” Tariff Regulation № 10-02-16 adoption has not been defined yet. Its concept contains revolutionary base of the transportation cost, which may influence the business of rolling-stock operators.
We do not mind tariffs on cargo-luggage transportation growth. Moreover, I am sure that the tariff should be increased step-by-step. But that must be an economically reasonable decision. Until there are no separate revenues and expenses records keeping for freight and passenger transportation sectors, it is senseless to speak about a tariffs increase, because we do not know empirically what they should be. At transport tariffs formation under the market economy conditions, the main idea is that prices must provide at least compensation for the production expenses and “fair” profit, providing normal work of an enterprise. “Fair” profit is the one providing payment of obligatory taxes to the Federal and local budgets, as well as allocations to the enterprise’s funds.
It should be kept in mind that by a significant increase of tariffs we may break the cargo-luggage transportation market. Then a cargo owner will start to use road transport. And this is a hidden support for the foreign producers of lorry transport exploited in Russia, but not for national heavy industry.
Motor transport is competitive at routes with the length of up to 1,500-2,000 km depending on the destination. And railway transport is competitive at long-distance transportation, delivery speed, reliability and the cost of delivery. Many of the Union members have developed into logistic centres with many affiliates and representative offices throughout the country. They have their own vehicle park that transports cargo in those places where they cannot be carried by railway.
The second reason for the stagnation is the problem of a wagon park formation. The function of prolonging the life time of wagons belongs to Roszheldor (Federal Agency of Railway Transport), but it is not practically fulfilled because of the insufficient normative base and the lack of OAO RZD’s wish to give this charge to the Agency. As a result, the process of passenger wagons inspection aimed at deciding whether to prolong their lifetime or not has been stopped. Wagons of private rolling stock owners idle, because they do not have an opportunity to exploit them.
Meanwhile, operators have no opportunity to purchase new rolling stock since the only enterprise producing cargo-luggage and postal wagons, ZAO Vagonmash, gave up the production due to technological problems.
Thus, nowadays postal and cargo-luggage wagons are not produced in Russia and the CIS, consequently their park is not renewed. If the situation does not change in six or seven years, there will be no market of cargo-luggage and luggage transportation. Besides, the telegram published by OAO RZD in spring bans wagon repair depots from taking private passenger wagons for the first-volume capital repair. It is hard to understand the logic of the decision. It seems that the telegram was prepared by the Byelorusssians to load their wagon repair enterprises.
– What do market players do in this situation?
– The stagnation in the cargo-luggage transportation sector makes companies-operators purchase road trains, thus they take clients away from a railway to a road. And it can only influence the development of the sector, because during the recent five-six years about 60-65% of cargo-luggage is carried by private wagon owners, another 15-20% is transported by Post of Russia, and the rest 15-20% - by OAO RZD.
– Do representative of the Transport Companies Union have any opportunities to improve the situation?
– We have such opportunities and try to use them. Now we are holding negotiations to recommence postal and luggage communication between Moscow and the Baltic states (Riga, Tallinn, Vilnius) as well as Moscow and Warsaw (as a part of the firm train “Polonaise”). Recommencing this communication will give an additional impulse for the development of small business trade relations between these states. Besides, the founders of the Union repair their wagons in their own depot, and the situation is developing in such a way that soon we will start to construct wagons in accordance with modern modified projects by ourselves.
There is a chance to get back to the lost positions only if OAO RZD launches a subsidiary specialising in cargo-luggage transportation with a highly-qualified management, or gives these functions out for outsourcing. OAO RZD fails in the cargo-luggage transportation sector not because of private wagon owners, but because of the high tariff on cargo-luggage transportation. If private companies had not attracted clients, there would have been no cargo-luggage transportation market for a long time already.
– With such business volumes as OAO RZD has, it will be difficult to make the company pay attention to an unprofitable sector.
– I believe that it is necessary to explain how the profitability of cargo-luggage transportation is calculated. The amount of private wagons (loaded by 87% on average) is added to the amount of OAO RZD wagons (loaded by 10% on average), and it turns out that the average loading of the cargo-luggage wagons park is 38%. Thus, the results of wagon owners’ and OAO RZD’s operation are consolidated, and the both turn out to be unprofitable.
I am sure that the operational results of private companies and the cargo-luggage segment of OAO RZD should be recorded separately. Then the situation will be seen from an objective viewpoint. Nowadays, transportation of private cargo-luggage wagons is profitable for OAO RZD, because a private company pays the fee for wagon transportation as well as making many adjacent payments such as shunting operation, all types of wagon repair, rent of warehouses, territory, etc. All OAO RZD is to do is to deliver a wagon from one place to another, and the company often does it very unprofessionally, breaking all the possible deliveries terms. That is why we have already lost the cargo-luggage transportation sector to road hauliers in the European part of Russia.
by Ivan Stupachenko, Yuriy Ilyin
our reference
Association of Railway Carriers “Union of Transport Companies” was established in 2003. It unites transport and forwarding companies specialising in organisation of cargo-luggage transportation in private and rented luggage wagons. Over 10 companies are members of the Union. They manage a park of over 500 private and 300 rented luggage wagons (OAO RZD owns a luggage wagons park of 600 units).
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The RF Government approved the launch of ОАО First Cargo Company – OAO RZD daughter company (The First Cargo Company – FCC). Compared to its mothering structure, FCC will be able to set tariffs for its service itself, which will allow FCC to compete with independent operators who have taken away a significant part of profitable cargoArray
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[DETAIL_TEXT] => Equal Terms to Everybody
Liberalization of the cargo transportation market is implemented in accordance with the programme of railway restructuring approved by the RF Government on May 18, 2001. Due to the fact that the programme does not give precise details of the market model, there was made a decision to develop an additional document which would describe certain liberalized transportation participants at a certain stage in a detailed way and comment on economic relations set between them.
According to the normative base, ОАО RZD performing as a public carrier is not to refuse cargo for transportation. If the company keeps the carrier status, it will have to transport any cargo, whether it is profitable for it or not. However, this situation makes it impossible to create independent carriers, since their rights are to be equal with the ones of the state company. The matter is the private carrier is not capable to operate all over the Russian railways net for various economic reasons, such as, for example, unprofitable routes.
In this situation the decision was made to separate off OAO RZD car activities, i.e. activities on giving rolling stock. This could create a competitive market of giving cars for transportation, composed both of private independent operators and OAO RZD affiliates. An operator is a company who transports cargo via the railway in its own or rented rail cars, but who purchases locomotive haulage from OAO RZD.
It should be mentioned that the first private operator companies appeared in the 1990s as daughters of industrial enterprises which needed rolling stock for their production and raw material transportation. Afterwards many of them diversified their business and started to function independently. By 2007 about one third of all cargo was transported by private rolling stock and the number of large operator companies operating from 1 thousand to 20 thousand rail cars amounted to 50. The general number of rail cars owners totaled to 2.5 thousand juridical and natural persons. At the same time the process of permanent cargo re-distribution was unfolding. The most profitable cargo flew from OAO RZD to private business; consequently, OAO RZD was losing money.
The basic problem of the sector was the low quality of OAO RZD services. It was explained by the high percentage of wear-and-tear of basic assets and constant rail cars deficit. Such situation resulted in numerous cases of breaking the terms of cargo transportation concluded with cargo consignors, long-term delivery of the cargo etc.
In November 2005 this made OAO RZD President Vladimir Yakunin initiate a separation off OAO RZD of a big daughter structure, i.e. Cargo Company, who would perform as an operator. OAO RZD planned to give some 500 thousand units of rolling stock to the newly-formed company. Nowadays OAO RZD operates over 600 thousand of cars, though the number of functioning units is much lower. Not being a railway carrier whose tariffs are set by the RF legislation, the Cargo Company could establish prices on cars for cargo transportation itself, thus regulating the car component of the tariff and carrying out more flexible marketing work. In the opinion of Vladimir Yakunin, this could help to return a significant part of profits received from high-profitable cargo transportation to the corporation, as well as obtain additional investment from daughter company privatization that in their turn could be directed to infrastructure and rolling stock development.
Two Much Better than One
According to the approved target model, the railway market will undergo the following alterations. In 2007 FCC will be separated from OAO RZD: it has already been registered late in June and will receive 200 thousand rail cars. The staff of the company will amount to 5.7 thousand people. Starting from 2009, the initial IPO of the company is planned with the sale of 49% of shares for about USD 5-6 bln.
In 2008 – 2009, the Second Cargo Company will be launched (SCC) with the further privatization, and it will receive the same number of rail cars as that of FCC. Both companies will have the status of rolling stock operators and will regulate prices for their services independently. OAO RZD will keep its carrier status and by 2010 will operate about 50 thousand of cars. Thus, it is expected that in the near future the competitive transportation market will host about 320 - 350 thousand cars of independent operators and industrial enterprise, 400 – 500 thousand belonging to both OAO RZD daughters and 40 – 50 thousand to OAO RZD units.
Locomotive haulage will belong to OAO RZD and operator companies will have to purchase it. Now OAO RZD operates about 20 thousand locomotives and nine private companies own 128 mainline locos. Moreover, to give the market a respective normative base, the whole set of regulations, typical agreements and codes are to be developed in the near future, while tariffs regulations are to be improved.
To Increase or To Decrease: That is the Question
One of the major problems discussed actively is what will happen to the tariffs for cargo transportation after FCC arrival. Of course, a fair price can only be defined by the market; however, certain parameters are to be considered in the business-plan of the newly-formed company.
First of all, the model developers emphasize the fact that FCC joins the market where competition has already formed and the new player is forbidden to destroy the system by its hypothetical monopolism. In general the company will take 18-21% on the market of services on giving rolling stock, whereas private companies control over 33%. For example, out of 200 thousand cars to be given to FCC, 75 thousand are tank cars for liquid bulk transportation, which mostly has to do with oil and products. Their share will amount to 33% from the general number of this type of cars operating on the market, whereas the private segment operates 67 % respectively (OAO RZD won’t have tank cars). Some calculations show that FCC will operate 14% from the general park and independent operators - 19%, platforms proportion is 20% and 22% respectively, while for other types of rolling stock (i.e. specialized rolling stock for cement, grain etc. transportation) it is 21% and 34%. Developers point out that currently the private park operates a greater number of units compared to the potential number FCC will receive and, consequently, the company’s launch will toughen competition thus, setting fair prices.
Speaking of the actual intentions to increase or decrease tariffs compared to those set by the state Tariff Regulation № 10-01, FCC business-plan envisages to apply differentiated discounts and bonuses for cargo groups within the scale of -10 to +17% to the official car component of the tariff. On average the car component of the tariff amounts to 15%. Thus, the tariff for FCC rail cars transportation will change within the range of 2-3%. One of the developers gave the following example: in 2006 the transport component in the price of mineral-construction cargo reached its maximum and amounted to 39.7%. Let’s say for the planned renewal of rolling stock the car component in the tariff for FCC rail car transportation will be increased by the maximum possible 17%. This will result in a financial fluctuation of the transport cost set for cargo owner worth 0.3%. This fluctuation is utmost.
In this respect, fears of the opposite nature can be found. The new company will start dumping to ruin its competitors and after their leaving the market will increase the tariffs. However, there is counter-evidence to this idea: FCC plans to purchase rolling stock on profits received from its activities and in five years acquire 70 thousand rail cars of different sorts. It is obvious that this can not be achieved if they carry out a dumping policy.
Step by step
Thus, in the near future the railway transport market will undergo significant alterations connected with the competitive model development, which operates mechanisms of coordination supply and demand with the help of free pricing, railway enterprises efficiency increase and services quality improvement.
Of course, it is obvious that infrastructure and carrier activities remaining under monopoly control won’t assist in achieving the above-mentioned model of liberalized economy. However, this is another story and new plans are only possible to make when the railway services consumer gets accustomed with the new order.
viewpoint
Vladimir Yakunin,
OAO RZD President:
– We are sure that FCC launch will allow OAO RZD to attract additional investment required for infrastructure development and rolling stock purchase. Of course, we consider this problem in the view of Russian operator-carriers competitiveness increase on the market, including international market. This step is the most significant contribution to the formation of the railway cargo transportation market. I would like to emphasize that we have chosen an unbeaten path to follow, since we can not turn to any similar experience of any other country due to the fact that all of them have introduced the practice of railway transport subsiding in one form or another.
Igor Levitin,
RF Transport Minister:
– The goal of the third stage of restructuring lies in the formation of a cargo transportation market in the railway sector at the expense of operator activities development and creating conditions for independent carriers arrival in the future. I would like to emphasize: if we claim the time for independent carriers who would function within OAO RZD infrastructure has not come yet, we do not mean we can not create proper legal, tariff, technical and organization conditions for their arrival in future.
[~DETAIL_TEXT] => Equal Terms to Everybody
Liberalization of the cargo transportation market is implemented in accordance with the programme of railway restructuring approved by the RF Government on May 18, 2001. Due to the fact that the programme does not give precise details of the market model, there was made a decision to develop an additional document which would describe certain liberalized transportation participants at a certain stage in a detailed way and comment on economic relations set between them.
According to the normative base, ОАО RZD performing as a public carrier is not to refuse cargo for transportation. If the company keeps the carrier status, it will have to transport any cargo, whether it is profitable for it or not. However, this situation makes it impossible to create independent carriers, since their rights are to be equal with the ones of the state company. The matter is the private carrier is not capable to operate all over the Russian railways net for various economic reasons, such as, for example, unprofitable routes.
In this situation the decision was made to separate off OAO RZD car activities, i.e. activities on giving rolling stock. This could create a competitive market of giving cars for transportation, composed both of private independent operators and OAO RZD affiliates. An operator is a company who transports cargo via the railway in its own or rented rail cars, but who purchases locomotive haulage from OAO RZD.
It should be mentioned that the first private operator companies appeared in the 1990s as daughters of industrial enterprises which needed rolling stock for their production and raw material transportation. Afterwards many of them diversified their business and started to function independently. By 2007 about one third of all cargo was transported by private rolling stock and the number of large operator companies operating from 1 thousand to 20 thousand rail cars amounted to 50. The general number of rail cars owners totaled to 2.5 thousand juridical and natural persons. At the same time the process of permanent cargo re-distribution was unfolding. The most profitable cargo flew from OAO RZD to private business; consequently, OAO RZD was losing money.
The basic problem of the sector was the low quality of OAO RZD services. It was explained by the high percentage of wear-and-tear of basic assets and constant rail cars deficit. Such situation resulted in numerous cases of breaking the terms of cargo transportation concluded with cargo consignors, long-term delivery of the cargo etc.
In November 2005 this made OAO RZD President Vladimir Yakunin initiate a separation off OAO RZD of a big daughter structure, i.e. Cargo Company, who would perform as an operator. OAO RZD planned to give some 500 thousand units of rolling stock to the newly-formed company. Nowadays OAO RZD operates over 600 thousand of cars, though the number of functioning units is much lower. Not being a railway carrier whose tariffs are set by the RF legislation, the Cargo Company could establish prices on cars for cargo transportation itself, thus regulating the car component of the tariff and carrying out more flexible marketing work. In the opinion of Vladimir Yakunin, this could help to return a significant part of profits received from high-profitable cargo transportation to the corporation, as well as obtain additional investment from daughter company privatization that in their turn could be directed to infrastructure and rolling stock development.
Two Much Better than One
According to the approved target model, the railway market will undergo the following alterations. In 2007 FCC will be separated from OAO RZD: it has already been registered late in June and will receive 200 thousand rail cars. The staff of the company will amount to 5.7 thousand people. Starting from 2009, the initial IPO of the company is planned with the sale of 49% of shares for about USD 5-6 bln.
In 2008 – 2009, the Second Cargo Company will be launched (SCC) with the further privatization, and it will receive the same number of rail cars as that of FCC. Both companies will have the status of rolling stock operators and will regulate prices for their services independently. OAO RZD will keep its carrier status and by 2010 will operate about 50 thousand of cars. Thus, it is expected that in the near future the competitive transportation market will host about 320 - 350 thousand cars of independent operators and industrial enterprise, 400 – 500 thousand belonging to both OAO RZD daughters and 40 – 50 thousand to OAO RZD units.
Locomotive haulage will belong to OAO RZD and operator companies will have to purchase it. Now OAO RZD operates about 20 thousand locomotives and nine private companies own 128 mainline locos. Moreover, to give the market a respective normative base, the whole set of regulations, typical agreements and codes are to be developed in the near future, while tariffs regulations are to be improved.
To Increase or To Decrease: That is the Question
One of the major problems discussed actively is what will happen to the tariffs for cargo transportation after FCC arrival. Of course, a fair price can only be defined by the market; however, certain parameters are to be considered in the business-plan of the newly-formed company.
First of all, the model developers emphasize the fact that FCC joins the market where competition has already formed and the new player is forbidden to destroy the system by its hypothetical monopolism. In general the company will take 18-21% on the market of services on giving rolling stock, whereas private companies control over 33%. For example, out of 200 thousand cars to be given to FCC, 75 thousand are tank cars for liquid bulk transportation, which mostly has to do with oil and products. Their share will amount to 33% from the general number of this type of cars operating on the market, whereas the private segment operates 67 % respectively (OAO RZD won’t have tank cars). Some calculations show that FCC will operate 14% from the general park and independent operators - 19%, platforms proportion is 20% and 22% respectively, while for other types of rolling stock (i.e. specialized rolling stock for cement, grain etc. transportation) it is 21% and 34%. Developers point out that currently the private park operates a greater number of units compared to the potential number FCC will receive and, consequently, the company’s launch will toughen competition thus, setting fair prices.
Speaking of the actual intentions to increase or decrease tariffs compared to those set by the state Tariff Regulation № 10-01, FCC business-plan envisages to apply differentiated discounts and bonuses for cargo groups within the scale of -10 to +17% to the official car component of the tariff. On average the car component of the tariff amounts to 15%. Thus, the tariff for FCC rail cars transportation will change within the range of 2-3%. One of the developers gave the following example: in 2006 the transport component in the price of mineral-construction cargo reached its maximum and amounted to 39.7%. Let’s say for the planned renewal of rolling stock the car component in the tariff for FCC rail car transportation will be increased by the maximum possible 17%. This will result in a financial fluctuation of the transport cost set for cargo owner worth 0.3%. This fluctuation is utmost.
In this respect, fears of the opposite nature can be found. The new company will start dumping to ruin its competitors and after their leaving the market will increase the tariffs. However, there is counter-evidence to this idea: FCC plans to purchase rolling stock on profits received from its activities and in five years acquire 70 thousand rail cars of different sorts. It is obvious that this can not be achieved if they carry out a dumping policy.
Step by step
Thus, in the near future the railway transport market will undergo significant alterations connected with the competitive model development, which operates mechanisms of coordination supply and demand with the help of free pricing, railway enterprises efficiency increase and services quality improvement.
Of course, it is obvious that infrastructure and carrier activities remaining under monopoly control won’t assist in achieving the above-mentioned model of liberalized economy. However, this is another story and new plans are only possible to make when the railway services consumer gets accustomed with the new order.
viewpoint
Vladimir Yakunin,
OAO RZD President:
– We are sure that FCC launch will allow OAO RZD to attract additional investment required for infrastructure development and rolling stock purchase. Of course, we consider this problem in the view of Russian operator-carriers competitiveness increase on the market, including international market. This step is the most significant contribution to the formation of the railway cargo transportation market. I would like to emphasize that we have chosen an unbeaten path to follow, since we can not turn to any similar experience of any other country due to the fact that all of them have introduced the practice of railway transport subsiding in one form or another.
Igor Levitin,
RF Transport Minister:
– The goal of the third stage of restructuring lies in the formation of a cargo transportation market in the railway sector at the expense of operator activities development and creating conditions for independent carriers arrival in the future. I would like to emphasize: if we claim the time for independent carriers who would function within OAO RZD infrastructure has not come yet, we do not mean we can not create proper legal, tariff, technical and organization conditions for their arrival in future.
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[PREVIEW_TEXT] => The RF Government approved the launch of ОАО First Cargo Company – OAO RZD daughter company (The First Cargo Company – FCC). Compared to its mothering structure, FCC will be able to set tariffs for its service itself, which will allow FCC to compete with independent operators who have taken away a significant part of profitable cargo
from OAO RZD.
[~PREVIEW_TEXT] => The RF Government approved the launch of ОАО First Cargo Company – OAO RZD daughter company (The First Cargo Company – FCC). Compared to its mothering structure, FCC will be able to set tariffs for its service itself, which will allow FCC to compete with independent operators who have taken away a significant part of profitable cargo
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[SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/partner/2007/4/028.png" border="1" alt=" " hspace="5" width="140" height="110" align="left" />The RF Government approved the launch of ОАО First Cargo Company – OAO RZD daughter company (The First Cargo Company – FCC). Compared to its mothering structure, FCC will be able to set tariffs for its service itself, which will allow FCC to compete with independent operators who have taken away a significant part of profitable cargo<br />from OAO RZD.
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[DETAIL_TEXT] => Equal Terms to Everybody
Liberalization of the cargo transportation market is implemented in accordance with the programme of railway restructuring approved by the RF Government on May 18, 2001. Due to the fact that the programme does not give precise details of the market model, there was made a decision to develop an additional document which would describe certain liberalized transportation participants at a certain stage in a detailed way and comment on economic relations set between them.
According to the normative base, ОАО RZD performing as a public carrier is not to refuse cargo for transportation. If the company keeps the carrier status, it will have to transport any cargo, whether it is profitable for it or not. However, this situation makes it impossible to create independent carriers, since their rights are to be equal with the ones of the state company. The matter is the private carrier is not capable to operate all over the Russian railways net for various economic reasons, such as, for example, unprofitable routes.
In this situation the decision was made to separate off OAO RZD car activities, i.e. activities on giving rolling stock. This could create a competitive market of giving cars for transportation, composed both of private independent operators and OAO RZD affiliates. An operator is a company who transports cargo via the railway in its own or rented rail cars, but who purchases locomotive haulage from OAO RZD.
It should be mentioned that the first private operator companies appeared in the 1990s as daughters of industrial enterprises which needed rolling stock for their production and raw material transportation. Afterwards many of them diversified their business and started to function independently. By 2007 about one third of all cargo was transported by private rolling stock and the number of large operator companies operating from 1 thousand to 20 thousand rail cars amounted to 50. The general number of rail cars owners totaled to 2.5 thousand juridical and natural persons. At the same time the process of permanent cargo re-distribution was unfolding. The most profitable cargo flew from OAO RZD to private business; consequently, OAO RZD was losing money.
The basic problem of the sector was the low quality of OAO RZD services. It was explained by the high percentage of wear-and-tear of basic assets and constant rail cars deficit. Such situation resulted in numerous cases of breaking the terms of cargo transportation concluded with cargo consignors, long-term delivery of the cargo etc.
In November 2005 this made OAO RZD President Vladimir Yakunin initiate a separation off OAO RZD of a big daughter structure, i.e. Cargo Company, who would perform as an operator. OAO RZD planned to give some 500 thousand units of rolling stock to the newly-formed company. Nowadays OAO RZD operates over 600 thousand of cars, though the number of functioning units is much lower. Not being a railway carrier whose tariffs are set by the RF legislation, the Cargo Company could establish prices on cars for cargo transportation itself, thus regulating the car component of the tariff and carrying out more flexible marketing work. In the opinion of Vladimir Yakunin, this could help to return a significant part of profits received from high-profitable cargo transportation to the corporation, as well as obtain additional investment from daughter company privatization that in their turn could be directed to infrastructure and rolling stock development.
Two Much Better than One
According to the approved target model, the railway market will undergo the following alterations. In 2007 FCC will be separated from OAO RZD: it has already been registered late in June and will receive 200 thousand rail cars. The staff of the company will amount to 5.7 thousand people. Starting from 2009, the initial IPO of the company is planned with the sale of 49% of shares for about USD 5-6 bln.
In 2008 – 2009, the Second Cargo Company will be launched (SCC) with the further privatization, and it will receive the same number of rail cars as that of FCC. Both companies will have the status of rolling stock operators and will regulate prices for their services independently. OAO RZD will keep its carrier status and by 2010 will operate about 50 thousand of cars. Thus, it is expected that in the near future the competitive transportation market will host about 320 - 350 thousand cars of independent operators and industrial enterprise, 400 – 500 thousand belonging to both OAO RZD daughters and 40 – 50 thousand to OAO RZD units.
Locomotive haulage will belong to OAO RZD and operator companies will have to purchase it. Now OAO RZD operates about 20 thousand locomotives and nine private companies own 128 mainline locos. Moreover, to give the market a respective normative base, the whole set of regulations, typical agreements and codes are to be developed in the near future, while tariffs regulations are to be improved.
To Increase or To Decrease: That is the Question
One of the major problems discussed actively is what will happen to the tariffs for cargo transportation after FCC arrival. Of course, a fair price can only be defined by the market; however, certain parameters are to be considered in the business-plan of the newly-formed company.
First of all, the model developers emphasize the fact that FCC joins the market where competition has already formed and the new player is forbidden to destroy the system by its hypothetical monopolism. In general the company will take 18-21% on the market of services on giving rolling stock, whereas private companies control over 33%. For example, out of 200 thousand cars to be given to FCC, 75 thousand are tank cars for liquid bulk transportation, which mostly has to do with oil and products. Their share will amount to 33% from the general number of this type of cars operating on the market, whereas the private segment operates 67 % respectively (OAO RZD won’t have tank cars). Some calculations show that FCC will operate 14% from the general park and independent operators - 19%, platforms proportion is 20% and 22% respectively, while for other types of rolling stock (i.e. specialized rolling stock for cement, grain etc. transportation) it is 21% and 34%. Developers point out that currently the private park operates a greater number of units compared to the potential number FCC will receive and, consequently, the company’s launch will toughen competition thus, setting fair prices.
Speaking of the actual intentions to increase or decrease tariffs compared to those set by the state Tariff Regulation № 10-01, FCC business-plan envisages to apply differentiated discounts and bonuses for cargo groups within the scale of -10 to +17% to the official car component of the tariff. On average the car component of the tariff amounts to 15%. Thus, the tariff for FCC rail cars transportation will change within the range of 2-3%. One of the developers gave the following example: in 2006 the transport component in the price of mineral-construction cargo reached its maximum and amounted to 39.7%. Let’s say for the planned renewal of rolling stock the car component in the tariff for FCC rail car transportation will be increased by the maximum possible 17%. This will result in a financial fluctuation of the transport cost set for cargo owner worth 0.3%. This fluctuation is utmost.
In this respect, fears of the opposite nature can be found. The new company will start dumping to ruin its competitors and after their leaving the market will increase the tariffs. However, there is counter-evidence to this idea: FCC plans to purchase rolling stock on profits received from its activities and in five years acquire 70 thousand rail cars of different sorts. It is obvious that this can not be achieved if they carry out a dumping policy.
Step by step
Thus, in the near future the railway transport market will undergo significant alterations connected with the competitive model development, which operates mechanisms of coordination supply and demand with the help of free pricing, railway enterprises efficiency increase and services quality improvement.
Of course, it is obvious that infrastructure and carrier activities remaining under monopoly control won’t assist in achieving the above-mentioned model of liberalized economy. However, this is another story and new plans are only possible to make when the railway services consumer gets accustomed with the new order.
viewpoint
Vladimir Yakunin,
OAO RZD President:
– We are sure that FCC launch will allow OAO RZD to attract additional investment required for infrastructure development and rolling stock purchase. Of course, we consider this problem in the view of Russian operator-carriers competitiveness increase on the market, including international market. This step is the most significant contribution to the formation of the railway cargo transportation market. I would like to emphasize that we have chosen an unbeaten path to follow, since we can not turn to any similar experience of any other country due to the fact that all of them have introduced the practice of railway transport subsiding in one form or another.
Igor Levitin,
RF Transport Minister:
– The goal of the third stage of restructuring lies in the formation of a cargo transportation market in the railway sector at the expense of operator activities development and creating conditions for independent carriers arrival in the future. I would like to emphasize: if we claim the time for independent carriers who would function within OAO RZD infrastructure has not come yet, we do not mean we can not create proper legal, tariff, technical and organization conditions for their arrival in future.
[~DETAIL_TEXT] => Equal Terms to Everybody
Liberalization of the cargo transportation market is implemented in accordance with the programme of railway restructuring approved by the RF Government on May 18, 2001. Due to the fact that the programme does not give precise details of the market model, there was made a decision to develop an additional document which would describe certain liberalized transportation participants at a certain stage in a detailed way and comment on economic relations set between them.
According to the normative base, ОАО RZD performing as a public carrier is not to refuse cargo for transportation. If the company keeps the carrier status, it will have to transport any cargo, whether it is profitable for it or not. However, this situation makes it impossible to create independent carriers, since their rights are to be equal with the ones of the state company. The matter is the private carrier is not capable to operate all over the Russian railways net for various economic reasons, such as, for example, unprofitable routes.
In this situation the decision was made to separate off OAO RZD car activities, i.e. activities on giving rolling stock. This could create a competitive market of giving cars for transportation, composed both of private independent operators and OAO RZD affiliates. An operator is a company who transports cargo via the railway in its own or rented rail cars, but who purchases locomotive haulage from OAO RZD.
It should be mentioned that the first private operator companies appeared in the 1990s as daughters of industrial enterprises which needed rolling stock for their production and raw material transportation. Afterwards many of them diversified their business and started to function independently. By 2007 about one third of all cargo was transported by private rolling stock and the number of large operator companies operating from 1 thousand to 20 thousand rail cars amounted to 50. The general number of rail cars owners totaled to 2.5 thousand juridical and natural persons. At the same time the process of permanent cargo re-distribution was unfolding. The most profitable cargo flew from OAO RZD to private business; consequently, OAO RZD was losing money.
The basic problem of the sector was the low quality of OAO RZD services. It was explained by the high percentage of wear-and-tear of basic assets and constant rail cars deficit. Such situation resulted in numerous cases of breaking the terms of cargo transportation concluded with cargo consignors, long-term delivery of the cargo etc.
In November 2005 this made OAO RZD President Vladimir Yakunin initiate a separation off OAO RZD of a big daughter structure, i.e. Cargo Company, who would perform as an operator. OAO RZD planned to give some 500 thousand units of rolling stock to the newly-formed company. Nowadays OAO RZD operates over 600 thousand of cars, though the number of functioning units is much lower. Not being a railway carrier whose tariffs are set by the RF legislation, the Cargo Company could establish prices on cars for cargo transportation itself, thus regulating the car component of the tariff and carrying out more flexible marketing work. In the opinion of Vladimir Yakunin, this could help to return a significant part of profits received from high-profitable cargo transportation to the corporation, as well as obtain additional investment from daughter company privatization that in their turn could be directed to infrastructure and rolling stock development.
Two Much Better than One
According to the approved target model, the railway market will undergo the following alterations. In 2007 FCC will be separated from OAO RZD: it has already been registered late in June and will receive 200 thousand rail cars. The staff of the company will amount to 5.7 thousand people. Starting from 2009, the initial IPO of the company is planned with the sale of 49% of shares for about USD 5-6 bln.
In 2008 – 2009, the Second Cargo Company will be launched (SCC) with the further privatization, and it will receive the same number of rail cars as that of FCC. Both companies will have the status of rolling stock operators and will regulate prices for their services independently. OAO RZD will keep its carrier status and by 2010 will operate about 50 thousand of cars. Thus, it is expected that in the near future the competitive transportation market will host about 320 - 350 thousand cars of independent operators and industrial enterprise, 400 – 500 thousand belonging to both OAO RZD daughters and 40 – 50 thousand to OAO RZD units.
Locomotive haulage will belong to OAO RZD and operator companies will have to purchase it. Now OAO RZD operates about 20 thousand locomotives and nine private companies own 128 mainline locos. Moreover, to give the market a respective normative base, the whole set of regulations, typical agreements and codes are to be developed in the near future, while tariffs regulations are to be improved.
To Increase or To Decrease: That is the Question
One of the major problems discussed actively is what will happen to the tariffs for cargo transportation after FCC arrival. Of course, a fair price can only be defined by the market; however, certain parameters are to be considered in the business-plan of the newly-formed company.
First of all, the model developers emphasize the fact that FCC joins the market where competition has already formed and the new player is forbidden to destroy the system by its hypothetical monopolism. In general the company will take 18-21% on the market of services on giving rolling stock, whereas private companies control over 33%. For example, out of 200 thousand cars to be given to FCC, 75 thousand are tank cars for liquid bulk transportation, which mostly has to do with oil and products. Their share will amount to 33% from the general number of this type of cars operating on the market, whereas the private segment operates 67 % respectively (OAO RZD won’t have tank cars). Some calculations show that FCC will operate 14% from the general park and independent operators - 19%, platforms proportion is 20% and 22% respectively, while for other types of rolling stock (i.e. specialized rolling stock for cement, grain etc. transportation) it is 21% and 34%. Developers point out that currently the private park operates a greater number of units compared to the potential number FCC will receive and, consequently, the company’s launch will toughen competition thus, setting fair prices.
Speaking of the actual intentions to increase or decrease tariffs compared to those set by the state Tariff Regulation № 10-01, FCC business-plan envisages to apply differentiated discounts and bonuses for cargo groups within the scale of -10 to +17% to the official car component of the tariff. On average the car component of the tariff amounts to 15%. Thus, the tariff for FCC rail cars transportation will change within the range of 2-3%. One of the developers gave the following example: in 2006 the transport component in the price of mineral-construction cargo reached its maximum and amounted to 39.7%. Let’s say for the planned renewal of rolling stock the car component in the tariff for FCC rail car transportation will be increased by the maximum possible 17%. This will result in a financial fluctuation of the transport cost set for cargo owner worth 0.3%. This fluctuation is utmost.
In this respect, fears of the opposite nature can be found. The new company will start dumping to ruin its competitors and after their leaving the market will increase the tariffs. However, there is counter-evidence to this idea: FCC plans to purchase rolling stock on profits received from its activities and in five years acquire 70 thousand rail cars of different sorts. It is obvious that this can not be achieved if they carry out a dumping policy.
Step by step
Thus, in the near future the railway transport market will undergo significant alterations connected with the competitive model development, which operates mechanisms of coordination supply and demand with the help of free pricing, railway enterprises efficiency increase and services quality improvement.
Of course, it is obvious that infrastructure and carrier activities remaining under monopoly control won’t assist in achieving the above-mentioned model of liberalized economy. However, this is another story and new plans are only possible to make when the railway services consumer gets accustomed with the new order.
viewpoint
Vladimir Yakunin,
OAO RZD President:
– We are sure that FCC launch will allow OAO RZD to attract additional investment required for infrastructure development and rolling stock purchase. Of course, we consider this problem in the view of Russian operator-carriers competitiveness increase on the market, including international market. This step is the most significant contribution to the formation of the railway cargo transportation market. I would like to emphasize that we have chosen an unbeaten path to follow, since we can not turn to any similar experience of any other country due to the fact that all of them have introduced the practice of railway transport subsiding in one form or another.
Igor Levitin,
RF Transport Minister:
– The goal of the third stage of restructuring lies in the formation of a cargo transportation market in the railway sector at the expense of operator activities development and creating conditions for independent carriers arrival in the future. I would like to emphasize: if we claim the time for independent carriers who would function within OAO RZD infrastructure has not come yet, we do not mean we can not create proper legal, tariff, technical and organization conditions for their arrival in future.
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[PREVIEW_TEXT] => The RF Government approved the launch of ОАО First Cargo Company – OAO RZD daughter company (The First Cargo Company – FCC). Compared to its mothering structure, FCC will be able to set tariffs for its service itself, which will allow FCC to compete with independent operators who have taken away a significant part of profitable cargo
from OAO RZD.
[~PREVIEW_TEXT] => The RF Government approved the launch of ОАО First Cargo Company – OAO RZD daughter company (The First Cargo Company – FCC). Compared to its mothering structure, FCC will be able to set tariffs for its service itself, which will allow FCC to compete with independent operators who have taken away a significant part of profitable cargo
from OAO RZD.
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In OAO RZD, the accounting system is being reformed. The most important aspects in the new approach are the transfer to IFRS (International Financial Reporting Standards), making financial flows more transparent, and centralisation of client servicing. The accountant-in-chief of OAO RZD Galina Kraft told a journalist of “The RZD-Partner International” about the most important innovations.Array
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[DETAIL_TEXT] => Stake on Centralization and Separate Accounting
– Mrs Kraft, what is the main idea of the innovations in the accounting system of OAO RZD?
– The reforms, which are carried out now, are based on making a single vertical (Corporate Servicing Centre (CSC)) out of the accounting function of the company’s subsidiaries. In other states such technology has been used since the 1990’s, and nowadays it is becoming more and more popular in Russian holding companies. The process of record keeping is organised in the same way as the production technology processes are, and it means that it can also be separated, regulated and standardised. As a result, the company receives operative data in proper time to make management decisions and has a more transparent and reliable accountability. The last one is especially important for the company as well as its clients and partners.
– Has CSC already been launched? What is its mission?
– The center has been functioning for a year-and-a-half. It keeps records of several affiliates in the Moscow region. Next year it will keep records of all the company’s separated subsidiaries. Its main target is to increase the efficiency and reliability of the company’s accounting and reduce tax risks. To reach the goal, a number of issues are to be covered: to provide unified accounting policy and accounting principles to all the company’s subsidiaries, to complete the process of financial reporting automation on the SAP base, to implement new IT-technologies to handle and make e-records of primary documentation, to form an optimal structure of the centre, etc.
The most important factor of the successful realisation of the CSC project is a high level of automation. One of its main elements is digital e-signature. If it is put into operation, the surplus document turnover inside the company will be reduced, and the efficiency and reliability of record keeping will increase due to automated control. This year is the first time we have given tax declarations in the e-version, and there are thousands and thousands of pages annually.
– Making financial flows more transparent is connected with implementation of expenses and revenues recording for separate activities. How does the process go on?
– One of the main targets of the RF railway transport structural reform is separation of competitive and natural-monopolistic sectors.
In its order №124 from 17.08.2007, the RF Ministry of Transport set “The Procedure of Separate Revenues, Expenses and Financial Results Record Keeping for Different Types of Activities, Tariff Constituents” which is used to prepare information envisaged by Decree №871 of the RF Government from 29.12.2004 “On Making Accountability of OAO RZD for Different Activities”. Separate revenues and expenses records have been kept in the company for 10 activities in accordance with the Governmental Decree since 2004. It is based on the data of accounting, operational-technical and statistics recordings. These are the activities:
1. Freight transportation;
2. Provision of infrastructure services;
3. Provision of locomotive services;
4. Long-distance passenger transportation;
5. Suburban passenger transportation;
6. Rolling stock repair;
7. Infrastructure objects construction;
8. Research and development works;
9. Provision of social services;
10. Other activities.
There are wagon, locomotive and infrastructure constituents in the separate accounting of freight and passenger transportation.
Realisation of the new “Procedure of Separate Revenues, Expenses and Financial Results Records Keeping” will enable us to:
• form revenues and expenses from transportation in accordance with tariff constituents. It will be an instrument to hold a flexible tariff regulation policy and reduce cross-subsidising;
• build founded and reliable relations with OAO RZD’s daughter companies;
• provide non-discriminating access to the public railway infrastructure for carriers.
Besides, the offered system of separate revenues, expenses and financial results record keeping for different activities will be the basis for creation of real competition in the railway transport sector.
– What innovations will be implemented in the mutual settlements segment about payment between lines in the near future?
– To transfer to a new qualitative level in the marketing and sales services at forming and fulfilling the orders for freight transportation OAO RZD starts to make payment settlements for freight transportation using a Single Personal Account of a payer (SPA).
After the transfer to SPA, railway transport services customers will have a right to choose the place where the settlements are fulfilled, in other words, they will be able to do it at any of the seventeen railways regardless of the railway that provided services of cargo transportation.
The transfer to the new order of making settlements, clients are to re-conclude relative contracts, in which an important clause is separate payment for services to which different tax rates are applied as well as services provided in accordance with agency contracts and punitive measures for breaking the contract terms.
For the clients that have re-concluded contracts with OAO RZD, the credit balance for the acting personal accounts will be either transferred to newly opened ones or returned to the clients – a consignor chooses. Meanwhile, the debit balance (the accounts due from customers) on their old personal accounts must be paid back to the clients with monetary funds.
This implementation of SPA for every client will make it possible to see online the cash inflow as payments for provided services, make charge payments for transportation and other services, and calculate the balance quickly. This will enable OAO RZD to automate the process of making decisions on providing freight transportation services on the area from Kaliningrad to the Far East, using the operative data on the settlements.
Investor Demands Full and Trustworthy Information
– Does OAO RZD have any unsolved problems with the transfer to the International Financial Reporting Standards? Or can this process be considered complete?
– The process of transfer to IFRS is at an active stage and many problems will have to be solved. The goal of IFRS implementation is the maximum fulfillment of its users’ interests in the information on the situation and results of activities by the OAO RZD group of companies, including daughter companies, associated companies and involved parties.
Railway transport reform continues today. Every year new daughter companies are launched on the base of OAO RZD’s property. As a result, the process of IFSR accounting becomes more and more labour-intensive. There are difficulties in information gathering from daughter companies as well as making it meet IFRS requirements. To solve the problems, OAO RZD tries to provide unified methods of accounting for daughter companies and to simplify the process of making records to meet IFRS requirements.
Nowadays, the terms of consolidated accounting preparation in accordance with IFRS are satisfactory. Thus, the accounting for 2006 and audit were completed in September 2007. That is why an urgent task for the accounts department is to reduce the terms of consolidated accounting formation – it should be completed before July 1 in the year that follows the reporting one. Naturally, this target will hardly be reached in a year or two. The accountability should be automated, the existing methods should be improved, and the HR problems should be solved. It is necessary to develop and carry out the policy of teaching the IFRS requirements to OAO RZD accountants, and to contact the sectoral high schools to create a HR reserve.
– Are there other problems with the accountability of the launched daughter companies of OAO RZD?
– Being a mother company, OAO RZD is interested in converging the accounting policies of the daughter companies and OAO RZD. The accounting policies of subsidiaries are examined annually by the accounts department of OAO RZD before they are approved. If peculiarities of accounting are not justified by the specific character of a certain company’s activities, the group uses the unified methods. As a result, the process of consolidated report formation according to Russian Accounting Standards (RAS) as well as to IFRS is simplified and the report becomes more trustworthy.
We are doing our best to have a constructive dialogue with daughter companies when we gather the information necessary to form a consolidated report. Here it is very important to understand that the potential investors will evaluate the financial results of the whole group, and the investment policy carried out may influence the results of every company in the group.
– In the near future an IPO of several OAO RZD subsidiaries is planned in both domestic and foreign markets. Is it possible to state that daughter structures can give information about their activities to investors?
– To launch an IPO, a company’s financial accounting must be absolutely transparent. To float shares on a foreign market, a company must have an audited accounting report prepared in accordance with IFRS.
Speaking of the daughter companies of OAO RZD, it should be remembered that they were launched recently, given liquid assets and that they have kept all their old business relations.
The daughter companies whose potential investor is a foreign partner, already make accounting reports in accordance with IFRS. One such company is OAO TransContainer. Thus, daughter companies of OAO RZD do not have such a problem with information disclosure.
Ivan stupachenko
[~DETAIL_TEXT] => Stake on Centralization and Separate Accounting
– Mrs Kraft, what is the main idea of the innovations in the accounting system of OAO RZD?
– The reforms, which are carried out now, are based on making a single vertical (Corporate Servicing Centre (CSC)) out of the accounting function of the company’s subsidiaries. In other states such technology has been used since the 1990’s, and nowadays it is becoming more and more popular in Russian holding companies. The process of record keeping is organised in the same way as the production technology processes are, and it means that it can also be separated, regulated and standardised. As a result, the company receives operative data in proper time to make management decisions and has a more transparent and reliable accountability. The last one is especially important for the company as well as its clients and partners.
– Has CSC already been launched? What is its mission?
– The center has been functioning for a year-and-a-half. It keeps records of several affiliates in the Moscow region. Next year it will keep records of all the company’s separated subsidiaries. Its main target is to increase the efficiency and reliability of the company’s accounting and reduce tax risks. To reach the goal, a number of issues are to be covered: to provide unified accounting policy and accounting principles to all the company’s subsidiaries, to complete the process of financial reporting automation on the SAP base, to implement new IT-technologies to handle and make e-records of primary documentation, to form an optimal structure of the centre, etc.
The most important factor of the successful realisation of the CSC project is a high level of automation. One of its main elements is digital e-signature. If it is put into operation, the surplus document turnover inside the company will be reduced, and the efficiency and reliability of record keeping will increase due to automated control. This year is the first time we have given tax declarations in the e-version, and there are thousands and thousands of pages annually.
– Making financial flows more transparent is connected with implementation of expenses and revenues recording for separate activities. How does the process go on?
– One of the main targets of the RF railway transport structural reform is separation of competitive and natural-monopolistic sectors.
In its order №124 from 17.08.2007, the RF Ministry of Transport set “The Procedure of Separate Revenues, Expenses and Financial Results Record Keeping for Different Types of Activities, Tariff Constituents” which is used to prepare information envisaged by Decree №871 of the RF Government from 29.12.2004 “On Making Accountability of OAO RZD for Different Activities”. Separate revenues and expenses records have been kept in the company for 10 activities in accordance with the Governmental Decree since 2004. It is based on the data of accounting, operational-technical and statistics recordings. These are the activities:
1. Freight transportation;
2. Provision of infrastructure services;
3. Provision of locomotive services;
4. Long-distance passenger transportation;
5. Suburban passenger transportation;
6. Rolling stock repair;
7. Infrastructure objects construction;
8. Research and development works;
9. Provision of social services;
10. Other activities.
There are wagon, locomotive and infrastructure constituents in the separate accounting of freight and passenger transportation.
Realisation of the new “Procedure of Separate Revenues, Expenses and Financial Results Records Keeping” will enable us to:
• form revenues and expenses from transportation in accordance with tariff constituents. It will be an instrument to hold a flexible tariff regulation policy and reduce cross-subsidising;
• build founded and reliable relations with OAO RZD’s daughter companies;
• provide non-discriminating access to the public railway infrastructure for carriers.
Besides, the offered system of separate revenues, expenses and financial results record keeping for different activities will be the basis for creation of real competition in the railway transport sector.
– What innovations will be implemented in the mutual settlements segment about payment between lines in the near future?
– To transfer to a new qualitative level in the marketing and sales services at forming and fulfilling the orders for freight transportation OAO RZD starts to make payment settlements for freight transportation using a Single Personal Account of a payer (SPA).
After the transfer to SPA, railway transport services customers will have a right to choose the place where the settlements are fulfilled, in other words, they will be able to do it at any of the seventeen railways regardless of the railway that provided services of cargo transportation.
The transfer to the new order of making settlements, clients are to re-conclude relative contracts, in which an important clause is separate payment for services to which different tax rates are applied as well as services provided in accordance with agency contracts and punitive measures for breaking the contract terms.
For the clients that have re-concluded contracts with OAO RZD, the credit balance for the acting personal accounts will be either transferred to newly opened ones or returned to the clients – a consignor chooses. Meanwhile, the debit balance (the accounts due from customers) on their old personal accounts must be paid back to the clients with monetary funds.
This implementation of SPA for every client will make it possible to see online the cash inflow as payments for provided services, make charge payments for transportation and other services, and calculate the balance quickly. This will enable OAO RZD to automate the process of making decisions on providing freight transportation services on the area from Kaliningrad to the Far East, using the operative data on the settlements.
Investor Demands Full and Trustworthy Information
– Does OAO RZD have any unsolved problems with the transfer to the International Financial Reporting Standards? Or can this process be considered complete?
– The process of transfer to IFRS is at an active stage and many problems will have to be solved. The goal of IFRS implementation is the maximum fulfillment of its users’ interests in the information on the situation and results of activities by the OAO RZD group of companies, including daughter companies, associated companies and involved parties.
Railway transport reform continues today. Every year new daughter companies are launched on the base of OAO RZD’s property. As a result, the process of IFSR accounting becomes more and more labour-intensive. There are difficulties in information gathering from daughter companies as well as making it meet IFRS requirements. To solve the problems, OAO RZD tries to provide unified methods of accounting for daughter companies and to simplify the process of making records to meet IFRS requirements.
Nowadays, the terms of consolidated accounting preparation in accordance with IFRS are satisfactory. Thus, the accounting for 2006 and audit were completed in September 2007. That is why an urgent task for the accounts department is to reduce the terms of consolidated accounting formation – it should be completed before July 1 in the year that follows the reporting one. Naturally, this target will hardly be reached in a year or two. The accountability should be automated, the existing methods should be improved, and the HR problems should be solved. It is necessary to develop and carry out the policy of teaching the IFRS requirements to OAO RZD accountants, and to contact the sectoral high schools to create a HR reserve.
– Are there other problems with the accountability of the launched daughter companies of OAO RZD?
– Being a mother company, OAO RZD is interested in converging the accounting policies of the daughter companies and OAO RZD. The accounting policies of subsidiaries are examined annually by the accounts department of OAO RZD before they are approved. If peculiarities of accounting are not justified by the specific character of a certain company’s activities, the group uses the unified methods. As a result, the process of consolidated report formation according to Russian Accounting Standards (RAS) as well as to IFRS is simplified and the report becomes more trustworthy.
We are doing our best to have a constructive dialogue with daughter companies when we gather the information necessary to form a consolidated report. Here it is very important to understand that the potential investors will evaluate the financial results of the whole group, and the investment policy carried out may influence the results of every company in the group.
– In the near future an IPO of several OAO RZD subsidiaries is planned in both domestic and foreign markets. Is it possible to state that daughter structures can give information about their activities to investors?
– To launch an IPO, a company’s financial accounting must be absolutely transparent. To float shares on a foreign market, a company must have an audited accounting report prepared in accordance with IFRS.
Speaking of the daughter companies of OAO RZD, it should be remembered that they were launched recently, given liquid assets and that they have kept all their old business relations.
The daughter companies whose potential investor is a foreign partner, already make accounting reports in accordance with IFRS. One such company is OAO TransContainer. Thus, daughter companies of OAO RZD do not have such a problem with information disclosure.
Ivan stupachenko
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[DETAIL_TEXT] => Stake on Centralization and Separate Accounting
– Mrs Kraft, what is the main idea of the innovations in the accounting system of OAO RZD?
– The reforms, which are carried out now, are based on making a single vertical (Corporate Servicing Centre (CSC)) out of the accounting function of the company’s subsidiaries. In other states such technology has been used since the 1990’s, and nowadays it is becoming more and more popular in Russian holding companies. The process of record keeping is organised in the same way as the production technology processes are, and it means that it can also be separated, regulated and standardised. As a result, the company receives operative data in proper time to make management decisions and has a more transparent and reliable accountability. The last one is especially important for the company as well as its clients and partners.
– Has CSC already been launched? What is its mission?
– The center has been functioning for a year-and-a-half. It keeps records of several affiliates in the Moscow region. Next year it will keep records of all the company’s separated subsidiaries. Its main target is to increase the efficiency and reliability of the company’s accounting and reduce tax risks. To reach the goal, a number of issues are to be covered: to provide unified accounting policy and accounting principles to all the company’s subsidiaries, to complete the process of financial reporting automation on the SAP base, to implement new IT-technologies to handle and make e-records of primary documentation, to form an optimal structure of the centre, etc.
The most important factor of the successful realisation of the CSC project is a high level of automation. One of its main elements is digital e-signature. If it is put into operation, the surplus document turnover inside the company will be reduced, and the efficiency and reliability of record keeping will increase due to automated control. This year is the first time we have given tax declarations in the e-version, and there are thousands and thousands of pages annually.
– Making financial flows more transparent is connected with implementation of expenses and revenues recording for separate activities. How does the process go on?
– One of the main targets of the RF railway transport structural reform is separation of competitive and natural-monopolistic sectors.
In its order №124 from 17.08.2007, the RF Ministry of Transport set “The Procedure of Separate Revenues, Expenses and Financial Results Record Keeping for Different Types of Activities, Tariff Constituents” which is used to prepare information envisaged by Decree №871 of the RF Government from 29.12.2004 “On Making Accountability of OAO RZD for Different Activities”. Separate revenues and expenses records have been kept in the company for 10 activities in accordance with the Governmental Decree since 2004. It is based on the data of accounting, operational-technical and statistics recordings. These are the activities:
1. Freight transportation;
2. Provision of infrastructure services;
3. Provision of locomotive services;
4. Long-distance passenger transportation;
5. Suburban passenger transportation;
6. Rolling stock repair;
7. Infrastructure objects construction;
8. Research and development works;
9. Provision of social services;
10. Other activities.
There are wagon, locomotive and infrastructure constituents in the separate accounting of freight and passenger transportation.
Realisation of the new “Procedure of Separate Revenues, Expenses and Financial Results Records Keeping” will enable us to:
• form revenues and expenses from transportation in accordance with tariff constituents. It will be an instrument to hold a flexible tariff regulation policy and reduce cross-subsidising;
• build founded and reliable relations with OAO RZD’s daughter companies;
• provide non-discriminating access to the public railway infrastructure for carriers.
Besides, the offered system of separate revenues, expenses and financial results record keeping for different activities will be the basis for creation of real competition in the railway transport sector.
– What innovations will be implemented in the mutual settlements segment about payment between lines in the near future?
– To transfer to a new qualitative level in the marketing and sales services at forming and fulfilling the orders for freight transportation OAO RZD starts to make payment settlements for freight transportation using a Single Personal Account of a payer (SPA).
After the transfer to SPA, railway transport services customers will have a right to choose the place where the settlements are fulfilled, in other words, they will be able to do it at any of the seventeen railways regardless of the railway that provided services of cargo transportation.
The transfer to the new order of making settlements, clients are to re-conclude relative contracts, in which an important clause is separate payment for services to which different tax rates are applied as well as services provided in accordance with agency contracts and punitive measures for breaking the contract terms.
For the clients that have re-concluded contracts with OAO RZD, the credit balance for the acting personal accounts will be either transferred to newly opened ones or returned to the clients – a consignor chooses. Meanwhile, the debit balance (the accounts due from customers) on their old personal accounts must be paid back to the clients with monetary funds.
This implementation of SPA for every client will make it possible to see online the cash inflow as payments for provided services, make charge payments for transportation and other services, and calculate the balance quickly. This will enable OAO RZD to automate the process of making decisions on providing freight transportation services on the area from Kaliningrad to the Far East, using the operative data on the settlements.
Investor Demands Full and Trustworthy Information
– Does OAO RZD have any unsolved problems with the transfer to the International Financial Reporting Standards? Or can this process be considered complete?
– The process of transfer to IFRS is at an active stage and many problems will have to be solved. The goal of IFRS implementation is the maximum fulfillment of its users’ interests in the information on the situation and results of activities by the OAO RZD group of companies, including daughter companies, associated companies and involved parties.
Railway transport reform continues today. Every year new daughter companies are launched on the base of OAO RZD’s property. As a result, the process of IFSR accounting becomes more and more labour-intensive. There are difficulties in information gathering from daughter companies as well as making it meet IFRS requirements. To solve the problems, OAO RZD tries to provide unified methods of accounting for daughter companies and to simplify the process of making records to meet IFRS requirements.
Nowadays, the terms of consolidated accounting preparation in accordance with IFRS are satisfactory. Thus, the accounting for 2006 and audit were completed in September 2007. That is why an urgent task for the accounts department is to reduce the terms of consolidated accounting formation – it should be completed before July 1 in the year that follows the reporting one. Naturally, this target will hardly be reached in a year or two. The accountability should be automated, the existing methods should be improved, and the HR problems should be solved. It is necessary to develop and carry out the policy of teaching the IFRS requirements to OAO RZD accountants, and to contact the sectoral high schools to create a HR reserve.
– Are there other problems with the accountability of the launched daughter companies of OAO RZD?
– Being a mother company, OAO RZD is interested in converging the accounting policies of the daughter companies and OAO RZD. The accounting policies of subsidiaries are examined annually by the accounts department of OAO RZD before they are approved. If peculiarities of accounting are not justified by the specific character of a certain company’s activities, the group uses the unified methods. As a result, the process of consolidated report formation according to Russian Accounting Standards (RAS) as well as to IFRS is simplified and the report becomes more trustworthy.
We are doing our best to have a constructive dialogue with daughter companies when we gather the information necessary to form a consolidated report. Here it is very important to understand that the potential investors will evaluate the financial results of the whole group, and the investment policy carried out may influence the results of every company in the group.
– In the near future an IPO of several OAO RZD subsidiaries is planned in both domestic and foreign markets. Is it possible to state that daughter structures can give information about their activities to investors?
– To launch an IPO, a company’s financial accounting must be absolutely transparent. To float shares on a foreign market, a company must have an audited accounting report prepared in accordance with IFRS.
Speaking of the daughter companies of OAO RZD, it should be remembered that they were launched recently, given liquid assets and that they have kept all their old business relations.
The daughter companies whose potential investor is a foreign partner, already make accounting reports in accordance with IFRS. One such company is OAO TransContainer. Thus, daughter companies of OAO RZD do not have such a problem with information disclosure.
Ivan stupachenko
[~DETAIL_TEXT] => Stake on Centralization and Separate Accounting
– Mrs Kraft, what is the main idea of the innovations in the accounting system of OAO RZD?
– The reforms, which are carried out now, are based on making a single vertical (Corporate Servicing Centre (CSC)) out of the accounting function of the company’s subsidiaries. In other states such technology has been used since the 1990’s, and nowadays it is becoming more and more popular in Russian holding companies. The process of record keeping is organised in the same way as the production technology processes are, and it means that it can also be separated, regulated and standardised. As a result, the company receives operative data in proper time to make management decisions and has a more transparent and reliable accountability. The last one is especially important for the company as well as its clients and partners.
– Has CSC already been launched? What is its mission?
– The center has been functioning for a year-and-a-half. It keeps records of several affiliates in the Moscow region. Next year it will keep records of all the company’s separated subsidiaries. Its main target is to increase the efficiency and reliability of the company’s accounting and reduce tax risks. To reach the goal, a number of issues are to be covered: to provide unified accounting policy and accounting principles to all the company’s subsidiaries, to complete the process of financial reporting automation on the SAP base, to implement new IT-technologies to handle and make e-records of primary documentation, to form an optimal structure of the centre, etc.
The most important factor of the successful realisation of the CSC project is a high level of automation. One of its main elements is digital e-signature. If it is put into operation, the surplus document turnover inside the company will be reduced, and the efficiency and reliability of record keeping will increase due to automated control. This year is the first time we have given tax declarations in the e-version, and there are thousands and thousands of pages annually.
– Making financial flows more transparent is connected with implementation of expenses and revenues recording for separate activities. How does the process go on?
– One of the main targets of the RF railway transport structural reform is separation of competitive and natural-monopolistic sectors.
In its order №124 from 17.08.2007, the RF Ministry of Transport set “The Procedure of Separate Revenues, Expenses and Financial Results Record Keeping for Different Types of Activities, Tariff Constituents” which is used to prepare information envisaged by Decree №871 of the RF Government from 29.12.2004 “On Making Accountability of OAO RZD for Different Activities”. Separate revenues and expenses records have been kept in the company for 10 activities in accordance with the Governmental Decree since 2004. It is based on the data of accounting, operational-technical and statistics recordings. These are the activities:
1. Freight transportation;
2. Provision of infrastructure services;
3. Provision of locomotive services;
4. Long-distance passenger transportation;
5. Suburban passenger transportation;
6. Rolling stock repair;
7. Infrastructure objects construction;
8. Research and development works;
9. Provision of social services;
10. Other activities.
There are wagon, locomotive and infrastructure constituents in the separate accounting of freight and passenger transportation.
Realisation of the new “Procedure of Separate Revenues, Expenses and Financial Results Records Keeping” will enable us to:
• form revenues and expenses from transportation in accordance with tariff constituents. It will be an instrument to hold a flexible tariff regulation policy and reduce cross-subsidising;
• build founded and reliable relations with OAO RZD’s daughter companies;
• provide non-discriminating access to the public railway infrastructure for carriers.
Besides, the offered system of separate revenues, expenses and financial results record keeping for different activities will be the basis for creation of real competition in the railway transport sector.
– What innovations will be implemented in the mutual settlements segment about payment between lines in the near future?
– To transfer to a new qualitative level in the marketing and sales services at forming and fulfilling the orders for freight transportation OAO RZD starts to make payment settlements for freight transportation using a Single Personal Account of a payer (SPA).
After the transfer to SPA, railway transport services customers will have a right to choose the place where the settlements are fulfilled, in other words, they will be able to do it at any of the seventeen railways regardless of the railway that provided services of cargo transportation.
The transfer to the new order of making settlements, clients are to re-conclude relative contracts, in which an important clause is separate payment for services to which different tax rates are applied as well as services provided in accordance with agency contracts and punitive measures for breaking the contract terms.
For the clients that have re-concluded contracts with OAO RZD, the credit balance for the acting personal accounts will be either transferred to newly opened ones or returned to the clients – a consignor chooses. Meanwhile, the debit balance (the accounts due from customers) on their old personal accounts must be paid back to the clients with monetary funds.
This implementation of SPA for every client will make it possible to see online the cash inflow as payments for provided services, make charge payments for transportation and other services, and calculate the balance quickly. This will enable OAO RZD to automate the process of making decisions on providing freight transportation services on the area from Kaliningrad to the Far East, using the operative data on the settlements.
Investor Demands Full and Trustworthy Information
– Does OAO RZD have any unsolved problems with the transfer to the International Financial Reporting Standards? Or can this process be considered complete?
– The process of transfer to IFRS is at an active stage and many problems will have to be solved. The goal of IFRS implementation is the maximum fulfillment of its users’ interests in the information on the situation and results of activities by the OAO RZD group of companies, including daughter companies, associated companies and involved parties.
Railway transport reform continues today. Every year new daughter companies are launched on the base of OAO RZD’s property. As a result, the process of IFSR accounting becomes more and more labour-intensive. There are difficulties in information gathering from daughter companies as well as making it meet IFRS requirements. To solve the problems, OAO RZD tries to provide unified methods of accounting for daughter companies and to simplify the process of making records to meet IFRS requirements.
Nowadays, the terms of consolidated accounting preparation in accordance with IFRS are satisfactory. Thus, the accounting for 2006 and audit were completed in September 2007. That is why an urgent task for the accounts department is to reduce the terms of consolidated accounting formation – it should be completed before July 1 in the year that follows the reporting one. Naturally, this target will hardly be reached in a year or two. The accountability should be automated, the existing methods should be improved, and the HR problems should be solved. It is necessary to develop and carry out the policy of teaching the IFRS requirements to OAO RZD accountants, and to contact the sectoral high schools to create a HR reserve.
– Are there other problems with the accountability of the launched daughter companies of OAO RZD?
– Being a mother company, OAO RZD is interested in converging the accounting policies of the daughter companies and OAO RZD. The accounting policies of subsidiaries are examined annually by the accounts department of OAO RZD before they are approved. If peculiarities of accounting are not justified by the specific character of a certain company’s activities, the group uses the unified methods. As a result, the process of consolidated report formation according to Russian Accounting Standards (RAS) as well as to IFRS is simplified and the report becomes more trustworthy.
We are doing our best to have a constructive dialogue with daughter companies when we gather the information necessary to form a consolidated report. Here it is very important to understand that the potential investors will evaluate the financial results of the whole group, and the investment policy carried out may influence the results of every company in the group.
– In the near future an IPO of several OAO RZD subsidiaries is planned in both domestic and foreign markets. Is it possible to state that daughter structures can give information about their activities to investors?
– To launch an IPO, a company’s financial accounting must be absolutely transparent. To float shares on a foreign market, a company must have an audited accounting report prepared in accordance with IFRS.
Speaking of the daughter companies of OAO RZD, it should be remembered that they were launched recently, given liquid assets and that they have kept all their old business relations.
The daughter companies whose potential investor is a foreign partner, already make accounting reports in accordance with IFRS. One such company is OAO TransContainer. Thus, daughter companies of OAO RZD do not have such a problem with information disclosure.
Ivan stupachenko
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[DETAIL_TEXT] => New Container Terminal Project in Saint Petersburg
OAO Sea Port of Saint Petersburg group of companies concluded a contract with an international company Royal Haskoning on a container terminal project. The terminal is planned to be constructed on the territory of the Fourth Stevedoring Company.
Royal Haskoning was chosen as general developer of the new terminal in accordance with the results of the tender held by OAO Sea Port of Saint Petersburg. The company develops container terminals for the leading operators in the largest world ports. The terms of the tender envisaged that Royal Haskoning will develop the terminal in cooperation with the leading Russian project institute in the sea hydrotechnical construction sector, OAO Lenmorniiproject.
The container terminal is being constructed in the framework of the Programme of OAO Sea Port of Saint Petersburg group of companies development. The investment volume is USD 364 million. The research work is to start this year. In 2008, the equipment will be ordered and construction of the terminal’s first stage will start. It will be put into operation in 2009. The terminal is to start operating at full capacity (1.4 million TEU) in 2012.
Transmashholding profit fell by 1% in Q3
In Q3 of 2007, the profit of ZAO Transmashholding fell by 1% year-on-year.
In July – September the company’s net profit amounted to RUR 126.75 million. During the same period in 2006, the profit of ZAO Transmashholding was RUR 128.392 million.
In Q1 of 2007, the profit of the company amounted to RUR 136.422 million; in Q2 the figure was RUR 66.352 million. Thus, in 9 months the company received RUR 329.524 million of the net profit.
In 2006 the profit of ZAO Transmashholding fell by 20% year-on-year to RUR 285.12 million.
Garant Has Gone in for Repair
“We decided to open the enterprise in Stary Oskol (the Belgorod Region, Russia). Perhaps, it is due to the favourable investment climate created by Anatoly Volodko (Head of the South-Eastern railway). For us – the recently established investment and industrial company Garant – rolling stock repair is one of our main business activities”, said Chairman of the Board of Directors of Garant, Sergey Guschin, at the opening ceremony of a wagon and wheel workshop.
The decision on the construction and the launch of OOO VKM in Stary Oskol was made in August 2005. On November 1, 2007, the enterprise was put into operation. The capacity of the enterprise is 5,000 wheelsets annually. It is planned that there will be two turns at the workshop. There are about 90 personnel. The enterprise will specialise in inspection and re-formation of the wheelsets of freight wagons. OAO VKM plans to fulfill not only the orders of OAO Transgarant, but of other market players, including OAO RZD.
At the opening ceremony, Head of South-Eastern railway (an affiliate of OAO RZD), Anatoly Volodko said that the launch of the private repair enterprise coincided with the process of railway transport reform in Russia, and it will be useful for consignors. It will also make for the provision of increasing transportation volumes for South-Eastern railway.
new purchase of severstaltrans group
Severstaltrans Group (Russia) and Container Finance Group (Finland) concluded a contract according to which Severstaltrans buys 50% of Multi-Link Terminals Ltd Oy (MLT) and Container Depot Ltd Oy (service company CD).
Multi-Link Terminals is a container terminal operator handling containers at the following terminals: Moby Dick (Kronshtadt), Mussalo (Kotka), Western Harbour (Helsinki). According to forecasts, in 2007 total throughput of the company will exceed 360,000 TEU, 60% of which will be serviced in St. Petersburg and 40% - in Finland. In the 9-month period of 2007, the share of Moby Dick in total throughput of St. Petersburg made 13%. Finland-based terminals of MLT handled some 10% of the country’s total container throughput with some 90% of MLT container flow falling on domestic consumption.
Container Depot provides services of containers storing and maintenance in Helsinki, Kotka, Hamina and St. Petersburg. Currently the company makes considerable investments into St. Petersburg infrastructure, a logistics center Yanino, 1.5 km from St. Petersburg ring road (Vsevolozhsk district). The complex will comprise container and railway terminals, refrigerated warehouse, A-class warehouses and a rear terminal for cargo handling. A 50-hectare logistics complex will have railway links with port terminals. The first phase is to be completed in December 2007. The parties have agreed not to comment on the commercial terms of the deal.
NCC and Konecranes Signed a Contract for Production of New Equipment
On October 17, National Container Company (NCC) and Konecranes Plc (Konecranes) signed a contract for production and delivery of STS (Ship-To-Shore) and RTG (Rubber Tyred Gantry) cranes for container terminals in Saint Petersburg (First Container Terminal), Ust-Luga and Shushary for a total amount of EUR 43 million. The procurement of handling equipment is a part of NCC’s terminal expansion and development plan.
Earlier this year, Konecranes won the tender conducted by NCC. The STS cranes ordered by NCC are of PANAMAX standard. The RTG cranes are designed for working stacks 5 TEU high (1 over 5) and 7 TEU wide (7 plus 1 roadway). The lifting capacity of each crane is 50 tons. In accordance with the terms of the contract, Konecranes will deliver 1 STS crane to Ust-Luga and 4 RTGs to the off dock terminal in Shushary in 2008. In 2009, the terminals in Ust-Luga and FCT will receive 3 and 1 STS cranes respectively.
This is not the first time NCC ordered handling equipment from Konecranes. In accordance with the contract concluded with the same manufacturer back in 2006, FCT will receive 4 STS cranes (2 at the end of 2007 and 2 more in 2008) and 10 RTGs also to be delivered in 2008. The newly procured equipment will increase throughput capacity of the existing terminal and improve work productivity.
FESCO Creates the Managing Company
FESCO Transport Group made public the announcement of a milestone development in the Group restructuring program: the creation of a Managing company which will perform executive powers for companies within the Group.
This step takes FESCO to a completely new level of corporate development. The transition from the historical system of governance by legal entities to the new management structure by business units in line with best international practices is an important element of the strategic development plan, endorsed by FESCO.
Key goals of the newly created Managing Company are further development and better coordination of companies within the group and fuller implementation of business synergies. Day-to-day operational management of business units will be performed “on the ground”, at respective companies’ levels. In addition, the Managing Company will concentrate and coordinate a number of supporting functions, such as corporate finance, personnel management, IT, legal support, marketing and PR, investor relations, internal audit, etc.
The first stage of the project will cover three companies in the Group: OAO Far-Eastern Shipping Company, OOO Firma Transgarant and OOO FESCO Lines Vladivostok. The management and governance structure of FESCO partnership projects – Russian Troyka and National Container Company – will remain unchanged and based on parity participation. This strategic decision was made jointly by the Group shareholders and the management.
FESCO President and CEO, and soon-to-be President of the Managing Company, Evgeny Ambrosov, said: “FESCO Group creates the nexus of strategic decision-making for business development, efficient use of assets and implementation of new projects. The creation of the Managing Company and delegation of executive powers will allow streamlining of the management structure, taking the management process to a new level of efficiency and enhance the transparency of the Group’s business, thus making it more attractive for investors. In addition, by consolidating several important functions we will be able to avoid duplication of efforts and resources, optimise administrative expenses and put FESCO management talent to a much more efficient use. I would also like to emphasize, that this step does not entail any changes in the rights of FESCO shareholders. The core of our shareholders’ value, as well as the issuer of current shares outstanding, remain unchanged”.
Will Dalzavod and Severnaya Verf Revive?
The Russian Federal Agency of Industry (Rosprom) is going to launch large shipbuilding yards on the base of Dalzavod (Vladivostok) and Severnaya Verf (Saint Petersburg).
Nowadays, projects for constructing modern shipbuilding yards in the Western, far Eastern and Northern regions of Russia are being developed. It is planned to create at least two large shipbuilding yards – Dalzavod (Vladivostok) and Severnaya Verf – using public-private partnership.
The Agency believes the construction of dry docks to be the most important.
Vessel construction projects will be financed by the shipbuilding yards’ own means as well as by attracting external investors and state support (interest rates subsidies, the mechanisms of the Investment Fund, credit guarantees to Russian banks).
According to current agreements, the maximum deadweight of the new vessels will be 140,000 tons.
New Logistics Complex in Tver Region
OOO Logoparts started construction of a logistics complex in the Kalinin district of the Tver region on October 26. Investment in the project is to amount to USD 40 million.
The complex will be constructed at the 162nd km of the Moscow – Saint Petersburg mainline, at a road bypassing Tver in the Borovlevo industrial zone.
It is planned to build the office and warehousing complex in three stages. The total area of the warehouse facilities is to amount to 55,000 sq. m.
The first stage of the project is to be put into operation in June 2008. Then the second and third stages will be constructed. Those warehousing areas will be 15,000 and 25,000 sq. m. respectively.
The complex will provide a wide range of services concerning road transportation, trucks, and freight.
OOO Logoparts was launched by KSA group of companies (Moscow) to carry out the logistics complex construction project in the Tver region.
[~DETAIL_TEXT] => New Container Terminal Project in Saint Petersburg
OAO Sea Port of Saint Petersburg group of companies concluded a contract with an international company Royal Haskoning on a container terminal project. The terminal is planned to be constructed on the territory of the Fourth Stevedoring Company.
Royal Haskoning was chosen as general developer of the new terminal in accordance with the results of the tender held by OAO Sea Port of Saint Petersburg. The company develops container terminals for the leading operators in the largest world ports. The terms of the tender envisaged that Royal Haskoning will develop the terminal in cooperation with the leading Russian project institute in the sea hydrotechnical construction sector, OAO Lenmorniiproject.
The container terminal is being constructed in the framework of the Programme of OAO Sea Port of Saint Petersburg group of companies development. The investment volume is USD 364 million. The research work is to start this year. In 2008, the equipment will be ordered and construction of the terminal’s first stage will start. It will be put into operation in 2009. The terminal is to start operating at full capacity (1.4 million TEU) in 2012.
Transmashholding profit fell by 1% in Q3
In Q3 of 2007, the profit of ZAO Transmashholding fell by 1% year-on-year.
In July – September the company’s net profit amounted to RUR 126.75 million. During the same period in 2006, the profit of ZAO Transmashholding was RUR 128.392 million.
In Q1 of 2007, the profit of the company amounted to RUR 136.422 million; in Q2 the figure was RUR 66.352 million. Thus, in 9 months the company received RUR 329.524 million of the net profit.
In 2006 the profit of ZAO Transmashholding fell by 20% year-on-year to RUR 285.12 million.
Garant Has Gone in for Repair
“We decided to open the enterprise in Stary Oskol (the Belgorod Region, Russia). Perhaps, it is due to the favourable investment climate created by Anatoly Volodko (Head of the South-Eastern railway). For us – the recently established investment and industrial company Garant – rolling stock repair is one of our main business activities”, said Chairman of the Board of Directors of Garant, Sergey Guschin, at the opening ceremony of a wagon and wheel workshop.
The decision on the construction and the launch of OOO VKM in Stary Oskol was made in August 2005. On November 1, 2007, the enterprise was put into operation. The capacity of the enterprise is 5,000 wheelsets annually. It is planned that there will be two turns at the workshop. There are about 90 personnel. The enterprise will specialise in inspection and re-formation of the wheelsets of freight wagons. OAO VKM plans to fulfill not only the orders of OAO Transgarant, but of other market players, including OAO RZD.
At the opening ceremony, Head of South-Eastern railway (an affiliate of OAO RZD), Anatoly Volodko said that the launch of the private repair enterprise coincided with the process of railway transport reform in Russia, and it will be useful for consignors. It will also make for the provision of increasing transportation volumes for South-Eastern railway.
new purchase of severstaltrans group
Severstaltrans Group (Russia) and Container Finance Group (Finland) concluded a contract according to which Severstaltrans buys 50% of Multi-Link Terminals Ltd Oy (MLT) and Container Depot Ltd Oy (service company CD).
Multi-Link Terminals is a container terminal operator handling containers at the following terminals: Moby Dick (Kronshtadt), Mussalo (Kotka), Western Harbour (Helsinki). According to forecasts, in 2007 total throughput of the company will exceed 360,000 TEU, 60% of which will be serviced in St. Petersburg and 40% - in Finland. In the 9-month period of 2007, the share of Moby Dick in total throughput of St. Petersburg made 13%. Finland-based terminals of MLT handled some 10% of the country’s total container throughput with some 90% of MLT container flow falling on domestic consumption.
Container Depot provides services of containers storing and maintenance in Helsinki, Kotka, Hamina and St. Petersburg. Currently the company makes considerable investments into St. Petersburg infrastructure, a logistics center Yanino, 1.5 km from St. Petersburg ring road (Vsevolozhsk district). The complex will comprise container and railway terminals, refrigerated warehouse, A-class warehouses and a rear terminal for cargo handling. A 50-hectare logistics complex will have railway links with port terminals. The first phase is to be completed in December 2007. The parties have agreed not to comment on the commercial terms of the deal.
NCC and Konecranes Signed a Contract for Production of New Equipment
On October 17, National Container Company (NCC) and Konecranes Plc (Konecranes) signed a contract for production and delivery of STS (Ship-To-Shore) and RTG (Rubber Tyred Gantry) cranes for container terminals in Saint Petersburg (First Container Terminal), Ust-Luga and Shushary for a total amount of EUR 43 million. The procurement of handling equipment is a part of NCC’s terminal expansion and development plan.
Earlier this year, Konecranes won the tender conducted by NCC. The STS cranes ordered by NCC are of PANAMAX standard. The RTG cranes are designed for working stacks 5 TEU high (1 over 5) and 7 TEU wide (7 plus 1 roadway). The lifting capacity of each crane is 50 tons. In accordance with the terms of the contract, Konecranes will deliver 1 STS crane to Ust-Luga and 4 RTGs to the off dock terminal in Shushary in 2008. In 2009, the terminals in Ust-Luga and FCT will receive 3 and 1 STS cranes respectively.
This is not the first time NCC ordered handling equipment from Konecranes. In accordance with the contract concluded with the same manufacturer back in 2006, FCT will receive 4 STS cranes (2 at the end of 2007 and 2 more in 2008) and 10 RTGs also to be delivered in 2008. The newly procured equipment will increase throughput capacity of the existing terminal and improve work productivity.
FESCO Creates the Managing Company
FESCO Transport Group made public the announcement of a milestone development in the Group restructuring program: the creation of a Managing company which will perform executive powers for companies within the Group.
This step takes FESCO to a completely new level of corporate development. The transition from the historical system of governance by legal entities to the new management structure by business units in line with best international practices is an important element of the strategic development plan, endorsed by FESCO.
Key goals of the newly created Managing Company are further development and better coordination of companies within the group and fuller implementation of business synergies. Day-to-day operational management of business units will be performed “on the ground”, at respective companies’ levels. In addition, the Managing Company will concentrate and coordinate a number of supporting functions, such as corporate finance, personnel management, IT, legal support, marketing and PR, investor relations, internal audit, etc.
The first stage of the project will cover three companies in the Group: OAO Far-Eastern Shipping Company, OOO Firma Transgarant and OOO FESCO Lines Vladivostok. The management and governance structure of FESCO partnership projects – Russian Troyka and National Container Company – will remain unchanged and based on parity participation. This strategic decision was made jointly by the Group shareholders and the management.
FESCO President and CEO, and soon-to-be President of the Managing Company, Evgeny Ambrosov, said: “FESCO Group creates the nexus of strategic decision-making for business development, efficient use of assets and implementation of new projects. The creation of the Managing Company and delegation of executive powers will allow streamlining of the management structure, taking the management process to a new level of efficiency and enhance the transparency of the Group’s business, thus making it more attractive for investors. In addition, by consolidating several important functions we will be able to avoid duplication of efforts and resources, optimise administrative expenses and put FESCO management talent to a much more efficient use. I would also like to emphasize, that this step does not entail any changes in the rights of FESCO shareholders. The core of our shareholders’ value, as well as the issuer of current shares outstanding, remain unchanged”.
Will Dalzavod and Severnaya Verf Revive?
The Russian Federal Agency of Industry (Rosprom) is going to launch large shipbuilding yards on the base of Dalzavod (Vladivostok) and Severnaya Verf (Saint Petersburg).
Nowadays, projects for constructing modern shipbuilding yards in the Western, far Eastern and Northern regions of Russia are being developed. It is planned to create at least two large shipbuilding yards – Dalzavod (Vladivostok) and Severnaya Verf – using public-private partnership.
The Agency believes the construction of dry docks to be the most important.
Vessel construction projects will be financed by the shipbuilding yards’ own means as well as by attracting external investors and state support (interest rates subsidies, the mechanisms of the Investment Fund, credit guarantees to Russian banks).
According to current agreements, the maximum deadweight of the new vessels will be 140,000 tons.
New Logistics Complex in Tver Region
OOO Logoparts started construction of a logistics complex in the Kalinin district of the Tver region on October 26. Investment in the project is to amount to USD 40 million.
The complex will be constructed at the 162nd km of the Moscow – Saint Petersburg mainline, at a road bypassing Tver in the Borovlevo industrial zone.
It is planned to build the office and warehousing complex in three stages. The total area of the warehouse facilities is to amount to 55,000 sq. m.
The first stage of the project is to be put into operation in June 2008. Then the second and third stages will be constructed. Those warehousing areas will be 15,000 and 25,000 sq. m. respectively.
The complex will provide a wide range of services concerning road transportation, trucks, and freight.
OOO Logoparts was launched by KSA group of companies (Moscow) to carry out the logistics complex construction project in the Tver region.
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[DETAIL_TEXT] => New Container Terminal Project in Saint Petersburg
OAO Sea Port of Saint Petersburg group of companies concluded a contract with an international company Royal Haskoning on a container terminal project. The terminal is planned to be constructed on the territory of the Fourth Stevedoring Company.
Royal Haskoning was chosen as general developer of the new terminal in accordance with the results of the tender held by OAO Sea Port of Saint Petersburg. The company develops container terminals for the leading operators in the largest world ports. The terms of the tender envisaged that Royal Haskoning will develop the terminal in cooperation with the leading Russian project institute in the sea hydrotechnical construction sector, OAO Lenmorniiproject.
The container terminal is being constructed in the framework of the Programme of OAO Sea Port of Saint Petersburg group of companies development. The investment volume is USD 364 million. The research work is to start this year. In 2008, the equipment will be ordered and construction of the terminal’s first stage will start. It will be put into operation in 2009. The terminal is to start operating at full capacity (1.4 million TEU) in 2012.
Transmashholding profit fell by 1% in Q3
In Q3 of 2007, the profit of ZAO Transmashholding fell by 1% year-on-year.
In July – September the company’s net profit amounted to RUR 126.75 million. During the same period in 2006, the profit of ZAO Transmashholding was RUR 128.392 million.
In Q1 of 2007, the profit of the company amounted to RUR 136.422 million; in Q2 the figure was RUR 66.352 million. Thus, in 9 months the company received RUR 329.524 million of the net profit.
In 2006 the profit of ZAO Transmashholding fell by 20% year-on-year to RUR 285.12 million.
Garant Has Gone in for Repair
“We decided to open the enterprise in Stary Oskol (the Belgorod Region, Russia). Perhaps, it is due to the favourable investment climate created by Anatoly Volodko (Head of the South-Eastern railway). For us – the recently established investment and industrial company Garant – rolling stock repair is one of our main business activities”, said Chairman of the Board of Directors of Garant, Sergey Guschin, at the opening ceremony of a wagon and wheel workshop.
The decision on the construction and the launch of OOO VKM in Stary Oskol was made in August 2005. On November 1, 2007, the enterprise was put into operation. The capacity of the enterprise is 5,000 wheelsets annually. It is planned that there will be two turns at the workshop. There are about 90 personnel. The enterprise will specialise in inspection and re-formation of the wheelsets of freight wagons. OAO VKM plans to fulfill not only the orders of OAO Transgarant, but of other market players, including OAO RZD.
At the opening ceremony, Head of South-Eastern railway (an affiliate of OAO RZD), Anatoly Volodko said that the launch of the private repair enterprise coincided with the process of railway transport reform in Russia, and it will be useful for consignors. It will also make for the provision of increasing transportation volumes for South-Eastern railway.
new purchase of severstaltrans group
Severstaltrans Group (Russia) and Container Finance Group (Finland) concluded a contract according to which Severstaltrans buys 50% of Multi-Link Terminals Ltd Oy (MLT) and Container Depot Ltd Oy (service company CD).
Multi-Link Terminals is a container terminal operator handling containers at the following terminals: Moby Dick (Kronshtadt), Mussalo (Kotka), Western Harbour (Helsinki). According to forecasts, in 2007 total throughput of the company will exceed 360,000 TEU, 60% of which will be serviced in St. Petersburg and 40% - in Finland. In the 9-month period of 2007, the share of Moby Dick in total throughput of St. Petersburg made 13%. Finland-based terminals of MLT handled some 10% of the country’s total container throughput with some 90% of MLT container flow falling on domestic consumption.
Container Depot provides services of containers storing and maintenance in Helsinki, Kotka, Hamina and St. Petersburg. Currently the company makes considerable investments into St. Petersburg infrastructure, a logistics center Yanino, 1.5 km from St. Petersburg ring road (Vsevolozhsk district). The complex will comprise container and railway terminals, refrigerated warehouse, A-class warehouses and a rear terminal for cargo handling. A 50-hectare logistics complex will have railway links with port terminals. The first phase is to be completed in December 2007. The parties have agreed not to comment on the commercial terms of the deal.
NCC and Konecranes Signed a Contract for Production of New Equipment
On October 17, National Container Company (NCC) and Konecranes Plc (Konecranes) signed a contract for production and delivery of STS (Ship-To-Shore) and RTG (Rubber Tyred Gantry) cranes for container terminals in Saint Petersburg (First Container Terminal), Ust-Luga and Shushary for a total amount of EUR 43 million. The procurement of handling equipment is a part of NCC’s terminal expansion and development plan.
Earlier this year, Konecranes won the tender conducted by NCC. The STS cranes ordered by NCC are of PANAMAX standard. The RTG cranes are designed for working stacks 5 TEU high (1 over 5) and 7 TEU wide (7 plus 1 roadway). The lifting capacity of each crane is 50 tons. In accordance with the terms of the contract, Konecranes will deliver 1 STS crane to Ust-Luga and 4 RTGs to the off dock terminal in Shushary in 2008. In 2009, the terminals in Ust-Luga and FCT will receive 3 and 1 STS cranes respectively.
This is not the first time NCC ordered handling equipment from Konecranes. In accordance with the contract concluded with the same manufacturer back in 2006, FCT will receive 4 STS cranes (2 at the end of 2007 and 2 more in 2008) and 10 RTGs also to be delivered in 2008. The newly procured equipment will increase throughput capacity of the existing terminal and improve work productivity.
FESCO Creates the Managing Company
FESCO Transport Group made public the announcement of a milestone development in the Group restructuring program: the creation of a Managing company which will perform executive powers for companies within the Group.
This step takes FESCO to a completely new level of corporate development. The transition from the historical system of governance by legal entities to the new management structure by business units in line with best international practices is an important element of the strategic development plan, endorsed by FESCO.
Key goals of the newly created Managing Company are further development and better coordination of companies within the group and fuller implementation of business synergies. Day-to-day operational management of business units will be performed “on the ground”, at respective companies’ levels. In addition, the Managing Company will concentrate and coordinate a number of supporting functions, such as corporate finance, personnel management, IT, legal support, marketing and PR, investor relations, internal audit, etc.
The first stage of the project will cover three companies in the Group: OAO Far-Eastern Shipping Company, OOO Firma Transgarant and OOO FESCO Lines Vladivostok. The management and governance structure of FESCO partnership projects – Russian Troyka and National Container Company – will remain unchanged and based on parity participation. This strategic decision was made jointly by the Group shareholders and the management.
FESCO President and CEO, and soon-to-be President of the Managing Company, Evgeny Ambrosov, said: “FESCO Group creates the nexus of strategic decision-making for business development, efficient use of assets and implementation of new projects. The creation of the Managing Company and delegation of executive powers will allow streamlining of the management structure, taking the management process to a new level of efficiency and enhance the transparency of the Group’s business, thus making it more attractive for investors. In addition, by consolidating several important functions we will be able to avoid duplication of efforts and resources, optimise administrative expenses and put FESCO management talent to a much more efficient use. I would also like to emphasize, that this step does not entail any changes in the rights of FESCO shareholders. The core of our shareholders’ value, as well as the issuer of current shares outstanding, remain unchanged”.
Will Dalzavod and Severnaya Verf Revive?
The Russian Federal Agency of Industry (Rosprom) is going to launch large shipbuilding yards on the base of Dalzavod (Vladivostok) and Severnaya Verf (Saint Petersburg).
Nowadays, projects for constructing modern shipbuilding yards in the Western, far Eastern and Northern regions of Russia are being developed. It is planned to create at least two large shipbuilding yards – Dalzavod (Vladivostok) and Severnaya Verf – using public-private partnership.
The Agency believes the construction of dry docks to be the most important.
Vessel construction projects will be financed by the shipbuilding yards’ own means as well as by attracting external investors and state support (interest rates subsidies, the mechanisms of the Investment Fund, credit guarantees to Russian banks).
According to current agreements, the maximum deadweight of the new vessels will be 140,000 tons.
New Logistics Complex in Tver Region
OOO Logoparts started construction of a logistics complex in the Kalinin district of the Tver region on October 26. Investment in the project is to amount to USD 40 million.
The complex will be constructed at the 162nd km of the Moscow – Saint Petersburg mainline, at a road bypassing Tver in the Borovlevo industrial zone.
It is planned to build the office and warehousing complex in three stages. The total area of the warehouse facilities is to amount to 55,000 sq. m.
The first stage of the project is to be put into operation in June 2008. Then the second and third stages will be constructed. Those warehousing areas will be 15,000 and 25,000 sq. m. respectively.
The complex will provide a wide range of services concerning road transportation, trucks, and freight.
OOO Logoparts was launched by KSA group of companies (Moscow) to carry out the logistics complex construction project in the Tver region.
[~DETAIL_TEXT] => New Container Terminal Project in Saint Petersburg
OAO Sea Port of Saint Petersburg group of companies concluded a contract with an international company Royal Haskoning on a container terminal project. The terminal is planned to be constructed on the territory of the Fourth Stevedoring Company.
Royal Haskoning was chosen as general developer of the new terminal in accordance with the results of the tender held by OAO Sea Port of Saint Petersburg. The company develops container terminals for the leading operators in the largest world ports. The terms of the tender envisaged that Royal Haskoning will develop the terminal in cooperation with the leading Russian project institute in the sea hydrotechnical construction sector, OAO Lenmorniiproject.
The container terminal is being constructed in the framework of the Programme of OAO Sea Port of Saint Petersburg group of companies development. The investment volume is USD 364 million. The research work is to start this year. In 2008, the equipment will be ordered and construction of the terminal’s first stage will start. It will be put into operation in 2009. The terminal is to start operating at full capacity (1.4 million TEU) in 2012.
Transmashholding profit fell by 1% in Q3
In Q3 of 2007, the profit of ZAO Transmashholding fell by 1% year-on-year.
In July – September the company’s net profit amounted to RUR 126.75 million. During the same period in 2006, the profit of ZAO Transmashholding was RUR 128.392 million.
In Q1 of 2007, the profit of the company amounted to RUR 136.422 million; in Q2 the figure was RUR 66.352 million. Thus, in 9 months the company received RUR 329.524 million of the net profit.
In 2006 the profit of ZAO Transmashholding fell by 20% year-on-year to RUR 285.12 million.
Garant Has Gone in for Repair
“We decided to open the enterprise in Stary Oskol (the Belgorod Region, Russia). Perhaps, it is due to the favourable investment climate created by Anatoly Volodko (Head of the South-Eastern railway). For us – the recently established investment and industrial company Garant – rolling stock repair is one of our main business activities”, said Chairman of the Board of Directors of Garant, Sergey Guschin, at the opening ceremony of a wagon and wheel workshop.
The decision on the construction and the launch of OOO VKM in Stary Oskol was made in August 2005. On November 1, 2007, the enterprise was put into operation. The capacity of the enterprise is 5,000 wheelsets annually. It is planned that there will be two turns at the workshop. There are about 90 personnel. The enterprise will specialise in inspection and re-formation of the wheelsets of freight wagons. OAO VKM plans to fulfill not only the orders of OAO Transgarant, but of other market players, including OAO RZD.
At the opening ceremony, Head of South-Eastern railway (an affiliate of OAO RZD), Anatoly Volodko said that the launch of the private repair enterprise coincided with the process of railway transport reform in Russia, and it will be useful for consignors. It will also make for the provision of increasing transportation volumes for South-Eastern railway.
new purchase of severstaltrans group
Severstaltrans Group (Russia) and Container Finance Group (Finland) concluded a contract according to which Severstaltrans buys 50% of Multi-Link Terminals Ltd Oy (MLT) and Container Depot Ltd Oy (service company CD).
Multi-Link Terminals is a container terminal operator handling containers at the following terminals: Moby Dick (Kronshtadt), Mussalo (Kotka), Western Harbour (Helsinki). According to forecasts, in 2007 total throughput of the company will exceed 360,000 TEU, 60% of which will be serviced in St. Petersburg and 40% - in Finland. In the 9-month period of 2007, the share of Moby Dick in total throughput of St. Petersburg made 13%. Finland-based terminals of MLT handled some 10% of the country’s total container throughput with some 90% of MLT container flow falling on domestic consumption.
Container Depot provides services of containers storing and maintenance in Helsinki, Kotka, Hamina and St. Petersburg. Currently the company makes considerable investments into St. Petersburg infrastructure, a logistics center Yanino, 1.5 km from St. Petersburg ring road (Vsevolozhsk district). The complex will comprise container and railway terminals, refrigerated warehouse, A-class warehouses and a rear terminal for cargo handling. A 50-hectare logistics complex will have railway links with port terminals. The first phase is to be completed in December 2007. The parties have agreed not to comment on the commercial terms of the deal.
NCC and Konecranes Signed a Contract for Production of New Equipment
On October 17, National Container Company (NCC) and Konecranes Plc (Konecranes) signed a contract for production and delivery of STS (Ship-To-Shore) and RTG (Rubber Tyred Gantry) cranes for container terminals in Saint Petersburg (First Container Terminal), Ust-Luga and Shushary for a total amount of EUR 43 million. The procurement of handling equipment is a part of NCC’s terminal expansion and development plan.
Earlier this year, Konecranes won the tender conducted by NCC. The STS cranes ordered by NCC are of PANAMAX standard. The RTG cranes are designed for working stacks 5 TEU high (1 over 5) and 7 TEU wide (7 plus 1 roadway). The lifting capacity of each crane is 50 tons. In accordance with the terms of the contract, Konecranes will deliver 1 STS crane to Ust-Luga and 4 RTGs to the off dock terminal in Shushary in 2008. In 2009, the terminals in Ust-Luga and FCT will receive 3 and 1 STS cranes respectively.
This is not the first time NCC ordered handling equipment from Konecranes. In accordance with the contract concluded with the same manufacturer back in 2006, FCT will receive 4 STS cranes (2 at the end of 2007 and 2 more in 2008) and 10 RTGs also to be delivered in 2008. The newly procured equipment will increase throughput capacity of the existing terminal and improve work productivity.
FESCO Creates the Managing Company
FESCO Transport Group made public the announcement of a milestone development in the Group restructuring program: the creation of a Managing company which will perform executive powers for companies within the Group.
This step takes FESCO to a completely new level of corporate development. The transition from the historical system of governance by legal entities to the new management structure by business units in line with best international practices is an important element of the strategic development plan, endorsed by FESCO.
Key goals of the newly created Managing Company are further development and better coordination of companies within the group and fuller implementation of business synergies. Day-to-day operational management of business units will be performed “on the ground”, at respective companies’ levels. In addition, the Managing Company will concentrate and coordinate a number of supporting functions, such as corporate finance, personnel management, IT, legal support, marketing and PR, investor relations, internal audit, etc.
The first stage of the project will cover three companies in the Group: OAO Far-Eastern Shipping Company, OOO Firma Transgarant and OOO FESCO Lines Vladivostok. The management and governance structure of FESCO partnership projects – Russian Troyka and National Container Company – will remain unchanged and based on parity participation. This strategic decision was made jointly by the Group shareholders and the management.
FESCO President and CEO, and soon-to-be President of the Managing Company, Evgeny Ambrosov, said: “FESCO Group creates the nexus of strategic decision-making for business development, efficient use of assets and implementation of new projects. The creation of the Managing Company and delegation of executive powers will allow streamlining of the management structure, taking the management process to a new level of efficiency and enhance the transparency of the Group’s business, thus making it more attractive for investors. In addition, by consolidating several important functions we will be able to avoid duplication of efforts and resources, optimise administrative expenses and put FESCO management talent to a much more efficient use. I would also like to emphasize, that this step does not entail any changes in the rights of FESCO shareholders. The core of our shareholders’ value, as well as the issuer of current shares outstanding, remain unchanged”.
Will Dalzavod and Severnaya Verf Revive?
The Russian Federal Agency of Industry (Rosprom) is going to launch large shipbuilding yards on the base of Dalzavod (Vladivostok) and Severnaya Verf (Saint Petersburg).
Nowadays, projects for constructing modern shipbuilding yards in the Western, far Eastern and Northern regions of Russia are being developed. It is planned to create at least two large shipbuilding yards – Dalzavod (Vladivostok) and Severnaya Verf – using public-private partnership.
The Agency believes the construction of dry docks to be the most important.
Vessel construction projects will be financed by the shipbuilding yards’ own means as well as by attracting external investors and state support (interest rates subsidies, the mechanisms of the Investment Fund, credit guarantees to Russian banks).
According to current agreements, the maximum deadweight of the new vessels will be 140,000 tons.
New Logistics Complex in Tver Region
OOO Logoparts started construction of a logistics complex in the Kalinin district of the Tver region on October 26. Investment in the project is to amount to USD 40 million.
The complex will be constructed at the 162nd km of the Moscow – Saint Petersburg mainline, at a road bypassing Tver in the Borovlevo industrial zone.
It is planned to build the office and warehousing complex in three stages. The total area of the warehouse facilities is to amount to 55,000 sq. m.
The first stage of the project is to be put into operation in June 2008. Then the second and third stages will be constructed. Those warehousing areas will be 15,000 and 25,000 sq. m. respectively.
The complex will provide a wide range of services concerning road transportation, trucks, and freight.
OOO Logoparts was launched by KSA group of companies (Moscow) to carry out the logistics complex construction project in the Tver region.
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At present cargo handling in the Russian port takes two-three weeks. In neighboring countries this term makes two or three days. As a result 30% of the Russian cargo is delivered via the neighboring ports having increased transport component in the prime-cost to 20% instead of possible 8%. To change the current unfavorable situation the state creates special economic port zones where residents are not to pay part of dues.Array
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[DETAIL_TEXT] => Dues oasis for stevedoring business
Special economic zones function on the RF territory in accordance with the Federal law of the Russian Federation effective from July 22, 2005 N 116 “On special economic zones of the Russian Federation”. Considering amendments this law underwent on June 3, 2006 three types of economic zones can be created in the Russian Federation: industrial – manufacturing, technical – promotional and tourist-recreation ones.
Port zones will be created on the territories of sea and river ports, airports open for international communication and on the territories developed for their construction, reconstruction and maintenance. According to the approved law the area of the port economic zone is not to exceed 50 square meters. However, the size of the given zone can be enlarged by the RF Government resolution.
The basic distinctive characteristic of the port zone is life cycle period. “Ordinary” free zones can function for 20 years with no right to prolongation and the port zone can live 49 years with no limits for prolongation.
Moreover, port oasises can be located on the territories of several municipal areas, juridical persons or citizens’ land and also include the whole territory of any administrative-territorial area. In the comments issued for the project of the federal law it is said that «peculiarities of economic subject (residents) functioning who work in the port special zone are differentiated in accordance with the type of activity implemented by the resident:
• Load-unload operations;
• Goods warehousing and transport-forwarding services;
• Provision and equipment the vessels with board stores;
• Repair, technical servicing and modernization of the vessels and vessel machinery;
• Fish processing and preserving;
• Work on pre-sale preparation of goods (packing, repacking, marking etc);
• Assembling operations;
• Wholesale;
• Assisting in port special zone functioning;
Residents get typical for the world practice economic preferences capable to increase competition of the Russian ports. In particular, goods located in the port zone are not charged with excise and other duties. Investors can pay property and land taxes within 5 years and get privileged rate of 20% for profit tax.
According to the Russian law residents are to follow certain demands. In case of construction infrastructural objects of the new sea port the minimal investment for the company-resident is EUR 100 mln, for river port or airport this volume makes EUR 50 mln, reconstruction of infrastructure objects in functioning ports costs EUR 3 mln.
Moreover, the company has to give to customs bodies documents on payment customs dues worth:
• RUR 30 mln for warehousing activities, wholesale and exchange sale of goods including that of excise and mineral raw material;
• RUR 10 mln for the goods not joining the list of excise production or mineral raw material;
• RUR 2.5 mln for other sort of port activities;
Port business world believes the set financial terms are quite adequate to the present stage of market development.
If a resident makes a decision to stop activities in the port zone they have the right to sell objects only to the company who registered as a resident of the given zone.
According to Maxim Bystrov, Deputy Head of the Federal Agency on Special Economic Zone Management, this concept significantly differs from ideology of other zones creation. If other zones are developed to attract investors, the port zones in their turn can boast great number of investors ready to participate in the projects. The basic task in this respect is to give privileges to functioning companies and increase competitiveness of the Russian stevedores.
Candidates Have Arrived
At present four zones are planned to be launched in Russia. In the opinion of Yury Zhdanov, Head of the Federal Agency on Special Zones Management, they must meet two main criterion. The first one has to do with proper infrastructure since it influences the port zone efficiency and, thus, budget allocations. The second reason is dictated by necessity to load the port zone by 100% which is only possible in gradual introduction of such business-units in accordance with proportional cargo flow increase.
The tender is planned to be held in early 2008. Igor Levitin, the RF Transport Minister, believes ports of Nakhodka, Novorossiysk and Ust-Luga have good chances to win the tender. Valery Izrailit, Chairman of the Board of Ust-Luga port, has already announced his company is ready to participate in it. Igor Levitin has also noted «considering the fact that the ports are the most important elements of international transport corridors following through the RF territory, and special port zone will allow transit transportation and distribute transit cargo». Thus, Ust-Luga special zone will be accompanied by transport corridor China-Russia-Europe launch and become an element of it.
According to German Gref, prior Minister of Economic Development and Trade, one of the project initiator and Russia’s partners are Singapore and Dubai. In his words, on average cargo container passage in Singapore takes 25 seconds and this experience will be of use for creation port zone in, for example, the port of Vostochny.
According to Vladimir Katrenko, the RF State Duma speaker, using innovative world experience in the new port zones of Russia will guarantee growth of port services export by 20%, though considering Russia’s potential it may reach even 50 - 100%.
No enthusiasm
In the opinion of the Russian port business, who took the Government initiatives with no enthusiasm, preferences will be given to the ports where Russian export oil is handled to decrease export oil dues.
Market participants who are involved into foreign economic activities are also quite reserved in their evaluations. «We are not to expect positive changes in this respect since our ports operate wear-and-tear park and their carrying capacities are rather low – Dmitry Feldman, CEO of Region JSC says. – Special economic conditions can be created but it is impossible to reconstruct Russian ports instantly. Their major problem is narrow and rather shallow waterway. Huge investment is required to construct waterway proper for large-capacity vessels. Of course, this law approval and giving certain guarantees to foreign investors may attract needed resources and, thus, the target will be achieved. However, the only law can perform as an instrument to solve technical problems».
Experts of InfraNews agency share this opinion and point out that the efficiency the port zone will demonstrate is to become inseparable from Russian economy development in general.
There are certain aspects that seem quite tricky for market participants. Management of the port zone will be implemented from Moscow. This scheme looks illogical for some experts. Konstantin Skovoroda, CEO of Russian Transport Lines JSC believes the certain dangers are also hidden in probable administrative barriers that may turn officially approved resolutions into unprofitable and restricting procedures.
Summing Up
Thus, the opportunity to launch port zones in Russia has both advantages and disadvantages. Quite probably, Russia will turn to such sort of experience of neighbouring Ukraine (port of Odessa and Kerch). Government officials feel positive: “I think our colleagues from the Baltic countries, Finland and Kazakhstan won’t feel offended since we are going to compete with them. Now the part of the cargo we are to receive in terms of logistics, the country of destination and other parameters is taken by our neighbors”, M.Bystrov emphasizes. Will real competition arrive? The time will show.
Alexey Strigin
our reference
According to the preliminary data of the Ministry of Transport, for 9 months of 2007 cargo handling volume in the port of Russia amounts to 336.928 mln tons against 313.341 mln tons handled in the analogous period of 2006. Experts believe, by the end of 2007 the aggregate volume will make 450 mln tons of cargo.
For January – September cargo turnover of the ports of Russia grew by 23.587 mln tons year-on-year (+7.5%) including: dry bulk handling by 8.126 mln tons(+6.2%) to 138.238 mln tons, liquid bulk by 15.461mln tons (+8.4%) to 198.691 mln tons.
For 9 months of 2007 stevedoring companies of the North-West basin increased handling volumes by 10.3% to 156.612 mln tons including:
Dry bulk by 9.7% to 60.588 mln tons, liquid bulk by 10.6% to 96.024 mln tons.
South basin stevedores for the same period showed the result of 121.136 mln tons (+0.6% year-on-year). Dry bulk grew by 7.3% to 37.681 mln tons, liquid bulk dropped by 2.1% to 83.455 mln tons.
In January – September 2007 stevedoring companies of the Far Eastern basin handled 59.180 mln tons (+16.3% year-on-year). Dry bulk increased by 0.5% to 39.968 mln tons, liquid bulk – by 72.6% to 19.212 mln tons.
[~DETAIL_TEXT] => Dues oasis for stevedoring business
Special economic zones function on the RF territory in accordance with the Federal law of the Russian Federation effective from July 22, 2005 N 116 “On special economic zones of the Russian Federation”. Considering amendments this law underwent on June 3, 2006 three types of economic zones can be created in the Russian Federation: industrial – manufacturing, technical – promotional and tourist-recreation ones.
Port zones will be created on the territories of sea and river ports, airports open for international communication and on the territories developed for their construction, reconstruction and maintenance. According to the approved law the area of the port economic zone is not to exceed 50 square meters. However, the size of the given zone can be enlarged by the RF Government resolution.
The basic distinctive characteristic of the port zone is life cycle period. “Ordinary” free zones can function for 20 years with no right to prolongation and the port zone can live 49 years with no limits for prolongation.
Moreover, port oasises can be located on the territories of several municipal areas, juridical persons or citizens’ land and also include the whole territory of any administrative-territorial area. In the comments issued for the project of the federal law it is said that «peculiarities of economic subject (residents) functioning who work in the port special zone are differentiated in accordance with the type of activity implemented by the resident:
• Load-unload operations;
• Goods warehousing and transport-forwarding services;
• Provision and equipment the vessels with board stores;
• Repair, technical servicing and modernization of the vessels and vessel machinery;
• Fish processing and preserving;
• Work on pre-sale preparation of goods (packing, repacking, marking etc);
• Assembling operations;
• Wholesale;
• Assisting in port special zone functioning;
Residents get typical for the world practice economic preferences capable to increase competition of the Russian ports. In particular, goods located in the port zone are not charged with excise and other duties. Investors can pay property and land taxes within 5 years and get privileged rate of 20% for profit tax.
According to the Russian law residents are to follow certain demands. In case of construction infrastructural objects of the new sea port the minimal investment for the company-resident is EUR 100 mln, for river port or airport this volume makes EUR 50 mln, reconstruction of infrastructure objects in functioning ports costs EUR 3 mln.
Moreover, the company has to give to customs bodies documents on payment customs dues worth:
• RUR 30 mln for warehousing activities, wholesale and exchange sale of goods including that of excise and mineral raw material;
• RUR 10 mln for the goods not joining the list of excise production or mineral raw material;
• RUR 2.5 mln for other sort of port activities;
Port business world believes the set financial terms are quite adequate to the present stage of market development.
If a resident makes a decision to stop activities in the port zone they have the right to sell objects only to the company who registered as a resident of the given zone.
According to Maxim Bystrov, Deputy Head of the Federal Agency on Special Economic Zone Management, this concept significantly differs from ideology of other zones creation. If other zones are developed to attract investors, the port zones in their turn can boast great number of investors ready to participate in the projects. The basic task in this respect is to give privileges to functioning companies and increase competitiveness of the Russian stevedores.
Candidates Have Arrived
At present four zones are planned to be launched in Russia. In the opinion of Yury Zhdanov, Head of the Federal Agency on Special Zones Management, they must meet two main criterion. The first one has to do with proper infrastructure since it influences the port zone efficiency and, thus, budget allocations. The second reason is dictated by necessity to load the port zone by 100% which is only possible in gradual introduction of such business-units in accordance with proportional cargo flow increase.
The tender is planned to be held in early 2008. Igor Levitin, the RF Transport Minister, believes ports of Nakhodka, Novorossiysk and Ust-Luga have good chances to win the tender. Valery Izrailit, Chairman of the Board of Ust-Luga port, has already announced his company is ready to participate in it. Igor Levitin has also noted «considering the fact that the ports are the most important elements of international transport corridors following through the RF territory, and special port zone will allow transit transportation and distribute transit cargo». Thus, Ust-Luga special zone will be accompanied by transport corridor China-Russia-Europe launch and become an element of it.
According to German Gref, prior Minister of Economic Development and Trade, one of the project initiator and Russia’s partners are Singapore and Dubai. In his words, on average cargo container passage in Singapore takes 25 seconds and this experience will be of use for creation port zone in, for example, the port of Vostochny.
According to Vladimir Katrenko, the RF State Duma speaker, using innovative world experience in the new port zones of Russia will guarantee growth of port services export by 20%, though considering Russia’s potential it may reach even 50 - 100%.
No enthusiasm
In the opinion of the Russian port business, who took the Government initiatives with no enthusiasm, preferences will be given to the ports where Russian export oil is handled to decrease export oil dues.
Market participants who are involved into foreign economic activities are also quite reserved in their evaluations. «We are not to expect positive changes in this respect since our ports operate wear-and-tear park and their carrying capacities are rather low – Dmitry Feldman, CEO of Region JSC says. – Special economic conditions can be created but it is impossible to reconstruct Russian ports instantly. Their major problem is narrow and rather shallow waterway. Huge investment is required to construct waterway proper for large-capacity vessels. Of course, this law approval and giving certain guarantees to foreign investors may attract needed resources and, thus, the target will be achieved. However, the only law can perform as an instrument to solve technical problems».
Experts of InfraNews agency share this opinion and point out that the efficiency the port zone will demonstrate is to become inseparable from Russian economy development in general.
There are certain aspects that seem quite tricky for market participants. Management of the port zone will be implemented from Moscow. This scheme looks illogical for some experts. Konstantin Skovoroda, CEO of Russian Transport Lines JSC believes the certain dangers are also hidden in probable administrative barriers that may turn officially approved resolutions into unprofitable and restricting procedures.
Summing Up
Thus, the opportunity to launch port zones in Russia has both advantages and disadvantages. Quite probably, Russia will turn to such sort of experience of neighbouring Ukraine (port of Odessa and Kerch). Government officials feel positive: “I think our colleagues from the Baltic countries, Finland and Kazakhstan won’t feel offended since we are going to compete with them. Now the part of the cargo we are to receive in terms of logistics, the country of destination and other parameters is taken by our neighbors”, M.Bystrov emphasizes. Will real competition arrive? The time will show.
Alexey Strigin
our reference
According to the preliminary data of the Ministry of Transport, for 9 months of 2007 cargo handling volume in the port of Russia amounts to 336.928 mln tons against 313.341 mln tons handled in the analogous period of 2006. Experts believe, by the end of 2007 the aggregate volume will make 450 mln tons of cargo.
For January – September cargo turnover of the ports of Russia grew by 23.587 mln tons year-on-year (+7.5%) including: dry bulk handling by 8.126 mln tons(+6.2%) to 138.238 mln tons, liquid bulk by 15.461mln tons (+8.4%) to 198.691 mln tons.
For 9 months of 2007 stevedoring companies of the North-West basin increased handling volumes by 10.3% to 156.612 mln tons including:
Dry bulk by 9.7% to 60.588 mln tons, liquid bulk by 10.6% to 96.024 mln tons.
South basin stevedores for the same period showed the result of 121.136 mln tons (+0.6% year-on-year). Dry bulk grew by 7.3% to 37.681 mln tons, liquid bulk dropped by 2.1% to 83.455 mln tons.
In January – September 2007 stevedoring companies of the Far Eastern basin handled 59.180 mln tons (+16.3% year-on-year). Dry bulk increased by 0.5% to 39.968 mln tons, liquid bulk – by 72.6% to 19.212 mln tons.
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[DETAIL_TEXT] => Dues oasis for stevedoring business
Special economic zones function on the RF territory in accordance with the Federal law of the Russian Federation effective from July 22, 2005 N 116 “On special economic zones of the Russian Federation”. Considering amendments this law underwent on June 3, 2006 three types of economic zones can be created in the Russian Federation: industrial – manufacturing, technical – promotional and tourist-recreation ones.
Port zones will be created on the territories of sea and river ports, airports open for international communication and on the territories developed for their construction, reconstruction and maintenance. According to the approved law the area of the port economic zone is not to exceed 50 square meters. However, the size of the given zone can be enlarged by the RF Government resolution.
The basic distinctive characteristic of the port zone is life cycle period. “Ordinary” free zones can function for 20 years with no right to prolongation and the port zone can live 49 years with no limits for prolongation.
Moreover, port oasises can be located on the territories of several municipal areas, juridical persons or citizens’ land and also include the whole territory of any administrative-territorial area. In the comments issued for the project of the federal law it is said that «peculiarities of economic subject (residents) functioning who work in the port special zone are differentiated in accordance with the type of activity implemented by the resident:
• Load-unload operations;
• Goods warehousing and transport-forwarding services;
• Provision and equipment the vessels with board stores;
• Repair, technical servicing and modernization of the vessels and vessel machinery;
• Fish processing and preserving;
• Work on pre-sale preparation of goods (packing, repacking, marking etc);
• Assembling operations;
• Wholesale;
• Assisting in port special zone functioning;
Residents get typical for the world practice economic preferences capable to increase competition of the Russian ports. In particular, goods located in the port zone are not charged with excise and other duties. Investors can pay property and land taxes within 5 years and get privileged rate of 20% for profit tax.
According to the Russian law residents are to follow certain demands. In case of construction infrastructural objects of the new sea port the minimal investment for the company-resident is EUR 100 mln, for river port or airport this volume makes EUR 50 mln, reconstruction of infrastructure objects in functioning ports costs EUR 3 mln.
Moreover, the company has to give to customs bodies documents on payment customs dues worth:
• RUR 30 mln for warehousing activities, wholesale and exchange sale of goods including that of excise and mineral raw material;
• RUR 10 mln for the goods not joining the list of excise production or mineral raw material;
• RUR 2.5 mln for other sort of port activities;
Port business world believes the set financial terms are quite adequate to the present stage of market development.
If a resident makes a decision to stop activities in the port zone they have the right to sell objects only to the company who registered as a resident of the given zone.
According to Maxim Bystrov, Deputy Head of the Federal Agency on Special Economic Zone Management, this concept significantly differs from ideology of other zones creation. If other zones are developed to attract investors, the port zones in their turn can boast great number of investors ready to participate in the projects. The basic task in this respect is to give privileges to functioning companies and increase competitiveness of the Russian stevedores.
Candidates Have Arrived
At present four zones are planned to be launched in Russia. In the opinion of Yury Zhdanov, Head of the Federal Agency on Special Zones Management, they must meet two main criterion. The first one has to do with proper infrastructure since it influences the port zone efficiency and, thus, budget allocations. The second reason is dictated by necessity to load the port zone by 100% which is only possible in gradual introduction of such business-units in accordance with proportional cargo flow increase.
The tender is planned to be held in early 2008. Igor Levitin, the RF Transport Minister, believes ports of Nakhodka, Novorossiysk and Ust-Luga have good chances to win the tender. Valery Izrailit, Chairman of the Board of Ust-Luga port, has already announced his company is ready to participate in it. Igor Levitin has also noted «considering the fact that the ports are the most important elements of international transport corridors following through the RF territory, and special port zone will allow transit transportation and distribute transit cargo». Thus, Ust-Luga special zone will be accompanied by transport corridor China-Russia-Europe launch and become an element of it.
According to German Gref, prior Minister of Economic Development and Trade, one of the project initiator and Russia’s partners are Singapore and Dubai. In his words, on average cargo container passage in Singapore takes 25 seconds and this experience will be of use for creation port zone in, for example, the port of Vostochny.
According to Vladimir Katrenko, the RF State Duma speaker, using innovative world experience in the new port zones of Russia will guarantee growth of port services export by 20%, though considering Russia’s potential it may reach even 50 - 100%.
No enthusiasm
In the opinion of the Russian port business, who took the Government initiatives with no enthusiasm, preferences will be given to the ports where Russian export oil is handled to decrease export oil dues.
Market participants who are involved into foreign economic activities are also quite reserved in their evaluations. «We are not to expect positive changes in this respect since our ports operate wear-and-tear park and their carrying capacities are rather low – Dmitry Feldman, CEO of Region JSC says. – Special economic conditions can be created but it is impossible to reconstruct Russian ports instantly. Their major problem is narrow and rather shallow waterway. Huge investment is required to construct waterway proper for large-capacity vessels. Of course, this law approval and giving certain guarantees to foreign investors may attract needed resources and, thus, the target will be achieved. However, the only law can perform as an instrument to solve technical problems».
Experts of InfraNews agency share this opinion and point out that the efficiency the port zone will demonstrate is to become inseparable from Russian economy development in general.
There are certain aspects that seem quite tricky for market participants. Management of the port zone will be implemented from Moscow. This scheme looks illogical for some experts. Konstantin Skovoroda, CEO of Russian Transport Lines JSC believes the certain dangers are also hidden in probable administrative barriers that may turn officially approved resolutions into unprofitable and restricting procedures.
Summing Up
Thus, the opportunity to launch port zones in Russia has both advantages and disadvantages. Quite probably, Russia will turn to such sort of experience of neighbouring Ukraine (port of Odessa and Kerch). Government officials feel positive: “I think our colleagues from the Baltic countries, Finland and Kazakhstan won’t feel offended since we are going to compete with them. Now the part of the cargo we are to receive in terms of logistics, the country of destination and other parameters is taken by our neighbors”, M.Bystrov emphasizes. Will real competition arrive? The time will show.
Alexey Strigin
our reference
According to the preliminary data of the Ministry of Transport, for 9 months of 2007 cargo handling volume in the port of Russia amounts to 336.928 mln tons against 313.341 mln tons handled in the analogous period of 2006. Experts believe, by the end of 2007 the aggregate volume will make 450 mln tons of cargo.
For January – September cargo turnover of the ports of Russia grew by 23.587 mln tons year-on-year (+7.5%) including: dry bulk handling by 8.126 mln tons(+6.2%) to 138.238 mln tons, liquid bulk by 15.461mln tons (+8.4%) to 198.691 mln tons.
For 9 months of 2007 stevedoring companies of the North-West basin increased handling volumes by 10.3% to 156.612 mln tons including:
Dry bulk by 9.7% to 60.588 mln tons, liquid bulk by 10.6% to 96.024 mln tons.
South basin stevedores for the same period showed the result of 121.136 mln tons (+0.6% year-on-year). Dry bulk grew by 7.3% to 37.681 mln tons, liquid bulk dropped by 2.1% to 83.455 mln tons.
In January – September 2007 stevedoring companies of the Far Eastern basin handled 59.180 mln tons (+16.3% year-on-year). Dry bulk increased by 0.5% to 39.968 mln tons, liquid bulk – by 72.6% to 19.212 mln tons.
[~DETAIL_TEXT] => Dues oasis for stevedoring business
Special economic zones function on the RF territory in accordance with the Federal law of the Russian Federation effective from July 22, 2005 N 116 “On special economic zones of the Russian Federation”. Considering amendments this law underwent on June 3, 2006 three types of economic zones can be created in the Russian Federation: industrial – manufacturing, technical – promotional and tourist-recreation ones.
Port zones will be created on the territories of sea and river ports, airports open for international communication and on the territories developed for their construction, reconstruction and maintenance. According to the approved law the area of the port economic zone is not to exceed 50 square meters. However, the size of the given zone can be enlarged by the RF Government resolution.
The basic distinctive characteristic of the port zone is life cycle period. “Ordinary” free zones can function for 20 years with no right to prolongation and the port zone can live 49 years with no limits for prolongation.
Moreover, port oasises can be located on the territories of several municipal areas, juridical persons or citizens’ land and also include the whole territory of any administrative-territorial area. In the comments issued for the project of the federal law it is said that «peculiarities of economic subject (residents) functioning who work in the port special zone are differentiated in accordance with the type of activity implemented by the resident:
• Load-unload operations;
• Goods warehousing and transport-forwarding services;
• Provision and equipment the vessels with board stores;
• Repair, technical servicing and modernization of the vessels and vessel machinery;
• Fish processing and preserving;
• Work on pre-sale preparation of goods (packing, repacking, marking etc);
• Assembling operations;
• Wholesale;
• Assisting in port special zone functioning;
Residents get typical for the world practice economic preferences capable to increase competition of the Russian ports. In particular, goods located in the port zone are not charged with excise and other duties. Investors can pay property and land taxes within 5 years and get privileged rate of 20% for profit tax.
According to the Russian law residents are to follow certain demands. In case of construction infrastructural objects of the new sea port the minimal investment for the company-resident is EUR 100 mln, for river port or airport this volume makes EUR 50 mln, reconstruction of infrastructure objects in functioning ports costs EUR 3 mln.
Moreover, the company has to give to customs bodies documents on payment customs dues worth:
• RUR 30 mln for warehousing activities, wholesale and exchange sale of goods including that of excise and mineral raw material;
• RUR 10 mln for the goods not joining the list of excise production or mineral raw material;
• RUR 2.5 mln for other sort of port activities;
Port business world believes the set financial terms are quite adequate to the present stage of market development.
If a resident makes a decision to stop activities in the port zone they have the right to sell objects only to the company who registered as a resident of the given zone.
According to Maxim Bystrov, Deputy Head of the Federal Agency on Special Economic Zone Management, this concept significantly differs from ideology of other zones creation. If other zones are developed to attract investors, the port zones in their turn can boast great number of investors ready to participate in the projects. The basic task in this respect is to give privileges to functioning companies and increase competitiveness of the Russian stevedores.
Candidates Have Arrived
At present four zones are planned to be launched in Russia. In the opinion of Yury Zhdanov, Head of the Federal Agency on Special Zones Management, they must meet two main criterion. The first one has to do with proper infrastructure since it influences the port zone efficiency and, thus, budget allocations. The second reason is dictated by necessity to load the port zone by 100% which is only possible in gradual introduction of such business-units in accordance with proportional cargo flow increase.
The tender is planned to be held in early 2008. Igor Levitin, the RF Transport Minister, believes ports of Nakhodka, Novorossiysk and Ust-Luga have good chances to win the tender. Valery Izrailit, Chairman of the Board of Ust-Luga port, has already announced his company is ready to participate in it. Igor Levitin has also noted «considering the fact that the ports are the most important elements of international transport corridors following through the RF territory, and special port zone will allow transit transportation and distribute transit cargo». Thus, Ust-Luga special zone will be accompanied by transport corridor China-Russia-Europe launch and become an element of it.
According to German Gref, prior Minister of Economic Development and Trade, one of the project initiator and Russia’s partners are Singapore and Dubai. In his words, on average cargo container passage in Singapore takes 25 seconds and this experience will be of use for creation port zone in, for example, the port of Vostochny.
According to Vladimir Katrenko, the RF State Duma speaker, using innovative world experience in the new port zones of Russia will guarantee growth of port services export by 20%, though considering Russia’s potential it may reach even 50 - 100%.
No enthusiasm
In the opinion of the Russian port business, who took the Government initiatives with no enthusiasm, preferences will be given to the ports where Russian export oil is handled to decrease export oil dues.
Market participants who are involved into foreign economic activities are also quite reserved in their evaluations. «We are not to expect positive changes in this respect since our ports operate wear-and-tear park and their carrying capacities are rather low – Dmitry Feldman, CEO of Region JSC says. – Special economic conditions can be created but it is impossible to reconstruct Russian ports instantly. Their major problem is narrow and rather shallow waterway. Huge investment is required to construct waterway proper for large-capacity vessels. Of course, this law approval and giving certain guarantees to foreign investors may attract needed resources and, thus, the target will be achieved. However, the only law can perform as an instrument to solve technical problems».
Experts of InfraNews agency share this opinion and point out that the efficiency the port zone will demonstrate is to become inseparable from Russian economy development in general.
There are certain aspects that seem quite tricky for market participants. Management of the port zone will be implemented from Moscow. This scheme looks illogical for some experts. Konstantin Skovoroda, CEO of Russian Transport Lines JSC believes the certain dangers are also hidden in probable administrative barriers that may turn officially approved resolutions into unprofitable and restricting procedures.
Summing Up
Thus, the opportunity to launch port zones in Russia has both advantages and disadvantages. Quite probably, Russia will turn to such sort of experience of neighbouring Ukraine (port of Odessa and Kerch). Government officials feel positive: “I think our colleagues from the Baltic countries, Finland and Kazakhstan won’t feel offended since we are going to compete with them. Now the part of the cargo we are to receive in terms of logistics, the country of destination and other parameters is taken by our neighbors”, M.Bystrov emphasizes. Will real competition arrive? The time will show.
Alexey Strigin
our reference
According to the preliminary data of the Ministry of Transport, for 9 months of 2007 cargo handling volume in the port of Russia amounts to 336.928 mln tons against 313.341 mln tons handled in the analogous period of 2006. Experts believe, by the end of 2007 the aggregate volume will make 450 mln tons of cargo.
For January – September cargo turnover of the ports of Russia grew by 23.587 mln tons year-on-year (+7.5%) including: dry bulk handling by 8.126 mln tons(+6.2%) to 138.238 mln tons, liquid bulk by 15.461mln tons (+8.4%) to 198.691 mln tons.
For 9 months of 2007 stevedoring companies of the North-West basin increased handling volumes by 10.3% to 156.612 mln tons including:
Dry bulk by 9.7% to 60.588 mln tons, liquid bulk by 10.6% to 96.024 mln tons.
South basin stevedores for the same period showed the result of 121.136 mln tons (+0.6% year-on-year). Dry bulk grew by 7.3% to 37.681 mln tons, liquid bulk dropped by 2.1% to 83.455 mln tons.
In January – September 2007 stevedoring companies of the Far Eastern basin handled 59.180 mln tons (+16.3% year-on-year). Dry bulk increased by 0.5% to 39.968 mln tons, liquid bulk – by 72.6% to 19.212 mln tons.
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In 2007 the Big Port of Saint Petersburg astonished the European shipping business by showing a growth in bunker fuel of 20% for 6 months. These volumes equal those of the port of Hamburg, which has a higher ship turnover. The secret of this miraculous result lies in the fact that Saint Petersburg offers the cheapest bunkering in Europe, which attracts ship owners. Hopefully, next year will bring more foreign bunker companies and oil holdings to the local market and strengthen competition.Array
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[NAME] => Bunker market of Saint-Petersburg: Do not be late to enter
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[DETAIL_TEXT] => Unprecedented Growth
Russian ports in the Baltic region handle almost 40% of the cargo flowing through Russia and a quarter of exported oil products. In January-September 2007 sea terminals of the Russian part of the Finnish Gulf and Kaliningrad region handled 130 million tons of cargo, with growth of 14% year-on-year. The ports in the region expect aggregate cargo turnover to rise to 160 million in 2007. Growth of handled cargo volumes result in a boost in the number of ship calls. Thus, bunker fuel sales are increasing as well. In this respect the highest development rates are recorded in the Big Sea Commercial Port of Saint Petersburg. According to research agency “PortNews”, in 2007 the volume of the bunker market in the port increased by 20% year-on-year and exceeded 900.000 tons. This is twice as high as the results shown by the regional market in 2006 when bunker companies of Saint Petersburg handled 1.7 million tons of fuel, with 10% growth year-on-year.
“Fuel deliveries are increasing at tremendous rates. Not long ago, annual sales growth didn’t exceed 10% per year and now in the first half of the year the market grew by 20%”, said Vitaly Kovalev, President of the Association of Sea and River Fuelers.
According to experts, the aggregate volume of the sector in the North-West of Russia (ports of Saint Petersburg, Primorsk and Kaliningrad) amounts to 140-150.000 tons per month. At the same time the port of Rotterdam provides 1 million tons of fuel per month. Medium analogous results shown by the port of Hamburg makes about 140.000 tons, the port of Tallinn – 20.000 tons, the port of Klaipeda – about 6.000 tons. Thus, the Russian bunker sector in the Baltic region can be compared with the market of the port of Hamburg, the second biggest port in Europe, and is inferior only to the Rotterdam, the biggest player in the market. And there are obvious reasons to this.
Bunker companies of the port of Saint Petersburg believe they have weighty reason to increase sales of fuel since the price for 1 ton of mazut at the port of Rotterdam is USD 100 higher than in Saint Petersburg. This means it is more profitable to fuel the vessel as much as possible in Saint Petersburg which, in turn, causes the above-mentioned volume growth and parity with Hamburg despite the number of ship calls to the European harbor exceeding that of Saint Petersburg many times over. Cheap oil – cheap mazut.
Market Map
What does the market which will soon turn into an arena of Russian vertically-integrated oil companies and specialized foreign players look like?
Total ship calls to the port of Saint Petersburg for January to June was 6.000 vessels. This is an increase of almost 1.000 vessels on H1 of 2006. Ship turnover follows the cargo turnover growth achieved by the biggest sea terminals of the port. In 2007 fuel was sold by 35 companies in Saint Petersburg. Compared with 2006, a tendency of consolidation can be observed on the market as, before, about 45 companies were operating in this sector.
Among bunker market players, the best sales results in H1 2007 were posted by the group of companies Nevsky Mazut (150.400 tons of oil products). The list of top ten companies besides Nevsky Mazut included Baltic Bunker Company JSC, Transbunker – Baltic JSC, Kontur Spb JSC, Energy Company Fenix Holding JSC, Lukoil-Neva JSC, Baltic Export Company JSC, Yukos Export Trading JSC, Baltic Trade House JSC and Andia JSC.
According to experts, in H1 2007 aggregate bunker volume amounted to 901.380 tons of light fuel oil and black oil fuel against 747,480 tons in H1 2006. The above-mentioned companies in the top ten take 64% of the aggregate volume (574.390 tons) i.e. about the half. For H1 2007 light fuel oil sales were 144.870 tons (+15% year-on-year) and black fuel oil – 756.510 tons (+22%). The proportion of black and light oil products did not change on the Saint Petersburg market: in H1 2006 mazut took 83% of all oil products sales and in 2007 the share is 84%.
In one of the market player’s words, together with the sales growth a trend towards profitability can also be seen. Late last year, bunker companies recorded negative profits during some periods. In this respect 2007 gave a certain amount of stability. Fuel sales profitability reached 2-3%. “Starting from February 2007 bunker market profitability has grown at a certain amount”, Stanislav Korneev, shareholder of Baltic Export Company JSC, states. However, there are those who disagree. “We do not earn from oil, we receive a margin from the price fluctuations on the domestic oil products market and that of port traders” offers, comments Alexander Sobolev, Board Member of Nevsky Mazut JSC, “This difference in prices is getting smaller and smaller year by year. Due to this, profitability is not extraordinarily high.”
In general light and black fuel oil in the port of Saint Petersburg (excluding Primorsk) will amount to 2 million tons in 2007.
What will the future bring?
H2 2007 will bring not only further growth in the Saint Petersburg bunker market but also a quality change since development of the fuel business will attract new prospective projects.
Transbunker group of companies, which is the biggest player in the market, reached Saint Petersburg in 2006. Construction of their own bunker terminal in Saint Petersburg pushed the company’s business to the Baltic region. Investment in a terminal with a capacity of 200.000 tons per year is worth USD 18-20 million. Implementation of the full project will enhance the terminal’s capacity to 800.000 tons per year which will allow Transbunker to take a leading position in Saint Petersburg. There is another ambitious project developed by NT-Bunkering which has to do with construction of a new berth and a new bunkering base in the port with capacity of 1.2 – 1.3 million tons per year. However, it has not been implemented in H1 2007.
A senior analyst of “PortNews” Nadezhda Malysheva believes that the sector will be consolidated further and soon be controlled by the companies which possess the specialised infrastructure (storage capacity, fleets, motor trucks, etc) to handle oil products. It is not impossible that, in 2008, regional players will have to make room for big players i.e. bunker departments of big vertically-integrated oil companies such as Rosneft and TNK-BP.
Other changes are also to be expected. According to approved clauses of the MARPOL International Convention, starting from mid-August SECA will expand borders. The North Sea and English Channel will undergo Convention regulation. Consequently, tougher ecological requirements will be settled for Rotterdam and Amsterdam and the nature of fuel used in the North Sea will have to be changed.
Another quite important fact to mention is natural limits preventing the Russian ports from bunker volume growth proportionate to cargo turnover growth.
According to Sergey Kisilev, an independent expert in oil terminals, the Baltic sea is shallow. The depth limit set for vessels coming out of it is 15 metres. Moreover, each Russian port has additional limits connected with the configuration of access ducts.
Summing Up
Even considering all limits, the port of Saint Petersburg shows the highest rates of development in Europe. This seems rather attractive for foreign companies. Moreover, competition will make fuelers create more attractive policies and terms for their customers and its profitability can allow this.
Sofia Vinarova
[~DETAIL_TEXT] => Unprecedented Growth
Russian ports in the Baltic region handle almost 40% of the cargo flowing through Russia and a quarter of exported oil products. In January-September 2007 sea terminals of the Russian part of the Finnish Gulf and Kaliningrad region handled 130 million tons of cargo, with growth of 14% year-on-year. The ports in the region expect aggregate cargo turnover to rise to 160 million in 2007. Growth of handled cargo volumes result in a boost in the number of ship calls. Thus, bunker fuel sales are increasing as well. In this respect the highest development rates are recorded in the Big Sea Commercial Port of Saint Petersburg. According to research agency “PortNews”, in 2007 the volume of the bunker market in the port increased by 20% year-on-year and exceeded 900.000 tons. This is twice as high as the results shown by the regional market in 2006 when bunker companies of Saint Petersburg handled 1.7 million tons of fuel, with 10% growth year-on-year.
“Fuel deliveries are increasing at tremendous rates. Not long ago, annual sales growth didn’t exceed 10% per year and now in the first half of the year the market grew by 20%”, said Vitaly Kovalev, President of the Association of Sea and River Fuelers.
According to experts, the aggregate volume of the sector in the North-West of Russia (ports of Saint Petersburg, Primorsk and Kaliningrad) amounts to 140-150.000 tons per month. At the same time the port of Rotterdam provides 1 million tons of fuel per month. Medium analogous results shown by the port of Hamburg makes about 140.000 tons, the port of Tallinn – 20.000 tons, the port of Klaipeda – about 6.000 tons. Thus, the Russian bunker sector in the Baltic region can be compared with the market of the port of Hamburg, the second biggest port in Europe, and is inferior only to the Rotterdam, the biggest player in the market. And there are obvious reasons to this.
Bunker companies of the port of Saint Petersburg believe they have weighty reason to increase sales of fuel since the price for 1 ton of mazut at the port of Rotterdam is USD 100 higher than in Saint Petersburg. This means it is more profitable to fuel the vessel as much as possible in Saint Petersburg which, in turn, causes the above-mentioned volume growth and parity with Hamburg despite the number of ship calls to the European harbor exceeding that of Saint Petersburg many times over. Cheap oil – cheap mazut.
Market Map
What does the market which will soon turn into an arena of Russian vertically-integrated oil companies and specialized foreign players look like?
Total ship calls to the port of Saint Petersburg for January to June was 6.000 vessels. This is an increase of almost 1.000 vessels on H1 of 2006. Ship turnover follows the cargo turnover growth achieved by the biggest sea terminals of the port. In 2007 fuel was sold by 35 companies in Saint Petersburg. Compared with 2006, a tendency of consolidation can be observed on the market as, before, about 45 companies were operating in this sector.
Among bunker market players, the best sales results in H1 2007 were posted by the group of companies Nevsky Mazut (150.400 tons of oil products). The list of top ten companies besides Nevsky Mazut included Baltic Bunker Company JSC, Transbunker – Baltic JSC, Kontur Spb JSC, Energy Company Fenix Holding JSC, Lukoil-Neva JSC, Baltic Export Company JSC, Yukos Export Trading JSC, Baltic Trade House JSC and Andia JSC.
According to experts, in H1 2007 aggregate bunker volume amounted to 901.380 tons of light fuel oil and black oil fuel against 747,480 tons in H1 2006. The above-mentioned companies in the top ten take 64% of the aggregate volume (574.390 tons) i.e. about the half. For H1 2007 light fuel oil sales were 144.870 tons (+15% year-on-year) and black fuel oil – 756.510 tons (+22%). The proportion of black and light oil products did not change on the Saint Petersburg market: in H1 2006 mazut took 83% of all oil products sales and in 2007 the share is 84%.
In one of the market player’s words, together with the sales growth a trend towards profitability can also be seen. Late last year, bunker companies recorded negative profits during some periods. In this respect 2007 gave a certain amount of stability. Fuel sales profitability reached 2-3%. “Starting from February 2007 bunker market profitability has grown at a certain amount”, Stanislav Korneev, shareholder of Baltic Export Company JSC, states. However, there are those who disagree. “We do not earn from oil, we receive a margin from the price fluctuations on the domestic oil products market and that of port traders” offers, comments Alexander Sobolev, Board Member of Nevsky Mazut JSC, “This difference in prices is getting smaller and smaller year by year. Due to this, profitability is not extraordinarily high.”
In general light and black fuel oil in the port of Saint Petersburg (excluding Primorsk) will amount to 2 million tons in 2007.
What will the future bring?
H2 2007 will bring not only further growth in the Saint Petersburg bunker market but also a quality change since development of the fuel business will attract new prospective projects.
Transbunker group of companies, which is the biggest player in the market, reached Saint Petersburg in 2006. Construction of their own bunker terminal in Saint Petersburg pushed the company’s business to the Baltic region. Investment in a terminal with a capacity of 200.000 tons per year is worth USD 18-20 million. Implementation of the full project will enhance the terminal’s capacity to 800.000 tons per year which will allow Transbunker to take a leading position in Saint Petersburg. There is another ambitious project developed by NT-Bunkering which has to do with construction of a new berth and a new bunkering base in the port with capacity of 1.2 – 1.3 million tons per year. However, it has not been implemented in H1 2007.
A senior analyst of “PortNews” Nadezhda Malysheva believes that the sector will be consolidated further and soon be controlled by the companies which possess the specialised infrastructure (storage capacity, fleets, motor trucks, etc) to handle oil products. It is not impossible that, in 2008, regional players will have to make room for big players i.e. bunker departments of big vertically-integrated oil companies such as Rosneft and TNK-BP.
Other changes are also to be expected. According to approved clauses of the MARPOL International Convention, starting from mid-August SECA will expand borders. The North Sea and English Channel will undergo Convention regulation. Consequently, tougher ecological requirements will be settled for Rotterdam and Amsterdam and the nature of fuel used in the North Sea will have to be changed.
Another quite important fact to mention is natural limits preventing the Russian ports from bunker volume growth proportionate to cargo turnover growth.
According to Sergey Kisilev, an independent expert in oil terminals, the Baltic sea is shallow. The depth limit set for vessels coming out of it is 15 metres. Moreover, each Russian port has additional limits connected with the configuration of access ducts.
Summing Up
Even considering all limits, the port of Saint Petersburg shows the highest rates of development in Europe. This seems rather attractive for foreign companies. Moreover, competition will make fuelers create more attractive policies and terms for their customers and its profitability can allow this.
Sofia Vinarova
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[SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/partner/2007/4/025.png" border="1" alt=" " hspace="5" width="140" height="110" align="left" />In 2007 the Big Port of Saint Petersburg astonished the European shipping business by showing a growth in bunker fuel of 20% for 6 months. These volumes equal those of the port of Hamburg, which has a higher ship turnover. The secret of this miraculous result lies in the fact that Saint Petersburg offers the cheapest bunkering in Europe, which attracts ship owners. Hopefully, next year will bring more foreign bunker companies and oil holdings to the local market and strengthen competition.
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[DETAIL_TEXT] => Unprecedented Growth
Russian ports in the Baltic region handle almost 40% of the cargo flowing through Russia and a quarter of exported oil products. In January-September 2007 sea terminals of the Russian part of the Finnish Gulf and Kaliningrad region handled 130 million tons of cargo, with growth of 14% year-on-year. The ports in the region expect aggregate cargo turnover to rise to 160 million in 2007. Growth of handled cargo volumes result in a boost in the number of ship calls. Thus, bunker fuel sales are increasing as well. In this respect the highest development rates are recorded in the Big Sea Commercial Port of Saint Petersburg. According to research agency “PortNews”, in 2007 the volume of the bunker market in the port increased by 20% year-on-year and exceeded 900.000 tons. This is twice as high as the results shown by the regional market in 2006 when bunker companies of Saint Petersburg handled 1.7 million tons of fuel, with 10% growth year-on-year.
“Fuel deliveries are increasing at tremendous rates. Not long ago, annual sales growth didn’t exceed 10% per year and now in the first half of the year the market grew by 20%”, said Vitaly Kovalev, President of the Association of Sea and River Fuelers.
According to experts, the aggregate volume of the sector in the North-West of Russia (ports of Saint Petersburg, Primorsk and Kaliningrad) amounts to 140-150.000 tons per month. At the same time the port of Rotterdam provides 1 million tons of fuel per month. Medium analogous results shown by the port of Hamburg makes about 140.000 tons, the port of Tallinn – 20.000 tons, the port of Klaipeda – about 6.000 tons. Thus, the Russian bunker sector in the Baltic region can be compared with the market of the port of Hamburg, the second biggest port in Europe, and is inferior only to the Rotterdam, the biggest player in the market. And there are obvious reasons to this.
Bunker companies of the port of Saint Petersburg believe they have weighty reason to increase sales of fuel since the price for 1 ton of mazut at the port of Rotterdam is USD 100 higher than in Saint Petersburg. This means it is more profitable to fuel the vessel as much as possible in Saint Petersburg which, in turn, causes the above-mentioned volume growth and parity with Hamburg despite the number of ship calls to the European harbor exceeding that of Saint Petersburg many times over. Cheap oil – cheap mazut.
Market Map
What does the market which will soon turn into an arena of Russian vertically-integrated oil companies and specialized foreign players look like?
Total ship calls to the port of Saint Petersburg for January to June was 6.000 vessels. This is an increase of almost 1.000 vessels on H1 of 2006. Ship turnover follows the cargo turnover growth achieved by the biggest sea terminals of the port. In 2007 fuel was sold by 35 companies in Saint Petersburg. Compared with 2006, a tendency of consolidation can be observed on the market as, before, about 45 companies were operating in this sector.
Among bunker market players, the best sales results in H1 2007 were posted by the group of companies Nevsky Mazut (150.400 tons of oil products). The list of top ten companies besides Nevsky Mazut included Baltic Bunker Company JSC, Transbunker – Baltic JSC, Kontur Spb JSC, Energy Company Fenix Holding JSC, Lukoil-Neva JSC, Baltic Export Company JSC, Yukos Export Trading JSC, Baltic Trade House JSC and Andia JSC.
According to experts, in H1 2007 aggregate bunker volume amounted to 901.380 tons of light fuel oil and black oil fuel against 747,480 tons in H1 2006. The above-mentioned companies in the top ten take 64% of the aggregate volume (574.390 tons) i.e. about the half. For H1 2007 light fuel oil sales were 144.870 tons (+15% year-on-year) and black fuel oil – 756.510 tons (+22%). The proportion of black and light oil products did not change on the Saint Petersburg market: in H1 2006 mazut took 83% of all oil products sales and in 2007 the share is 84%.
In one of the market player’s words, together with the sales growth a trend towards profitability can also be seen. Late last year, bunker companies recorded negative profits during some periods. In this respect 2007 gave a certain amount of stability. Fuel sales profitability reached 2-3%. “Starting from February 2007 bunker market profitability has grown at a certain amount”, Stanislav Korneev, shareholder of Baltic Export Company JSC, states. However, there are those who disagree. “We do not earn from oil, we receive a margin from the price fluctuations on the domestic oil products market and that of port traders” offers, comments Alexander Sobolev, Board Member of Nevsky Mazut JSC, “This difference in prices is getting smaller and smaller year by year. Due to this, profitability is not extraordinarily high.”
In general light and black fuel oil in the port of Saint Petersburg (excluding Primorsk) will amount to 2 million tons in 2007.
What will the future bring?
H2 2007 will bring not only further growth in the Saint Petersburg bunker market but also a quality change since development of the fuel business will attract new prospective projects.
Transbunker group of companies, which is the biggest player in the market, reached Saint Petersburg in 2006. Construction of their own bunker terminal in Saint Petersburg pushed the company’s business to the Baltic region. Investment in a terminal with a capacity of 200.000 tons per year is worth USD 18-20 million. Implementation of the full project will enhance the terminal’s capacity to 800.000 tons per year which will allow Transbunker to take a leading position in Saint Petersburg. There is another ambitious project developed by NT-Bunkering which has to do with construction of a new berth and a new bunkering base in the port with capacity of 1.2 – 1.3 million tons per year. However, it has not been implemented in H1 2007.
A senior analyst of “PortNews” Nadezhda Malysheva believes that the sector will be consolidated further and soon be controlled by the companies which possess the specialised infrastructure (storage capacity, fleets, motor trucks, etc) to handle oil products. It is not impossible that, in 2008, regional players will have to make room for big players i.e. bunker departments of big vertically-integrated oil companies such as Rosneft and TNK-BP.
Other changes are also to be expected. According to approved clauses of the MARPOL International Convention, starting from mid-August SECA will expand borders. The North Sea and English Channel will undergo Convention regulation. Consequently, tougher ecological requirements will be settled for Rotterdam and Amsterdam and the nature of fuel used in the North Sea will have to be changed.
Another quite important fact to mention is natural limits preventing the Russian ports from bunker volume growth proportionate to cargo turnover growth.
According to Sergey Kisilev, an independent expert in oil terminals, the Baltic sea is shallow. The depth limit set for vessels coming out of it is 15 metres. Moreover, each Russian port has additional limits connected with the configuration of access ducts.
Summing Up
Even considering all limits, the port of Saint Petersburg shows the highest rates of development in Europe. This seems rather attractive for foreign companies. Moreover, competition will make fuelers create more attractive policies and terms for their customers and its profitability can allow this.
Sofia Vinarova
[~DETAIL_TEXT] => Unprecedented Growth
Russian ports in the Baltic region handle almost 40% of the cargo flowing through Russia and a quarter of exported oil products. In January-September 2007 sea terminals of the Russian part of the Finnish Gulf and Kaliningrad region handled 130 million tons of cargo, with growth of 14% year-on-year. The ports in the region expect aggregate cargo turnover to rise to 160 million in 2007. Growth of handled cargo volumes result in a boost in the number of ship calls. Thus, bunker fuel sales are increasing as well. In this respect the highest development rates are recorded in the Big Sea Commercial Port of Saint Petersburg. According to research agency “PortNews”, in 2007 the volume of the bunker market in the port increased by 20% year-on-year and exceeded 900.000 tons. This is twice as high as the results shown by the regional market in 2006 when bunker companies of Saint Petersburg handled 1.7 million tons of fuel, with 10% growth year-on-year.
“Fuel deliveries are increasing at tremendous rates. Not long ago, annual sales growth didn’t exceed 10% per year and now in the first half of the year the market grew by 20%”, said Vitaly Kovalev, President of the Association of Sea and River Fuelers.
According to experts, the aggregate volume of the sector in the North-West of Russia (ports of Saint Petersburg, Primorsk and Kaliningrad) amounts to 140-150.000 tons per month. At the same time the port of Rotterdam provides 1 million tons of fuel per month. Medium analogous results shown by the port of Hamburg makes about 140.000 tons, the port of Tallinn – 20.000 tons, the port of Klaipeda – about 6.000 tons. Thus, the Russian bunker sector in the Baltic region can be compared with the market of the port of Hamburg, the second biggest port in Europe, and is inferior only to the Rotterdam, the biggest player in the market. And there are obvious reasons to this.
Bunker companies of the port of Saint Petersburg believe they have weighty reason to increase sales of fuel since the price for 1 ton of mazut at the port of Rotterdam is USD 100 higher than in Saint Petersburg. This means it is more profitable to fuel the vessel as much as possible in Saint Petersburg which, in turn, causes the above-mentioned volume growth and parity with Hamburg despite the number of ship calls to the European harbor exceeding that of Saint Petersburg many times over. Cheap oil – cheap mazut.
Market Map
What does the market which will soon turn into an arena of Russian vertically-integrated oil companies and specialized foreign players look like?
Total ship calls to the port of Saint Petersburg for January to June was 6.000 vessels. This is an increase of almost 1.000 vessels on H1 of 2006. Ship turnover follows the cargo turnover growth achieved by the biggest sea terminals of the port. In 2007 fuel was sold by 35 companies in Saint Petersburg. Compared with 2006, a tendency of consolidation can be observed on the market as, before, about 45 companies were operating in this sector.
Among bunker market players, the best sales results in H1 2007 were posted by the group of companies Nevsky Mazut (150.400 tons of oil products). The list of top ten companies besides Nevsky Mazut included Baltic Bunker Company JSC, Transbunker – Baltic JSC, Kontur Spb JSC, Energy Company Fenix Holding JSC, Lukoil-Neva JSC, Baltic Export Company JSC, Yukos Export Trading JSC, Baltic Trade House JSC and Andia JSC.
According to experts, in H1 2007 aggregate bunker volume amounted to 901.380 tons of light fuel oil and black oil fuel against 747,480 tons in H1 2006. The above-mentioned companies in the top ten take 64% of the aggregate volume (574.390 tons) i.e. about the half. For H1 2007 light fuel oil sales were 144.870 tons (+15% year-on-year) and black fuel oil – 756.510 tons (+22%). The proportion of black and light oil products did not change on the Saint Petersburg market: in H1 2006 mazut took 83% of all oil products sales and in 2007 the share is 84%.
In one of the market player’s words, together with the sales growth a trend towards profitability can also be seen. Late last year, bunker companies recorded negative profits during some periods. In this respect 2007 gave a certain amount of stability. Fuel sales profitability reached 2-3%. “Starting from February 2007 bunker market profitability has grown at a certain amount”, Stanislav Korneev, shareholder of Baltic Export Company JSC, states. However, there are those who disagree. “We do not earn from oil, we receive a margin from the price fluctuations on the domestic oil products market and that of port traders” offers, comments Alexander Sobolev, Board Member of Nevsky Mazut JSC, “This difference in prices is getting smaller and smaller year by year. Due to this, profitability is not extraordinarily high.”
In general light and black fuel oil in the port of Saint Petersburg (excluding Primorsk) will amount to 2 million tons in 2007.
What will the future bring?
H2 2007 will bring not only further growth in the Saint Petersburg bunker market but also a quality change since development of the fuel business will attract new prospective projects.
Transbunker group of companies, which is the biggest player in the market, reached Saint Petersburg in 2006. Construction of their own bunker terminal in Saint Petersburg pushed the company’s business to the Baltic region. Investment in a terminal with a capacity of 200.000 tons per year is worth USD 18-20 million. Implementation of the full project will enhance the terminal’s capacity to 800.000 tons per year which will allow Transbunker to take a leading position in Saint Petersburg. There is another ambitious project developed by NT-Bunkering which has to do with construction of a new berth and a new bunkering base in the port with capacity of 1.2 – 1.3 million tons per year. However, it has not been implemented in H1 2007.
A senior analyst of “PortNews” Nadezhda Malysheva believes that the sector will be consolidated further and soon be controlled by the companies which possess the specialised infrastructure (storage capacity, fleets, motor trucks, etc) to handle oil products. It is not impossible that, in 2008, regional players will have to make room for big players i.e. bunker departments of big vertically-integrated oil companies such as Rosneft and TNK-BP.
Other changes are also to be expected. According to approved clauses of the MARPOL International Convention, starting from mid-August SECA will expand borders. The North Sea and English Channel will undergo Convention regulation. Consequently, tougher ecological requirements will be settled for Rotterdam and Amsterdam and the nature of fuel used in the North Sea will have to be changed.
Another quite important fact to mention is natural limits preventing the Russian ports from bunker volume growth proportionate to cargo turnover growth.
According to Sergey Kisilev, an independent expert in oil terminals, the Baltic sea is shallow. The depth limit set for vessels coming out of it is 15 metres. Moreover, each Russian port has additional limits connected with the configuration of access ducts.
Summing Up
Even considering all limits, the port of Saint Petersburg shows the highest rates of development in Europe. This seems rather attractive for foreign companies. Moreover, competition will make fuelers create more attractive policies and terms for their customers and its profitability can allow this.
Sofia Vinarova
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Cargo sector in the Russian airport business has been booming. There is no federal air harbour that wouldn’t have intended to build specialized cargo-terminal within two past years. Foreign airlines which now prefer not to deal with Russian cargo airports may change their opinions for the better soon.Array
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[DETAIL_TEXT] => Demand brings more projects
In March 2007 in Vnukovo airport (Moscow) construction of the new multi-functional postal-cargo terminal with the aggregate area of 57 thousand square meters and capacity of 2 thousand tons was started. Annual capacities of the object will amount to 150 thousand tons. Warehousing areas of the terminal make 17.5 thousand meters and more 20 thousand meters are given to facilitate agent, broker and forwarding services. The construction is to be completed in 2008.
Vnukovo also plans to construct express servicing center to handle cargo and post. The aggregate area of the center will make 24 thousand square meters and annual carrying capacity – about 40 thousand tons. Both these objects will increase the volume of handled cargo sevenfold.
In 2008 Domodedovo airport who performs as a leader in terms of cargo handling volumes with the result of 166 thousand tons in 2006 (54% of aggregate volume handled by Moscow air enterprises) in the person of East Line management company will starts construction of the third stage of cargo terminal with the aggregate area of 7 thousand square meters. The project is to be completed in 2010 and enhance the cargo area of the airport to 20 thousand square meters.
Koltsovo airport (Yekaterinburg) in addition to currently functioning capacities plans to launch a cargo logistic terminal which is to be constructed in several stages. The first stage (area of 20 thousand square meters) is to be launched in 2008, the second stage will bring more 80 thousand square meters and is to be completed until 2010. These steps will result in increase of Koltsovo cargo turnover from 15 thousand tons of cargo handled currently to 100-150 thousand tons per year.
At present Tolmachevo airport (Novosibirsk) is launching the first stage of the cargo terminal. The area totals 11.178 square meters, warehousing and technological areas – 6.750 square meters. Capacity amounts to 50 thousand tons of cargo per year.
In 2007-2008 Irkutsk airport plans to construct the first stage of logistic complex operating warehousing services as well with the area of 10 thousand square meters. The second stage will result in cargo customs terminal construction (10 thousand square meters). The object is to be launched in 2008 -2009.
In this respect Pulkovo airport (Saint Petersburg) is a sort of paradox. This is the only federal airport located in the north-west of Russia that does not have efficient capacities for cargo handling. Pulkovo Cargo Terminal was constructed several years ago and now is not a highly efficient enterprise. Thus, now we can observe quite strange situation when cargo following to Saint Petersburg is firstly delivered to Moscow or Vantaa (Finland) and after that is carried by truck to Saint Petersburg. Considering this the company plans to construct efficient cargo village. Design of the cargo area and facilities is being developed at present, though it would be quite logical to suppose the project will be competitive to Moscow projects since Pulkovo feels positive enough to compete on air cargo handling market.
If to analyze the map we can easily find out that the initiators of cargo boom are the companies who are located across the TransSiberian route axis since this is the very place where air corridor is situated and most transcontinental flights between Europe and Asia are serviced within this route. This has to do with the federal airports; according to the Ministry of Transport, most of them are to be joined into the national net of hubs. Airports showing less significant results in terms of cargo turnover are also involved into the programme. They are as follows: Chita, Vogograd, Kazan, Rostov-on-Don, Tomsk, Chelyabinsk, Sovetskaya Gavan, Sochi etc. All of them have already declared the intention to develop cargo sector.
Generally speaking the most of the projects for cargo sector development are worked out in accordance with the typical scheme i.e. investment into cargo load equipment, construction of logistic complex capable to store many types of cargo including dangerous goods and efficient customs zone launch.
Cargo gives profit
Market analyses demonstrates the following results. For 8 months of 2007 the volume of cargo and post transportation grew by 10.4% year-on-year (to 439.4 thousand tons). According to the results of H1 2007 air transport became the leader in terms of cargo turnover growth (+11.1%) having left other modes of transport far behind. Oleg Panteleyev, Head of the analytical service of AviaPort agency, comments on the observed tendency. «Besides the general economy growth that requires cargo turnover increase there is so-called sectoral factor i.e. airlines turned to cargo sector which was inferior area for them before. Carriers try to be more efficient and, moreover, by now the range of cargo consignors who deal with the companies operating have developed route network and high flights frequency has formed», – experts says. Thus, clients’ demand resulted in suppliers’ proposals growth.
Aeroflot and S7 have separated cargo activities into affiliates AeroflotCargo and S7 Cargo respectively. Other carriers are actively developing the agent net and try to attract non-core clients. AirBridgeCargo, affiliate of VolgaDnepr world cargo airline, plans to launch the hub network joining an airport in the Russia Far East (in Khabarovsk or Vladivostok), Yemelyanovo (Krasnoyarsk), Domodedovo and Pulkovo.
The growth of passenger transportation resulted in operating a greater number of aircrafts with capacious cargo pods. Thus, empty capacity attracts cargo. «Despite the fact that we do not run the park of specialized cargo aircrafts and are mainly concentrated on passenger transportation we took the leading place in cargo transportation delivering them in baggage compartments», – Sergey Bykhal, PR Director of Transaero JSC says.
Aircraft are wanted
Andrey Goryashko, AeroflotCargo CEO, mentions the problems the air cargo transportation has to overcome. Foreign practice shows that cargo and passenger sectors are developed in the airports as independent structures since this approach can minimize the conflict of interests. The Russian practice has quite contrary nature. Moreover, in Russian practice there are the facts when not only two different businesses are controlled by one and the same organization but this body also controls aviation and airport complexes i.e. airport buildings and squadron. It is quite clear what the consequences of such practice can be: airport gives preferences to its own carrier making competitors fail and, thus, the range of flights this harbour runs reduces.
Due to undeveloped infrastructure the basic advantage of air transport delivery (i.e. speed) can be lost. The deficit has to do with two principal things any carrier requires: modern load equipment and warehousing capacities.
«Foreign cargo companies try to avoid Russia due to the lack of the equipment that could take containers out of aircraft. In regions such equipment is particular rarity. Only some of the Russian airports (Moscow, Saint Petersburg, Yemelyanovo and Tolmachevo) operate this machinery, – O.Panteleyev says. – Thus, this situation looks as vicious circle: we do not have heavy cargo flow that is why there are no reasons to purchase expensive equipment to service cargo flights. And vice versa we do not have required equipment and, thus, we can not service cargo airlines».
One more problem is typical for the Russian airlines. «If the world carriers transport cargo not only by passenger but mostly specialized aircrafts equipped with all the required technologies to load/unload cargo. We focus on passenger aircrafts and, thus, experience lack of technological basis».
At last, representative of one of the agent companies believes that «management of state-run airlines does not express eager desire to work with cargo and improve efficiency of the enterprise. To load aircraft pod with the cargo one has to agree with a top-manager or with someone on the airfield in illegal way». According to this representative, once his company offered to one big carrier to sell baggage capacities for certain period for certain route on the rates higher than those of the market. Thus, the carrier could receive good profit having rented empty capacities for a long period. However, the deal failed just because the carrier did not know what to do with such sort of offer, how to issue the documents and organize the financial scheme to service the contract. In other words, they were not ready for the new form of cooperation.
Stake on Logistics
The report prepared in 2006 by Koltsovo airport concerning postal-cargo transportation shows the volume of cargo flow increased by 23% year-on-year. Among the factors that assisted in such favourable results are given the following ones: cooperation with truck and railway transport-forwarding companies; providing warehousing capacities for valuable cargo storage; launch of efficient transit scheme for cargo delivery from Europe to Koltsovo and further on to the CIS. In future to improve services the enterprise plans to construct new logistic center and develop a multimodal transport junction on the basis of airport.
In other words, this has to do with so-called service components of the enterprise functioning. To underline the importance of this factor the report demonstrates the increase of profitability made by the airport in 2006 which grew from 9% (2005) to 55%.
In Vnukovo airport the idea to join three modes of transport (avia, motor truck and railways) is called the greatest plan ever. At the same time this is not a tribute to fashion on multimodal services. It is the barest necessity of the market.
Summing Up: Do not hurry to give optimistic forecasts
According to AviaPort agency, next year the cargo sector will demonstrate the same high rates of growth as were observed in 2007. However, the sector can face another problem concerning deficit in aircraft and staff, O.Panteleyev assures. On the other hand, some airports seem to have overestimated their own and the market opportunities having rushed to construct large-scaled cargo complexes. The threat of receiving unfinished complexes in couple of years when the investment boom is over is quite real. The only way to success lies in strategic cooperation with specialized carriers and investment into logistic capacities within the coordinated volumes. Moreover, multimodality is not to be forgotten in this respect as well since in this case cargo terminal construction will turn into real support of cargo transportation growth but not into failed investment projects.
by ivan stupachenko
[~DETAIL_TEXT] => Demand brings more projects
In March 2007 in Vnukovo airport (Moscow) construction of the new multi-functional postal-cargo terminal with the aggregate area of 57 thousand square meters and capacity of 2 thousand tons was started. Annual capacities of the object will amount to 150 thousand tons. Warehousing areas of the terminal make 17.5 thousand meters and more 20 thousand meters are given to facilitate agent, broker and forwarding services. The construction is to be completed in 2008.
Vnukovo also plans to construct express servicing center to handle cargo and post. The aggregate area of the center will make 24 thousand square meters and annual carrying capacity – about 40 thousand tons. Both these objects will increase the volume of handled cargo sevenfold.
In 2008 Domodedovo airport who performs as a leader in terms of cargo handling volumes with the result of 166 thousand tons in 2006 (54% of aggregate volume handled by Moscow air enterprises) in the person of East Line management company will starts construction of the third stage of cargo terminal with the aggregate area of 7 thousand square meters. The project is to be completed in 2010 and enhance the cargo area of the airport to 20 thousand square meters.
Koltsovo airport (Yekaterinburg) in addition to currently functioning capacities plans to launch a cargo logistic terminal which is to be constructed in several stages. The first stage (area of 20 thousand square meters) is to be launched in 2008, the second stage will bring more 80 thousand square meters and is to be completed until 2010. These steps will result in increase of Koltsovo cargo turnover from 15 thousand tons of cargo handled currently to 100-150 thousand tons per year.
At present Tolmachevo airport (Novosibirsk) is launching the first stage of the cargo terminal. The area totals 11.178 square meters, warehousing and technological areas – 6.750 square meters. Capacity amounts to 50 thousand tons of cargo per year.
In 2007-2008 Irkutsk airport plans to construct the first stage of logistic complex operating warehousing services as well with the area of 10 thousand square meters. The second stage will result in cargo customs terminal construction (10 thousand square meters). The object is to be launched in 2008 -2009.
In this respect Pulkovo airport (Saint Petersburg) is a sort of paradox. This is the only federal airport located in the north-west of Russia that does not have efficient capacities for cargo handling. Pulkovo Cargo Terminal was constructed several years ago and now is not a highly efficient enterprise. Thus, now we can observe quite strange situation when cargo following to Saint Petersburg is firstly delivered to Moscow or Vantaa (Finland) and after that is carried by truck to Saint Petersburg. Considering this the company plans to construct efficient cargo village. Design of the cargo area and facilities is being developed at present, though it would be quite logical to suppose the project will be competitive to Moscow projects since Pulkovo feels positive enough to compete on air cargo handling market.
If to analyze the map we can easily find out that the initiators of cargo boom are the companies who are located across the TransSiberian route axis since this is the very place where air corridor is situated and most transcontinental flights between Europe and Asia are serviced within this route. This has to do with the federal airports; according to the Ministry of Transport, most of them are to be joined into the national net of hubs. Airports showing less significant results in terms of cargo turnover are also involved into the programme. They are as follows: Chita, Vogograd, Kazan, Rostov-on-Don, Tomsk, Chelyabinsk, Sovetskaya Gavan, Sochi etc. All of them have already declared the intention to develop cargo sector.
Generally speaking the most of the projects for cargo sector development are worked out in accordance with the typical scheme i.e. investment into cargo load equipment, construction of logistic complex capable to store many types of cargo including dangerous goods and efficient customs zone launch.
Cargo gives profit
Market analyses demonstrates the following results. For 8 months of 2007 the volume of cargo and post transportation grew by 10.4% year-on-year (to 439.4 thousand tons). According to the results of H1 2007 air transport became the leader in terms of cargo turnover growth (+11.1%) having left other modes of transport far behind. Oleg Panteleyev, Head of the analytical service of AviaPort agency, comments on the observed tendency. «Besides the general economy growth that requires cargo turnover increase there is so-called sectoral factor i.e. airlines turned to cargo sector which was inferior area for them before. Carriers try to be more efficient and, moreover, by now the range of cargo consignors who deal with the companies operating have developed route network and high flights frequency has formed», – experts says. Thus, clients’ demand resulted in suppliers’ proposals growth.
Aeroflot and S7 have separated cargo activities into affiliates AeroflotCargo and S7 Cargo respectively. Other carriers are actively developing the agent net and try to attract non-core clients. AirBridgeCargo, affiliate of VolgaDnepr world cargo airline, plans to launch the hub network joining an airport in the Russia Far East (in Khabarovsk or Vladivostok), Yemelyanovo (Krasnoyarsk), Domodedovo and Pulkovo.
The growth of passenger transportation resulted in operating a greater number of aircrafts with capacious cargo pods. Thus, empty capacity attracts cargo. «Despite the fact that we do not run the park of specialized cargo aircrafts and are mainly concentrated on passenger transportation we took the leading place in cargo transportation delivering them in baggage compartments», – Sergey Bykhal, PR Director of Transaero JSC says.
Aircraft are wanted
Andrey Goryashko, AeroflotCargo CEO, mentions the problems the air cargo transportation has to overcome. Foreign practice shows that cargo and passenger sectors are developed in the airports as independent structures since this approach can minimize the conflict of interests. The Russian practice has quite contrary nature. Moreover, in Russian practice there are the facts when not only two different businesses are controlled by one and the same organization but this body also controls aviation and airport complexes i.e. airport buildings and squadron. It is quite clear what the consequences of such practice can be: airport gives preferences to its own carrier making competitors fail and, thus, the range of flights this harbour runs reduces.
Due to undeveloped infrastructure the basic advantage of air transport delivery (i.e. speed) can be lost. The deficit has to do with two principal things any carrier requires: modern load equipment and warehousing capacities.
«Foreign cargo companies try to avoid Russia due to the lack of the equipment that could take containers out of aircraft. In regions such equipment is particular rarity. Only some of the Russian airports (Moscow, Saint Petersburg, Yemelyanovo and Tolmachevo) operate this machinery, – O.Panteleyev says. – Thus, this situation looks as vicious circle: we do not have heavy cargo flow that is why there are no reasons to purchase expensive equipment to service cargo flights. And vice versa we do not have required equipment and, thus, we can not service cargo airlines».
One more problem is typical for the Russian airlines. «If the world carriers transport cargo not only by passenger but mostly specialized aircrafts equipped with all the required technologies to load/unload cargo. We focus on passenger aircrafts and, thus, experience lack of technological basis».
At last, representative of one of the agent companies believes that «management of state-run airlines does not express eager desire to work with cargo and improve efficiency of the enterprise. To load aircraft pod with the cargo one has to agree with a top-manager or with someone on the airfield in illegal way». According to this representative, once his company offered to one big carrier to sell baggage capacities for certain period for certain route on the rates higher than those of the market. Thus, the carrier could receive good profit having rented empty capacities for a long period. However, the deal failed just because the carrier did not know what to do with such sort of offer, how to issue the documents and organize the financial scheme to service the contract. In other words, they were not ready for the new form of cooperation.
Stake on Logistics
The report prepared in 2006 by Koltsovo airport concerning postal-cargo transportation shows the volume of cargo flow increased by 23% year-on-year. Among the factors that assisted in such favourable results are given the following ones: cooperation with truck and railway transport-forwarding companies; providing warehousing capacities for valuable cargo storage; launch of efficient transit scheme for cargo delivery from Europe to Koltsovo and further on to the CIS. In future to improve services the enterprise plans to construct new logistic center and develop a multimodal transport junction on the basis of airport.
In other words, this has to do with so-called service components of the enterprise functioning. To underline the importance of this factor the report demonstrates the increase of profitability made by the airport in 2006 which grew from 9% (2005) to 55%.
In Vnukovo airport the idea to join three modes of transport (avia, motor truck and railways) is called the greatest plan ever. At the same time this is not a tribute to fashion on multimodal services. It is the barest necessity of the market.
Summing Up: Do not hurry to give optimistic forecasts
According to AviaPort agency, next year the cargo sector will demonstrate the same high rates of growth as were observed in 2007. However, the sector can face another problem concerning deficit in aircraft and staff, O.Panteleyev assures. On the other hand, some airports seem to have overestimated their own and the market opportunities having rushed to construct large-scaled cargo complexes. The threat of receiving unfinished complexes in couple of years when the investment boom is over is quite real. The only way to success lies in strategic cooperation with specialized carriers and investment into logistic capacities within the coordinated volumes. Moreover, multimodality is not to be forgotten in this respect as well since in this case cargo terminal construction will turn into real support of cargo transportation growth but not into failed investment projects.
by ivan stupachenko
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[DETAIL_TEXT] => Demand brings more projects
In March 2007 in Vnukovo airport (Moscow) construction of the new multi-functional postal-cargo terminal with the aggregate area of 57 thousand square meters and capacity of 2 thousand tons was started. Annual capacities of the object will amount to 150 thousand tons. Warehousing areas of the terminal make 17.5 thousand meters and more 20 thousand meters are given to facilitate agent, broker and forwarding services. The construction is to be completed in 2008.
Vnukovo also plans to construct express servicing center to handle cargo and post. The aggregate area of the center will make 24 thousand square meters and annual carrying capacity – about 40 thousand tons. Both these objects will increase the volume of handled cargo sevenfold.
In 2008 Domodedovo airport who performs as a leader in terms of cargo handling volumes with the result of 166 thousand tons in 2006 (54% of aggregate volume handled by Moscow air enterprises) in the person of East Line management company will starts construction of the third stage of cargo terminal with the aggregate area of 7 thousand square meters. The project is to be completed in 2010 and enhance the cargo area of the airport to 20 thousand square meters.
Koltsovo airport (Yekaterinburg) in addition to currently functioning capacities plans to launch a cargo logistic terminal which is to be constructed in several stages. The first stage (area of 20 thousand square meters) is to be launched in 2008, the second stage will bring more 80 thousand square meters and is to be completed until 2010. These steps will result in increase of Koltsovo cargo turnover from 15 thousand tons of cargo handled currently to 100-150 thousand tons per year.
At present Tolmachevo airport (Novosibirsk) is launching the first stage of the cargo terminal. The area totals 11.178 square meters, warehousing and technological areas – 6.750 square meters. Capacity amounts to 50 thousand tons of cargo per year.
In 2007-2008 Irkutsk airport plans to construct the first stage of logistic complex operating warehousing services as well with the area of 10 thousand square meters. The second stage will result in cargo customs terminal construction (10 thousand square meters). The object is to be launched in 2008 -2009.
In this respect Pulkovo airport (Saint Petersburg) is a sort of paradox. This is the only federal airport located in the north-west of Russia that does not have efficient capacities for cargo handling. Pulkovo Cargo Terminal was constructed several years ago and now is not a highly efficient enterprise. Thus, now we can observe quite strange situation when cargo following to Saint Petersburg is firstly delivered to Moscow or Vantaa (Finland) and after that is carried by truck to Saint Petersburg. Considering this the company plans to construct efficient cargo village. Design of the cargo area and facilities is being developed at present, though it would be quite logical to suppose the project will be competitive to Moscow projects since Pulkovo feels positive enough to compete on air cargo handling market.
If to analyze the map we can easily find out that the initiators of cargo boom are the companies who are located across the TransSiberian route axis since this is the very place where air corridor is situated and most transcontinental flights between Europe and Asia are serviced within this route. This has to do with the federal airports; according to the Ministry of Transport, most of them are to be joined into the national net of hubs. Airports showing less significant results in terms of cargo turnover are also involved into the programme. They are as follows: Chita, Vogograd, Kazan, Rostov-on-Don, Tomsk, Chelyabinsk, Sovetskaya Gavan, Sochi etc. All of them have already declared the intention to develop cargo sector.
Generally speaking the most of the projects for cargo sector development are worked out in accordance with the typical scheme i.e. investment into cargo load equipment, construction of logistic complex capable to store many types of cargo including dangerous goods and efficient customs zone launch.
Cargo gives profit
Market analyses demonstrates the following results. For 8 months of 2007 the volume of cargo and post transportation grew by 10.4% year-on-year (to 439.4 thousand tons). According to the results of H1 2007 air transport became the leader in terms of cargo turnover growth (+11.1%) having left other modes of transport far behind. Oleg Panteleyev, Head of the analytical service of AviaPort agency, comments on the observed tendency. «Besides the general economy growth that requires cargo turnover increase there is so-called sectoral factor i.e. airlines turned to cargo sector which was inferior area for them before. Carriers try to be more efficient and, moreover, by now the range of cargo consignors who deal with the companies operating have developed route network and high flights frequency has formed», – experts says. Thus, clients’ demand resulted in suppliers’ proposals growth.
Aeroflot and S7 have separated cargo activities into affiliates AeroflotCargo and S7 Cargo respectively. Other carriers are actively developing the agent net and try to attract non-core clients. AirBridgeCargo, affiliate of VolgaDnepr world cargo airline, plans to launch the hub network joining an airport in the Russia Far East (in Khabarovsk or Vladivostok), Yemelyanovo (Krasnoyarsk), Domodedovo and Pulkovo.
The growth of passenger transportation resulted in operating a greater number of aircrafts with capacious cargo pods. Thus, empty capacity attracts cargo. «Despite the fact that we do not run the park of specialized cargo aircrafts and are mainly concentrated on passenger transportation we took the leading place in cargo transportation delivering them in baggage compartments», – Sergey Bykhal, PR Director of Transaero JSC says.
Aircraft are wanted
Andrey Goryashko, AeroflotCargo CEO, mentions the problems the air cargo transportation has to overcome. Foreign practice shows that cargo and passenger sectors are developed in the airports as independent structures since this approach can minimize the conflict of interests. The Russian practice has quite contrary nature. Moreover, in Russian practice there are the facts when not only two different businesses are controlled by one and the same organization but this body also controls aviation and airport complexes i.e. airport buildings and squadron. It is quite clear what the consequences of such practice can be: airport gives preferences to its own carrier making competitors fail and, thus, the range of flights this harbour runs reduces.
Due to undeveloped infrastructure the basic advantage of air transport delivery (i.e. speed) can be lost. The deficit has to do with two principal things any carrier requires: modern load equipment and warehousing capacities.
«Foreign cargo companies try to avoid Russia due to the lack of the equipment that could take containers out of aircraft. In regions such equipment is particular rarity. Only some of the Russian airports (Moscow, Saint Petersburg, Yemelyanovo and Tolmachevo) operate this machinery, – O.Panteleyev says. – Thus, this situation looks as vicious circle: we do not have heavy cargo flow that is why there are no reasons to purchase expensive equipment to service cargo flights. And vice versa we do not have required equipment and, thus, we can not service cargo airlines».
One more problem is typical for the Russian airlines. «If the world carriers transport cargo not only by passenger but mostly specialized aircrafts equipped with all the required technologies to load/unload cargo. We focus on passenger aircrafts and, thus, experience lack of technological basis».
At last, representative of one of the agent companies believes that «management of state-run airlines does not express eager desire to work with cargo and improve efficiency of the enterprise. To load aircraft pod with the cargo one has to agree with a top-manager or with someone on the airfield in illegal way». According to this representative, once his company offered to one big carrier to sell baggage capacities for certain period for certain route on the rates higher than those of the market. Thus, the carrier could receive good profit having rented empty capacities for a long period. However, the deal failed just because the carrier did not know what to do with such sort of offer, how to issue the documents and organize the financial scheme to service the contract. In other words, they were not ready for the new form of cooperation.
Stake on Logistics
The report prepared in 2006 by Koltsovo airport concerning postal-cargo transportation shows the volume of cargo flow increased by 23% year-on-year. Among the factors that assisted in such favourable results are given the following ones: cooperation with truck and railway transport-forwarding companies; providing warehousing capacities for valuable cargo storage; launch of efficient transit scheme for cargo delivery from Europe to Koltsovo and further on to the CIS. In future to improve services the enterprise plans to construct new logistic center and develop a multimodal transport junction on the basis of airport.
In other words, this has to do with so-called service components of the enterprise functioning. To underline the importance of this factor the report demonstrates the increase of profitability made by the airport in 2006 which grew from 9% (2005) to 55%.
In Vnukovo airport the idea to join three modes of transport (avia, motor truck and railways) is called the greatest plan ever. At the same time this is not a tribute to fashion on multimodal services. It is the barest necessity of the market.
Summing Up: Do not hurry to give optimistic forecasts
According to AviaPort agency, next year the cargo sector will demonstrate the same high rates of growth as were observed in 2007. However, the sector can face another problem concerning deficit in aircraft and staff, O.Panteleyev assures. On the other hand, some airports seem to have overestimated their own and the market opportunities having rushed to construct large-scaled cargo complexes. The threat of receiving unfinished complexes in couple of years when the investment boom is over is quite real. The only way to success lies in strategic cooperation with specialized carriers and investment into logistic capacities within the coordinated volumes. Moreover, multimodality is not to be forgotten in this respect as well since in this case cargo terminal construction will turn into real support of cargo transportation growth but not into failed investment projects.
by ivan stupachenko
[~DETAIL_TEXT] => Demand brings more projects
In March 2007 in Vnukovo airport (Moscow) construction of the new multi-functional postal-cargo terminal with the aggregate area of 57 thousand square meters and capacity of 2 thousand tons was started. Annual capacities of the object will amount to 150 thousand tons. Warehousing areas of the terminal make 17.5 thousand meters and more 20 thousand meters are given to facilitate agent, broker and forwarding services. The construction is to be completed in 2008.
Vnukovo also plans to construct express servicing center to handle cargo and post. The aggregate area of the center will make 24 thousand square meters and annual carrying capacity – about 40 thousand tons. Both these objects will increase the volume of handled cargo sevenfold.
In 2008 Domodedovo airport who performs as a leader in terms of cargo handling volumes with the result of 166 thousand tons in 2006 (54% of aggregate volume handled by Moscow air enterprises) in the person of East Line management company will starts construction of the third stage of cargo terminal with the aggregate area of 7 thousand square meters. The project is to be completed in 2010 and enhance the cargo area of the airport to 20 thousand square meters.
Koltsovo airport (Yekaterinburg) in addition to currently functioning capacities plans to launch a cargo logistic terminal which is to be constructed in several stages. The first stage (area of 20 thousand square meters) is to be launched in 2008, the second stage will bring more 80 thousand square meters and is to be completed until 2010. These steps will result in increase of Koltsovo cargo turnover from 15 thousand tons of cargo handled currently to 100-150 thousand tons per year.
At present Tolmachevo airport (Novosibirsk) is launching the first stage of the cargo terminal. The area totals 11.178 square meters, warehousing and technological areas – 6.750 square meters. Capacity amounts to 50 thousand tons of cargo per year.
In 2007-2008 Irkutsk airport plans to construct the first stage of logistic complex operating warehousing services as well with the area of 10 thousand square meters. The second stage will result in cargo customs terminal construction (10 thousand square meters). The object is to be launched in 2008 -2009.
In this respect Pulkovo airport (Saint Petersburg) is a sort of paradox. This is the only federal airport located in the north-west of Russia that does not have efficient capacities for cargo handling. Pulkovo Cargo Terminal was constructed several years ago and now is not a highly efficient enterprise. Thus, now we can observe quite strange situation when cargo following to Saint Petersburg is firstly delivered to Moscow or Vantaa (Finland) and after that is carried by truck to Saint Petersburg. Considering this the company plans to construct efficient cargo village. Design of the cargo area and facilities is being developed at present, though it would be quite logical to suppose the project will be competitive to Moscow projects since Pulkovo feels positive enough to compete on air cargo handling market.
If to analyze the map we can easily find out that the initiators of cargo boom are the companies who are located across the TransSiberian route axis since this is the very place where air corridor is situated and most transcontinental flights between Europe and Asia are serviced within this route. This has to do with the federal airports; according to the Ministry of Transport, most of them are to be joined into the national net of hubs. Airports showing less significant results in terms of cargo turnover are also involved into the programme. They are as follows: Chita, Vogograd, Kazan, Rostov-on-Don, Tomsk, Chelyabinsk, Sovetskaya Gavan, Sochi etc. All of them have already declared the intention to develop cargo sector.
Generally speaking the most of the projects for cargo sector development are worked out in accordance with the typical scheme i.e. investment into cargo load equipment, construction of logistic complex capable to store many types of cargo including dangerous goods and efficient customs zone launch.
Cargo gives profit
Market analyses demonstrates the following results. For 8 months of 2007 the volume of cargo and post transportation grew by 10.4% year-on-year (to 439.4 thousand tons). According to the results of H1 2007 air transport became the leader in terms of cargo turnover growth (+11.1%) having left other modes of transport far behind. Oleg Panteleyev, Head of the analytical service of AviaPort agency, comments on the observed tendency. «Besides the general economy growth that requires cargo turnover increase there is so-called sectoral factor i.e. airlines turned to cargo sector which was inferior area for them before. Carriers try to be more efficient and, moreover, by now the range of cargo consignors who deal with the companies operating have developed route network and high flights frequency has formed», – experts says. Thus, clients’ demand resulted in suppliers’ proposals growth.
Aeroflot and S7 have separated cargo activities into affiliates AeroflotCargo and S7 Cargo respectively. Other carriers are actively developing the agent net and try to attract non-core clients. AirBridgeCargo, affiliate of VolgaDnepr world cargo airline, plans to launch the hub network joining an airport in the Russia Far East (in Khabarovsk or Vladivostok), Yemelyanovo (Krasnoyarsk), Domodedovo and Pulkovo.
The growth of passenger transportation resulted in operating a greater number of aircrafts with capacious cargo pods. Thus, empty capacity attracts cargo. «Despite the fact that we do not run the park of specialized cargo aircrafts and are mainly concentrated on passenger transportation we took the leading place in cargo transportation delivering them in baggage compartments», – Sergey Bykhal, PR Director of Transaero JSC says.
Aircraft are wanted
Andrey Goryashko, AeroflotCargo CEO, mentions the problems the air cargo transportation has to overcome. Foreign practice shows that cargo and passenger sectors are developed in the airports as independent structures since this approach can minimize the conflict of interests. The Russian practice has quite contrary nature. Moreover, in Russian practice there are the facts when not only two different businesses are controlled by one and the same organization but this body also controls aviation and airport complexes i.e. airport buildings and squadron. It is quite clear what the consequences of such practice can be: airport gives preferences to its own carrier making competitors fail and, thus, the range of flights this harbour runs reduces.
Due to undeveloped infrastructure the basic advantage of air transport delivery (i.e. speed) can be lost. The deficit has to do with two principal things any carrier requires: modern load equipment and warehousing capacities.
«Foreign cargo companies try to avoid Russia due to the lack of the equipment that could take containers out of aircraft. In regions such equipment is particular rarity. Only some of the Russian airports (Moscow, Saint Petersburg, Yemelyanovo and Tolmachevo) operate this machinery, – O.Panteleyev says. – Thus, this situation looks as vicious circle: we do not have heavy cargo flow that is why there are no reasons to purchase expensive equipment to service cargo flights. And vice versa we do not have required equipment and, thus, we can not service cargo airlines».
One more problem is typical for the Russian airlines. «If the world carriers transport cargo not only by passenger but mostly specialized aircrafts equipped with all the required technologies to load/unload cargo. We focus on passenger aircrafts and, thus, experience lack of technological basis».
At last, representative of one of the agent companies believes that «management of state-run airlines does not express eager desire to work with cargo and improve efficiency of the enterprise. To load aircraft pod with the cargo one has to agree with a top-manager or with someone on the airfield in illegal way». According to this representative, once his company offered to one big carrier to sell baggage capacities for certain period for certain route on the rates higher than those of the market. Thus, the carrier could receive good profit having rented empty capacities for a long period. However, the deal failed just because the carrier did not know what to do with such sort of offer, how to issue the documents and organize the financial scheme to service the contract. In other words, they were not ready for the new form of cooperation.
Stake on Logistics
The report prepared in 2006 by Koltsovo airport concerning postal-cargo transportation shows the volume of cargo flow increased by 23% year-on-year. Among the factors that assisted in such favourable results are given the following ones: cooperation with truck and railway transport-forwarding companies; providing warehousing capacities for valuable cargo storage; launch of efficient transit scheme for cargo delivery from Europe to Koltsovo and further on to the CIS. In future to improve services the enterprise plans to construct new logistic center and develop a multimodal transport junction on the basis of airport.
In other words, this has to do with so-called service components of the enterprise functioning. To underline the importance of this factor the report demonstrates the increase of profitability made by the airport in 2006 which grew from 9% (2005) to 55%.
In Vnukovo airport the idea to join three modes of transport (avia, motor truck and railways) is called the greatest plan ever. At the same time this is not a tribute to fashion on multimodal services. It is the barest necessity of the market.
Summing Up: Do not hurry to give optimistic forecasts
According to AviaPort agency, next year the cargo sector will demonstrate the same high rates of growth as were observed in 2007. However, the sector can face another problem concerning deficit in aircraft and staff, O.Panteleyev assures. On the other hand, some airports seem to have overestimated their own and the market opportunities having rushed to construct large-scaled cargo complexes. The threat of receiving unfinished complexes in couple of years when the investment boom is over is quite real. The only way to success lies in strategic cooperation with specialized carriers and investment into logistic capacities within the coordinated volumes. Moreover, multimodality is not to be forgotten in this respect as well since in this case cargo terminal construction will turn into real support of cargo transportation growth but not into failed investment projects.
by ivan stupachenko
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