III КВАРТАЛ 2022Г. - 55 баллов
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[DETAIL_TEXT] => The document discussed is a part of the larger Strategy to 2020, which is currently being designated by the Federal Customs Service (FCS) of the Russian Federation. The strategy envisages a step-by-step transition of the implementation of operations on customs control and clearance to the regions near the borders.
It is anticipated that systems of customs clearance for goods transported by sea and road will be optimised before 2014 through the development and modernisation of logistics and customs infrastructure – for goods transported by rail, before 2020.
“Today we have a strange situation. A truck carrying uncleared goods is forced to spend several days getting to a customs office. The transition of the offices will make it possible to minimise the possibility of releasing uncleared goods into free circulation since they will pass through the procedures as soon as they enter the country,” said deputy head of public relations department at FCS, Vladimir Zubkov.
According to Mr Zubkov, it will not be obligatory for all companies involved in trade to be at borders: the transition is to concern only those dealing with imports. Moreover, it is about not the entire list of goods but only some kinds, which have not still been specified. Nowadays air and sea freight is being cleared at border crossings, and since the relocation of customs offices dealing with rail freight is difficult, the initiative discussed is to concern freight transported by road.
“A few years ago the relocation of customs offices in the return direction, from border to cities inside the country was a step toward businesses’ wishes, since trading companies were struggling because of a lack of infrastructure at border crossings,” said the former head of FCS, and now a member of Russian Parliament, Valery Draganov. “Now business circles again will benefit. Customs formalities will be fulfilled at borders, the goods can be immediately released into free circulation, which means there will be no need to spend time getting to a customs office,” he added.
The infrastructure must include such objects as networks of warehouses and logistics centres. An efficient connection with other countries and their customs services is also needed. This can all be brought into play if significant funds are spent. At the same time it has not been announced yet how large the financial support delivered by state for the implementation of the concept will be.
Another problem to be considered is the lack of qualified personnel. FCS can hardly rely on employees working with the Service now, say experts. FCS itself doesn’t deny the problem either. Nowadays more than half of its 70,000 staff works in cities distant from borders and not everybody will agree to leave their homes and change their lifestyle. There is a risk of losing many professionals andthere is a need to prepare new employees, which takes time and money.
There is a very wide range of opinions on the subject within business circles. The players in the industry support the initiative of the FCS but have some fears that the reform could result in a few new barriers. “Given the poor standard of equipment at border customs, I can hardly imagine what is going to happen when we all will be working there,” said Alexander Severilov, chairman of Partner Logistics company. Because of the huge volumes passing across borders every day as well as the number of papers to be filled in, the officers will have a great volume of work to do. No wonder a matter of adequate infrastructure tops the list of problems to be resolved. Mr Severilov points out that large investments and time are needed to reach the goal.
We made similar suggestions five years ago, said Anton Guskov, PR director at The Association of trading companies and manufacturers of consumer electronics and computer equipment. Such a step was seen as a way of fighting smuggling, because it is much simpler to check the goods at a border crossing than to track a vehicle going to an internal customs office. “Unfortunately, we know just of the theory of the Concept, but we don’t know how it is going to be implemented. At this stage, we’re afraid of unbalanced decisions that can be made by the FCS. We hope that the implementation of the project will be discussed with business circles,” he added.
There are less optimistic views. Some experts think that the existing practice with a lot of paper work will make the ideas behind the Concept hardly executable. Companies don’t need such innovations. “Even now, when a customs office is not far at a border crossing but much closer to us, we have a lot of different problems. When the offices go to borders, the process of customs clearance can become unmanageable,” said Andrey Tsagay, a representative of Group Targo. He is sure that Russia must accept the experience of the European Union. “The freight crosses borders without any pauses, quickly gets into the country and is then tracked through a united information base operated by customs and tax bodies. But it’s difficult to believe that the FCS will be ready to do such things in the foreseeable future”.
By Stanislav Russkov
[~DETAIL_TEXT] => The document discussed is a part of the larger Strategy to 2020, which is currently being designated by the Federal Customs Service (FCS) of the Russian Federation. The strategy envisages a step-by-step transition of the implementation of operations on customs control and clearance to the regions near the borders.
It is anticipated that systems of customs clearance for goods transported by sea and road will be optimised before 2014 through the development and modernisation of logistics and customs infrastructure – for goods transported by rail, before 2020.
“Today we have a strange situation. A truck carrying uncleared goods is forced to spend several days getting to a customs office. The transition of the offices will make it possible to minimise the possibility of releasing uncleared goods into free circulation since they will pass through the procedures as soon as they enter the country,” said deputy head of public relations department at FCS, Vladimir Zubkov.
According to Mr Zubkov, it will not be obligatory for all companies involved in trade to be at borders: the transition is to concern only those dealing with imports. Moreover, it is about not the entire list of goods but only some kinds, which have not still been specified. Nowadays air and sea freight is being cleared at border crossings, and since the relocation of customs offices dealing with rail freight is difficult, the initiative discussed is to concern freight transported by road.
“A few years ago the relocation of customs offices in the return direction, from border to cities inside the country was a step toward businesses’ wishes, since trading companies were struggling because of a lack of infrastructure at border crossings,” said the former head of FCS, and now a member of Russian Parliament, Valery Draganov. “Now business circles again will benefit. Customs formalities will be fulfilled at borders, the goods can be immediately released into free circulation, which means there will be no need to spend time getting to a customs office,” he added.
The infrastructure must include such objects as networks of warehouses and logistics centres. An efficient connection with other countries and their customs services is also needed. This can all be brought into play if significant funds are spent. At the same time it has not been announced yet how large the financial support delivered by state for the implementation of the concept will be.
Another problem to be considered is the lack of qualified personnel. FCS can hardly rely on employees working with the Service now, say experts. FCS itself doesn’t deny the problem either. Nowadays more than half of its 70,000 staff works in cities distant from borders and not everybody will agree to leave their homes and change their lifestyle. There is a risk of losing many professionals andthere is a need to prepare new employees, which takes time and money.
There is a very wide range of opinions on the subject within business circles. The players in the industry support the initiative of the FCS but have some fears that the reform could result in a few new barriers. “Given the poor standard of equipment at border customs, I can hardly imagine what is going to happen when we all will be working there,” said Alexander Severilov, chairman of Partner Logistics company. Because of the huge volumes passing across borders every day as well as the number of papers to be filled in, the officers will have a great volume of work to do. No wonder a matter of adequate infrastructure tops the list of problems to be resolved. Mr Severilov points out that large investments and time are needed to reach the goal.
We made similar suggestions five years ago, said Anton Guskov, PR director at The Association of trading companies and manufacturers of consumer electronics and computer equipment. Such a step was seen as a way of fighting smuggling, because it is much simpler to check the goods at a border crossing than to track a vehicle going to an internal customs office. “Unfortunately, we know just of the theory of the Concept, but we don’t know how it is going to be implemented. At this stage, we’re afraid of unbalanced decisions that can be made by the FCS. We hope that the implementation of the project will be discussed with business circles,” he added.
There are less optimistic views. Some experts think that the existing practice with a lot of paper work will make the ideas behind the Concept hardly executable. Companies don’t need such innovations. “Even now, when a customs office is not far at a border crossing but much closer to us, we have a lot of different problems. When the offices go to borders, the process of customs clearance can become unmanageable,” said Andrey Tsagay, a representative of Group Targo. He is sure that Russia must accept the experience of the European Union. “The freight crosses borders without any pauses, quickly gets into the country and is then tracked through a united information base operated by customs and tax bodies. But it’s difficult to believe that the FCS will be ready to do such things in the foreseeable future”.
By Stanislav Russkov
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[DETAIL_TEXT] => The document discussed is a part of the larger Strategy to 2020, which is currently being designated by the Federal Customs Service (FCS) of the Russian Federation. The strategy envisages a step-by-step transition of the implementation of operations on customs control and clearance to the regions near the borders.
It is anticipated that systems of customs clearance for goods transported by sea and road will be optimised before 2014 through the development and modernisation of logistics and customs infrastructure – for goods transported by rail, before 2020.
“Today we have a strange situation. A truck carrying uncleared goods is forced to spend several days getting to a customs office. The transition of the offices will make it possible to minimise the possibility of releasing uncleared goods into free circulation since they will pass through the procedures as soon as they enter the country,” said deputy head of public relations department at FCS, Vladimir Zubkov.
According to Mr Zubkov, it will not be obligatory for all companies involved in trade to be at borders: the transition is to concern only those dealing with imports. Moreover, it is about not the entire list of goods but only some kinds, which have not still been specified. Nowadays air and sea freight is being cleared at border crossings, and since the relocation of customs offices dealing with rail freight is difficult, the initiative discussed is to concern freight transported by road.
“A few years ago the relocation of customs offices in the return direction, from border to cities inside the country was a step toward businesses’ wishes, since trading companies were struggling because of a lack of infrastructure at border crossings,” said the former head of FCS, and now a member of Russian Parliament, Valery Draganov. “Now business circles again will benefit. Customs formalities will be fulfilled at borders, the goods can be immediately released into free circulation, which means there will be no need to spend time getting to a customs office,” he added.
The infrastructure must include such objects as networks of warehouses and logistics centres. An efficient connection with other countries and their customs services is also needed. This can all be brought into play if significant funds are spent. At the same time it has not been announced yet how large the financial support delivered by state for the implementation of the concept will be.
Another problem to be considered is the lack of qualified personnel. FCS can hardly rely on employees working with the Service now, say experts. FCS itself doesn’t deny the problem either. Nowadays more than half of its 70,000 staff works in cities distant from borders and not everybody will agree to leave their homes and change their lifestyle. There is a risk of losing many professionals andthere is a need to prepare new employees, which takes time and money.
There is a very wide range of opinions on the subject within business circles. The players in the industry support the initiative of the FCS but have some fears that the reform could result in a few new barriers. “Given the poor standard of equipment at border customs, I can hardly imagine what is going to happen when we all will be working there,” said Alexander Severilov, chairman of Partner Logistics company. Because of the huge volumes passing across borders every day as well as the number of papers to be filled in, the officers will have a great volume of work to do. No wonder a matter of adequate infrastructure tops the list of problems to be resolved. Mr Severilov points out that large investments and time are needed to reach the goal.
We made similar suggestions five years ago, said Anton Guskov, PR director at The Association of trading companies and manufacturers of consumer electronics and computer equipment. Such a step was seen as a way of fighting smuggling, because it is much simpler to check the goods at a border crossing than to track a vehicle going to an internal customs office. “Unfortunately, we know just of the theory of the Concept, but we don’t know how it is going to be implemented. At this stage, we’re afraid of unbalanced decisions that can be made by the FCS. We hope that the implementation of the project will be discussed with business circles,” he added.
There are less optimistic views. Some experts think that the existing practice with a lot of paper work will make the ideas behind the Concept hardly executable. Companies don’t need such innovations. “Even now, when a customs office is not far at a border crossing but much closer to us, we have a lot of different problems. When the offices go to borders, the process of customs clearance can become unmanageable,” said Andrey Tsagay, a representative of Group Targo. He is sure that Russia must accept the experience of the European Union. “The freight crosses borders without any pauses, quickly gets into the country and is then tracked through a united information base operated by customs and tax bodies. But it’s difficult to believe that the FCS will be ready to do such things in the foreseeable future”.
By Stanislav Russkov
[~DETAIL_TEXT] => The document discussed is a part of the larger Strategy to 2020, which is currently being designated by the Federal Customs Service (FCS) of the Russian Federation. The strategy envisages a step-by-step transition of the implementation of operations on customs control and clearance to the regions near the borders.
It is anticipated that systems of customs clearance for goods transported by sea and road will be optimised before 2014 through the development and modernisation of logistics and customs infrastructure – for goods transported by rail, before 2020.
“Today we have a strange situation. A truck carrying uncleared goods is forced to spend several days getting to a customs office. The transition of the offices will make it possible to minimise the possibility of releasing uncleared goods into free circulation since they will pass through the procedures as soon as they enter the country,” said deputy head of public relations department at FCS, Vladimir Zubkov.
According to Mr Zubkov, it will not be obligatory for all companies involved in trade to be at borders: the transition is to concern only those dealing with imports. Moreover, it is about not the entire list of goods but only some kinds, which have not still been specified. Nowadays air and sea freight is being cleared at border crossings, and since the relocation of customs offices dealing with rail freight is difficult, the initiative discussed is to concern freight transported by road.
“A few years ago the relocation of customs offices in the return direction, from border to cities inside the country was a step toward businesses’ wishes, since trading companies were struggling because of a lack of infrastructure at border crossings,” said the former head of FCS, and now a member of Russian Parliament, Valery Draganov. “Now business circles again will benefit. Customs formalities will be fulfilled at borders, the goods can be immediately released into free circulation, which means there will be no need to spend time getting to a customs office,” he added.
The infrastructure must include such objects as networks of warehouses and logistics centres. An efficient connection with other countries and their customs services is also needed. This can all be brought into play if significant funds are spent. At the same time it has not been announced yet how large the financial support delivered by state for the implementation of the concept will be.
Another problem to be considered is the lack of qualified personnel. FCS can hardly rely on employees working with the Service now, say experts. FCS itself doesn’t deny the problem either. Nowadays more than half of its 70,000 staff works in cities distant from borders and not everybody will agree to leave their homes and change their lifestyle. There is a risk of losing many professionals andthere is a need to prepare new employees, which takes time and money.
There is a very wide range of opinions on the subject within business circles. The players in the industry support the initiative of the FCS but have some fears that the reform could result in a few new barriers. “Given the poor standard of equipment at border customs, I can hardly imagine what is going to happen when we all will be working there,” said Alexander Severilov, chairman of Partner Logistics company. Because of the huge volumes passing across borders every day as well as the number of papers to be filled in, the officers will have a great volume of work to do. No wonder a matter of adequate infrastructure tops the list of problems to be resolved. Mr Severilov points out that large investments and time are needed to reach the goal.
We made similar suggestions five years ago, said Anton Guskov, PR director at The Association of trading companies and manufacturers of consumer electronics and computer equipment. Such a step was seen as a way of fighting smuggling, because it is much simpler to check the goods at a border crossing than to track a vehicle going to an internal customs office. “Unfortunately, we know just of the theory of the Concept, but we don’t know how it is going to be implemented. At this stage, we’re afraid of unbalanced decisions that can be made by the FCS. We hope that the implementation of the project will be discussed with business circles,” he added.
There are less optimistic views. Some experts think that the existing practice with a lot of paper work will make the ideas behind the Concept hardly executable. Companies don’t need such innovations. “Even now, when a customs office is not far at a border crossing but much closer to us, we have a lot of different problems. When the offices go to borders, the process of customs clearance can become unmanageable,” said Andrey Tsagay, a representative of Group Targo. He is sure that Russia must accept the experience of the European Union. “The freight crosses borders without any pauses, quickly gets into the country and is then tracked through a united information base operated by customs and tax bodies. But it’s difficult to believe that the FCS will be ready to do such things in the foreseeable future”.
By Stanislav Russkov
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In 2008, the first toll road building project based on the Public-Private-Partnership (PPP) principle was launched. The road, called the Western High Speed Diameter (WHSD), is to link the Great Port of St. Petersburg with the Ring road around the city enabling trucks to avoid getting onto the city’s overcrowded streets.Array
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[DETAIL_TEXT] => The WHSD will be an urban motorway with interchanges at different levels and mostly 8-lane roadway with a designated traffic speed of 120 km/h, a maximum traffic load of 94,000 vehicles per day (the estimated traffic in 2010) and equipped with advanced traffic control and communication systems. The overall length of the motorway will be 46.6 km. Elevated sections will account for 55% of the overall length, while roadbed sections for 45%. There will be 14 interchanges at different levels and unique bridge structures with 55 and 35 m clearances over the ship fairway, which will be the first structures of their type in Russia.
Together with the Ring Road, the WHSD, which is to be completed in 2011, will allow the closure of the first transport ring around St. Petersburg. Moreover, the WHSD will provide a solution to the most vital transport problems by:
• linking the Grand Port via the Ring Road to the exits for federal roads to Moscow, regions of Russia, and Baltic and Scandinavian countries;
• linking the passenger ferry complex to the residential and social development zones which are being implemented on raised land on Vasilievski Island;
• providing transport links between southern, western and northern parts of the city, bypassing the historic centre; reducing the traffic and other man-made impact on the streets, bridges, culture and architectural monuments of the city centre.
The project is of high importance for several reasons. This is the first deal in Russia reached on the basis of a concession agreement between the authorities and the business sector. In 2005, the Russian parliament accepted the federal bill making it possible to use schemes of concession agreements in 14 fields. But so far there is only one typical scheme approved by the government –road-building. WHSD is also the first project in Russia based on the principles of PPP. There are other reasons to regard WHSR as a theme to pay close attention to. This is the largest road-building project in Europe, which envisages erecting construction such as bridges and interchanges.
According to the St. Petersburg administration’s committee for strategic projects and investments, the number of cars using the road is expected to reach 105,000 a day. The planned total cost of the road is estimated at more than 212 billion rubles. The financial terms envisaged that more than half of the investment – RUR 107.9 billion – would be provided by the private investor, with the federal budget – in the guise of the Investment fund of the Russian Federation – to deliver another 71.3 billion and St. Petersburg’s budget to provide 33.6 billion.
Observers and analysts say there are a few complications to be solved before the project can be successfully launched. First of all, the related legislation base lacks specifics regarding the distribution of risk among participants. Another grave matter is volatile prices for construction materials. Last but not the least is a technical matter: builders will be forced to find a lot of new engineering solutions. The route goes through canals and swamps and across the city, the second-largest in Russia and the fourth-largest in Europe. The fragile urban environment demands a very sensitive treatment which presumes not only technical solutions but also the need to obey many laws.
The first stage of the road, which was built in the 1990s, has already been put into operation. The whole project is supposed to be completed in 2011. But the timetable may change considerably. The investor Nevsky Meridian Ltd, which gained the right to be a concessionaire, recently announced that, due to the financial crisis, it would not be able to start in time. Nevsky Meridian is a consortium of companies backed by the Basel group of companies owned by billionaire Oleg Deripaska who is reportedly struggling to pay off his debts.
At the same time such a large-scale project demands long-term investment for at least a 20-year-period. It cannot be excluded that another big investor may take Mr Deripaska’s place.
By Maria Shevchenko
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Together with the Ring Road, the WHSD, which is to be completed in 2011, will allow the closure of the first transport ring around St. Petersburg. Moreover, the WHSD will provide a solution to the most vital transport problems by:
• linking the Grand Port via the Ring Road to the exits for federal roads to Moscow, regions of Russia, and Baltic and Scandinavian countries;
• linking the passenger ferry complex to the residential and social development zones which are being implemented on raised land on Vasilievski Island;
• providing transport links between southern, western and northern parts of the city, bypassing the historic centre; reducing the traffic and other man-made impact on the streets, bridges, culture and architectural monuments of the city centre.
The project is of high importance for several reasons. This is the first deal in Russia reached on the basis of a concession agreement between the authorities and the business sector. In 2005, the Russian parliament accepted the federal bill making it possible to use schemes of concession agreements in 14 fields. But so far there is only one typical scheme approved by the government –road-building. WHSD is also the first project in Russia based on the principles of PPP. There are other reasons to regard WHSR as a theme to pay close attention to. This is the largest road-building project in Europe, which envisages erecting construction such as bridges and interchanges.
According to the St. Petersburg administration’s committee for strategic projects and investments, the number of cars using the road is expected to reach 105,000 a day. The planned total cost of the road is estimated at more than 212 billion rubles. The financial terms envisaged that more than half of the investment – RUR 107.9 billion – would be provided by the private investor, with the federal budget – in the guise of the Investment fund of the Russian Federation – to deliver another 71.3 billion and St. Petersburg’s budget to provide 33.6 billion.
Observers and analysts say there are a few complications to be solved before the project can be successfully launched. First of all, the related legislation base lacks specifics regarding the distribution of risk among participants. Another grave matter is volatile prices for construction materials. Last but not the least is a technical matter: builders will be forced to find a lot of new engineering solutions. The route goes through canals and swamps and across the city, the second-largest in Russia and the fourth-largest in Europe. The fragile urban environment demands a very sensitive treatment which presumes not only technical solutions but also the need to obey many laws.
The first stage of the road, which was built in the 1990s, has already been put into operation. The whole project is supposed to be completed in 2011. But the timetable may change considerably. The investor Nevsky Meridian Ltd, which gained the right to be a concessionaire, recently announced that, due to the financial crisis, it would not be able to start in time. Nevsky Meridian is a consortium of companies backed by the Basel group of companies owned by billionaire Oleg Deripaska who is reportedly struggling to pay off his debts.
At the same time such a large-scale project demands long-term investment for at least a 20-year-period. It cannot be excluded that another big investor may take Mr Deripaska’s place.
By Maria Shevchenko
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[DETAIL_TEXT] => The WHSD will be an urban motorway with interchanges at different levels and mostly 8-lane roadway with a designated traffic speed of 120 km/h, a maximum traffic load of 94,000 vehicles per day (the estimated traffic in 2010) and equipped with advanced traffic control and communication systems. The overall length of the motorway will be 46.6 km. Elevated sections will account for 55% of the overall length, while roadbed sections for 45%. There will be 14 interchanges at different levels and unique bridge structures with 55 and 35 m clearances over the ship fairway, which will be the first structures of their type in Russia.
Together with the Ring Road, the WHSD, which is to be completed in 2011, will allow the closure of the first transport ring around St. Petersburg. Moreover, the WHSD will provide a solution to the most vital transport problems by:
• linking the Grand Port via the Ring Road to the exits for federal roads to Moscow, regions of Russia, and Baltic and Scandinavian countries;
• linking the passenger ferry complex to the residential and social development zones which are being implemented on raised land on Vasilievski Island;
• providing transport links between southern, western and northern parts of the city, bypassing the historic centre; reducing the traffic and other man-made impact on the streets, bridges, culture and architectural monuments of the city centre.
The project is of high importance for several reasons. This is the first deal in Russia reached on the basis of a concession agreement between the authorities and the business sector. In 2005, the Russian parliament accepted the federal bill making it possible to use schemes of concession agreements in 14 fields. But so far there is only one typical scheme approved by the government –road-building. WHSD is also the first project in Russia based on the principles of PPP. There are other reasons to regard WHSR as a theme to pay close attention to. This is the largest road-building project in Europe, which envisages erecting construction such as bridges and interchanges.
According to the St. Petersburg administration’s committee for strategic projects and investments, the number of cars using the road is expected to reach 105,000 a day. The planned total cost of the road is estimated at more than 212 billion rubles. The financial terms envisaged that more than half of the investment – RUR 107.9 billion – would be provided by the private investor, with the federal budget – in the guise of the Investment fund of the Russian Federation – to deliver another 71.3 billion and St. Petersburg’s budget to provide 33.6 billion.
Observers and analysts say there are a few complications to be solved before the project can be successfully launched. First of all, the related legislation base lacks specifics regarding the distribution of risk among participants. Another grave matter is volatile prices for construction materials. Last but not the least is a technical matter: builders will be forced to find a lot of new engineering solutions. The route goes through canals and swamps and across the city, the second-largest in Russia and the fourth-largest in Europe. The fragile urban environment demands a very sensitive treatment which presumes not only technical solutions but also the need to obey many laws.
The first stage of the road, which was built in the 1990s, has already been put into operation. The whole project is supposed to be completed in 2011. But the timetable may change considerably. The investor Nevsky Meridian Ltd, which gained the right to be a concessionaire, recently announced that, due to the financial crisis, it would not be able to start in time. Nevsky Meridian is a consortium of companies backed by the Basel group of companies owned by billionaire Oleg Deripaska who is reportedly struggling to pay off his debts.
At the same time such a large-scale project demands long-term investment for at least a 20-year-period. It cannot be excluded that another big investor may take Mr Deripaska’s place.
By Maria Shevchenko
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Together with the Ring Road, the WHSD, which is to be completed in 2011, will allow the closure of the first transport ring around St. Petersburg. Moreover, the WHSD will provide a solution to the most vital transport problems by:
• linking the Grand Port via the Ring Road to the exits for federal roads to Moscow, regions of Russia, and Baltic and Scandinavian countries;
• linking the passenger ferry complex to the residential and social development zones which are being implemented on raised land on Vasilievski Island;
• providing transport links between southern, western and northern parts of the city, bypassing the historic centre; reducing the traffic and other man-made impact on the streets, bridges, culture and architectural monuments of the city centre.
The project is of high importance for several reasons. This is the first deal in Russia reached on the basis of a concession agreement between the authorities and the business sector. In 2005, the Russian parliament accepted the federal bill making it possible to use schemes of concession agreements in 14 fields. But so far there is only one typical scheme approved by the government –road-building. WHSD is also the first project in Russia based on the principles of PPP. There are other reasons to regard WHSR as a theme to pay close attention to. This is the largest road-building project in Europe, which envisages erecting construction such as bridges and interchanges.
According to the St. Petersburg administration’s committee for strategic projects and investments, the number of cars using the road is expected to reach 105,000 a day. The planned total cost of the road is estimated at more than 212 billion rubles. The financial terms envisaged that more than half of the investment – RUR 107.9 billion – would be provided by the private investor, with the federal budget – in the guise of the Investment fund of the Russian Federation – to deliver another 71.3 billion and St. Petersburg’s budget to provide 33.6 billion.
Observers and analysts say there are a few complications to be solved before the project can be successfully launched. First of all, the related legislation base lacks specifics regarding the distribution of risk among participants. Another grave matter is volatile prices for construction materials. Last but not the least is a technical matter: builders will be forced to find a lot of new engineering solutions. The route goes through canals and swamps and across the city, the second-largest in Russia and the fourth-largest in Europe. The fragile urban environment demands a very sensitive treatment which presumes not only technical solutions but also the need to obey many laws.
The first stage of the road, which was built in the 1990s, has already been put into operation. The whole project is supposed to be completed in 2011. But the timetable may change considerably. The investor Nevsky Meridian Ltd, which gained the right to be a concessionaire, recently announced that, due to the financial crisis, it would not be able to start in time. Nevsky Meridian is a consortium of companies backed by the Basel group of companies owned by billionaire Oleg Deripaska who is reportedly struggling to pay off his debts.
At the same time such a large-scale project demands long-term investment for at least a 20-year-period. It cannot be excluded that another big investor may take Mr Deripaska’s place.
By Maria Shevchenko
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Last year’s separation of wagon-repair enterprises from OAO RZD was a unique and long-expected event. Array
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[DETAIL_TEXT] => Market participants’ opinions about competition in the wagon-building sector are different of course, but nevertheless they are mostly negative - from “mainly weak” and “badly developed” down to “totally absent”.
From the very beginning it was obvious that the purchase of RZD’s enterprises by private businesses would not change the situation radically. Plenty of disputes took place before the auctions started – about the importance of putting the depots on the market – and incredible publicity surrounded the auctions but even these facts were not the most remarkable ones. The most noticed fact was that, once the first 22 wagon-repair enterprises were sold, it became the turn of all the others.
15 out of 22 lots were completed during auctions that took place over several meetings. Revenue to the company was more than 3 billion roubles. It is necessary to recount the final December tenders separately. Despite the announcement of a 20% depreciation in fixed assets and real estate properties at seven wagon-repair depots, no buyers could be found for them. Representatives of some interested parties stated that this was not connected with the crisis or with a fall in the demand for repairs but only with the absence of the opportunity to hold an auction with the lot price reduced.
Now such an opportunity is being discussed, as well as ways to develop competitiveness in wagon building. There are two opposite standpoints to these questions. The RF Ministry of Economic Development has offered an ex-territorial principle of daughter company formation for the Central Management of Cargo Wagon Repairing. It means that depots which are situated in separate railway sectors will be given to different “daughters”. Having taken this scenario for granted and knowingly distributing car-repair assets, it was possible to achieve an approximate parity between the created branches, because as a result in all branches both strong sites with good infrastructure and weak enterprises would appear.
OAO RZD didn’t support such an approach and suggested the creation of a unique affiliated society, emphasising, that, in the opinion of the company’s management, the artificial creation of so few daughter companies could negatively affect freight process and traffic safety. We note here that both the Ministry of Economic Development and OAO RZD support the idea of putting shares of these enterprises on the market.
At the same time, after examining railwaymen’s suggestions, experts expressed a number of doubts about its efficiency, explaining that the market is not interested in the shares now. At least in current conditions, it is practically an impossible mission to arrange for investors to buy shares in the affiliated companies based on the CMCWR (Central Management for Cargo Wagon Repairing).
A source in the Ministry of Economic Development has commented on the problem in a similar way. “Today, only certain particular material objects with certain particular characteristics may raise interest. You can’t expect many investors to be attracted to the company with such diversified assets as the wagon-repair enterprises. Even if some of them will want to invest there, not everyone will be able to do so.” Also, such a fact cannot but raise our fears that the purchase of share blocks in this large company can only be done by another similar and large organisation. And, as a result, market participants will simply replace one monopolist for another, which is not good for the Ministry of Economic Development at all but is obviously fine for OAO RZD.
Unfortunately, there are no definite decisions on this matter. And the two opposing parties are hardly able to prove the advantages of their opinions to each other. Therefore, this business can be moved on only if an arbitrator appears; it can be either the Transport Ministry or even the Government. Let’s wait a little longer. The main thing is that the first step will not be the only one.
Tatyana Ovcharova
[~DETAIL_TEXT] => Market participants’ opinions about competition in the wagon-building sector are different of course, but nevertheless they are mostly negative - from “mainly weak” and “badly developed” down to “totally absent”.
From the very beginning it was obvious that the purchase of RZD’s enterprises by private businesses would not change the situation radically. Plenty of disputes took place before the auctions started – about the importance of putting the depots on the market – and incredible publicity surrounded the auctions but even these facts were not the most remarkable ones. The most noticed fact was that, once the first 22 wagon-repair enterprises were sold, it became the turn of all the others.
15 out of 22 lots were completed during auctions that took place over several meetings. Revenue to the company was more than 3 billion roubles. It is necessary to recount the final December tenders separately. Despite the announcement of a 20% depreciation in fixed assets and real estate properties at seven wagon-repair depots, no buyers could be found for them. Representatives of some interested parties stated that this was not connected with the crisis or with a fall in the demand for repairs but only with the absence of the opportunity to hold an auction with the lot price reduced.
Now such an opportunity is being discussed, as well as ways to develop competitiveness in wagon building. There are two opposite standpoints to these questions. The RF Ministry of Economic Development has offered an ex-territorial principle of daughter company formation for the Central Management of Cargo Wagon Repairing. It means that depots which are situated in separate railway sectors will be given to different “daughters”. Having taken this scenario for granted and knowingly distributing car-repair assets, it was possible to achieve an approximate parity between the created branches, because as a result in all branches both strong sites with good infrastructure and weak enterprises would appear.
OAO RZD didn’t support such an approach and suggested the creation of a unique affiliated society, emphasising, that, in the opinion of the company’s management, the artificial creation of so few daughter companies could negatively affect freight process and traffic safety. We note here that both the Ministry of Economic Development and OAO RZD support the idea of putting shares of these enterprises on the market.
At the same time, after examining railwaymen’s suggestions, experts expressed a number of doubts about its efficiency, explaining that the market is not interested in the shares now. At least in current conditions, it is practically an impossible mission to arrange for investors to buy shares in the affiliated companies based on the CMCWR (Central Management for Cargo Wagon Repairing).
A source in the Ministry of Economic Development has commented on the problem in a similar way. “Today, only certain particular material objects with certain particular characteristics may raise interest. You can’t expect many investors to be attracted to the company with such diversified assets as the wagon-repair enterprises. Even if some of them will want to invest there, not everyone will be able to do so.” Also, such a fact cannot but raise our fears that the purchase of share blocks in this large company can only be done by another similar and large organisation. And, as a result, market participants will simply replace one monopolist for another, which is not good for the Ministry of Economic Development at all but is obviously fine for OAO RZD.
Unfortunately, there are no definite decisions on this matter. And the two opposing parties are hardly able to prove the advantages of their opinions to each other. Therefore, this business can be moved on only if an arbitrator appears; it can be either the Transport Ministry or even the Government. Let’s wait a little longer. The main thing is that the first step will not be the only one.
Tatyana Ovcharova
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RZD management’s 2006 decision to sell these shares was in line with railway transport reform. And the fact that this plan was only partially implemented doesn’t diminish the significance of this first step down a long road.
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RZD management’s 2006 decision to sell these shares was in line with railway transport reform. And the fact that this plan was only partially implemented doesn’t diminish the significance of this first step down a long road.
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[DETAIL_TEXT] => Market participants’ opinions about competition in the wagon-building sector are different of course, but nevertheless they are mostly negative - from “mainly weak” and “badly developed” down to “totally absent”.
From the very beginning it was obvious that the purchase of RZD’s enterprises by private businesses would not change the situation radically. Plenty of disputes took place before the auctions started – about the importance of putting the depots on the market – and incredible publicity surrounded the auctions but even these facts were not the most remarkable ones. The most noticed fact was that, once the first 22 wagon-repair enterprises were sold, it became the turn of all the others.
15 out of 22 lots were completed during auctions that took place over several meetings. Revenue to the company was more than 3 billion roubles. It is necessary to recount the final December tenders separately. Despite the announcement of a 20% depreciation in fixed assets and real estate properties at seven wagon-repair depots, no buyers could be found for them. Representatives of some interested parties stated that this was not connected with the crisis or with a fall in the demand for repairs but only with the absence of the opportunity to hold an auction with the lot price reduced.
Now such an opportunity is being discussed, as well as ways to develop competitiveness in wagon building. There are two opposite standpoints to these questions. The RF Ministry of Economic Development has offered an ex-territorial principle of daughter company formation for the Central Management of Cargo Wagon Repairing. It means that depots which are situated in separate railway sectors will be given to different “daughters”. Having taken this scenario for granted and knowingly distributing car-repair assets, it was possible to achieve an approximate parity between the created branches, because as a result in all branches both strong sites with good infrastructure and weak enterprises would appear.
OAO RZD didn’t support such an approach and suggested the creation of a unique affiliated society, emphasising, that, in the opinion of the company’s management, the artificial creation of so few daughter companies could negatively affect freight process and traffic safety. We note here that both the Ministry of Economic Development and OAO RZD support the idea of putting shares of these enterprises on the market.
At the same time, after examining railwaymen’s suggestions, experts expressed a number of doubts about its efficiency, explaining that the market is not interested in the shares now. At least in current conditions, it is practically an impossible mission to arrange for investors to buy shares in the affiliated companies based on the CMCWR (Central Management for Cargo Wagon Repairing).
A source in the Ministry of Economic Development has commented on the problem in a similar way. “Today, only certain particular material objects with certain particular characteristics may raise interest. You can’t expect many investors to be attracted to the company with such diversified assets as the wagon-repair enterprises. Even if some of them will want to invest there, not everyone will be able to do so.” Also, such a fact cannot but raise our fears that the purchase of share blocks in this large company can only be done by another similar and large organisation. And, as a result, market participants will simply replace one monopolist for another, which is not good for the Ministry of Economic Development at all but is obviously fine for OAO RZD.
Unfortunately, there are no definite decisions on this matter. And the two opposing parties are hardly able to prove the advantages of their opinions to each other. Therefore, this business can be moved on only if an arbitrator appears; it can be either the Transport Ministry or even the Government. Let’s wait a little longer. The main thing is that the first step will not be the only one.
Tatyana Ovcharova
[~DETAIL_TEXT] => Market participants’ opinions about competition in the wagon-building sector are different of course, but nevertheless they are mostly negative - from “mainly weak” and “badly developed” down to “totally absent”.
From the very beginning it was obvious that the purchase of RZD’s enterprises by private businesses would not change the situation radically. Plenty of disputes took place before the auctions started – about the importance of putting the depots on the market – and incredible publicity surrounded the auctions but even these facts were not the most remarkable ones. The most noticed fact was that, once the first 22 wagon-repair enterprises were sold, it became the turn of all the others.
15 out of 22 lots were completed during auctions that took place over several meetings. Revenue to the company was more than 3 billion roubles. It is necessary to recount the final December tenders separately. Despite the announcement of a 20% depreciation in fixed assets and real estate properties at seven wagon-repair depots, no buyers could be found for them. Representatives of some interested parties stated that this was not connected with the crisis or with a fall in the demand for repairs but only with the absence of the opportunity to hold an auction with the lot price reduced.
Now such an opportunity is being discussed, as well as ways to develop competitiveness in wagon building. There are two opposite standpoints to these questions. The RF Ministry of Economic Development has offered an ex-territorial principle of daughter company formation for the Central Management of Cargo Wagon Repairing. It means that depots which are situated in separate railway sectors will be given to different “daughters”. Having taken this scenario for granted and knowingly distributing car-repair assets, it was possible to achieve an approximate parity between the created branches, because as a result in all branches both strong sites with good infrastructure and weak enterprises would appear.
OAO RZD didn’t support such an approach and suggested the creation of a unique affiliated society, emphasising, that, in the opinion of the company’s management, the artificial creation of so few daughter companies could negatively affect freight process and traffic safety. We note here that both the Ministry of Economic Development and OAO RZD support the idea of putting shares of these enterprises on the market.
At the same time, after examining railwaymen’s suggestions, experts expressed a number of doubts about its efficiency, explaining that the market is not interested in the shares now. At least in current conditions, it is practically an impossible mission to arrange for investors to buy shares in the affiliated companies based on the CMCWR (Central Management for Cargo Wagon Repairing).
A source in the Ministry of Economic Development has commented on the problem in a similar way. “Today, only certain particular material objects with certain particular characteristics may raise interest. You can’t expect many investors to be attracted to the company with such diversified assets as the wagon-repair enterprises. Even if some of them will want to invest there, not everyone will be able to do so.” Also, such a fact cannot but raise our fears that the purchase of share blocks in this large company can only be done by another similar and large organisation. And, as a result, market participants will simply replace one monopolist for another, which is not good for the Ministry of Economic Development at all but is obviously fine for OAO RZD.
Unfortunately, there are no definite decisions on this matter. And the two opposing parties are hardly able to prove the advantages of their opinions to each other. Therefore, this business can be moved on only if an arbitrator appears; it can be either the Transport Ministry or even the Government. Let’s wait a little longer. The main thing is that the first step will not be the only one.
Tatyana Ovcharova
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RZD management’s 2006 decision to sell these shares was in line with railway transport reform. And the fact that this plan was only partially implemented doesn’t diminish the significance of this first step down a long road.
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RZD management’s 2006 decision to sell these shares was in line with railway transport reform. And the fact that this plan was only partially implemented doesn’t diminish the significance of this first step down a long road.
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[SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/partner/2009/2/13.jpg" border="1" alt=" " hspace="5" width="160" height="120" align="left" />Last year’s separation of wagon-repair enterprises from OAO RZD was a unique and long-expected event. <br />RZD management’s 2006 decision to sell these shares was in line with railway transport reform. And the fact that this plan was only partially implemented doesn’t diminish the significance of this first step down a long road.
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[DETAIL_TEXT] => The IPO came suddenly for industry observers. Unlike other Russian bidders, Globaltrans did not organise a huge advertising campaign with road shows and other events of that sort. It was just one month between the appearance of the news in the media and the offering itself, which is very unusual. The results were even more unexpected, since the company raised $449.5 million for just under a 30% stake. The event was held amid a slowdown in the global economy and problems on credit markets, with investors becoming increasingly sceptical of assets related to production sectors.
The success of Globaltrans seemed to be something incredible, but maybe there were some factors that helped. In reality, investors had free funds and needed assets to benefit from. At the same time, derivatives, including those linked with oil, were not attractive and even a little dangerous. Property markets were frozen and currencies were very unstable. What else? The number of IPOs was reduced to a minimum. So, a railway operator from a country that enjoyed a dollar windfall generated from sale of oil and gas, which were getting more and more expensive, was a really interesting offer. Globaltrans had a stable cash flow, solid assets as well as strong relationships with its clientele.
‘This suggests an appetite in the capital markets for both increased exposure to the Russian economy and exposure to the commodities markets: both have performed exceptionally well in the last few years. This also comes at a time when these shares of Western transportation companies are at an all-time high. All of this suggests that Globaltrans’ listing is well-timed’, said Henry Posner III, Chairman of U.S.-based Railroad Development Corp and a former owner of Estonian Railways.
But, of course, it would not be right to pin the grounds of the success of Globaltrans solely on the time of offering. The banks involved made a great job trying to get investors in to purchase the shares. Jan Tavrovsky of Morgan Stanley Russia bank said: “We conducted 195 meetings with potential buyers and more than half of them made decisions to buy.”
A stake of 3.2% for $49.55 million was acquired by the European Bank for Reconstruction and Development (EBRD), a financial institute that has been working with companies in the Russian railway sector for a long time and gained wide experience in having dealings with the industry. ‘The Bank welcomes Globaltrans’ commitment to strengthen its corporate governance, including having independent directors on its board and adopting a policy on the protection of minority shareholders’ rights,’ said Thomas Maier, EBRD Business Group Director for Transport. The EBRD will support the company’s efforts on this front, as well as over other planned innovations, Mr Maier added. This investment supports the key goal of widening private sector participation in rail operations as part of Russia’s ongoing railway reform and the proceeds will be used to fund the purchase of urgently needed new rolling stock, including open-top wagons and cement hoppers, said the bank in a statement on the issue.
The sale of Globaltrans shares should be considered more than just a successful IPO of a railway operator. In fact, it’s a beginning of a large-scale process of pumping investment into the industry with maybe a short pause because of the ongoing crisis. The IPO will pave the way for a further process of disclosure of the railway segment that remains closed even to the players themselves without saying external investors. This regards such aspects as statistics on routes, cargoes, number of operators, their owners, plans for development and so on.
In the eyes of investors, it seemed to be a brave step to buy shares in a company operating in a vague environment, in a field that is poorly known in terms of public figures and which lacks legal base. All this is coupled with the fact that private operators work in an industry undergoing reform, so their prospects may seem solid and attractive but are risky as well. But, despite all these suggestions and conclusions, a few dozen buyers preferred to put their money into Globaltrans, which presumes that the reform of Russian railways is viewed as irreversible.
But at the same time the attention of potential buyers was drawn toward the national industry of rail transportation, which set some new standards and demands for those companies willing to borrow from abroad through IPOs and SPOs. First of all, it is about information disclosure and level of transparency, no matter how a company is going to borrow. For example, Globaltrans itself went along this path very confidently. The company made public its financial report, disclosed EBITDA, number of empty runs and, amidst the financial crisis in the fall of 2008, made a statement regarding the structure of its debts.
There are other rail companies in Russia that have announced their IPOs, though they are postponed for the time being. The placings of offerings is still under discussion, but in the case of choosing the London Stock Exchange they would undoubtedly face much harsher treatment from investors had Globaltrans not drawn first blood.
By Ivan Stupachenko
[~DETAIL_TEXT] => The IPO came suddenly for industry observers. Unlike other Russian bidders, Globaltrans did not organise a huge advertising campaign with road shows and other events of that sort. It was just one month between the appearance of the news in the media and the offering itself, which is very unusual. The results were even more unexpected, since the company raised $449.5 million for just under a 30% stake. The event was held amid a slowdown in the global economy and problems on credit markets, with investors becoming increasingly sceptical of assets related to production sectors.
The success of Globaltrans seemed to be something incredible, but maybe there were some factors that helped. In reality, investors had free funds and needed assets to benefit from. At the same time, derivatives, including those linked with oil, were not attractive and even a little dangerous. Property markets were frozen and currencies were very unstable. What else? The number of IPOs was reduced to a minimum. So, a railway operator from a country that enjoyed a dollar windfall generated from sale of oil and gas, which were getting more and more expensive, was a really interesting offer. Globaltrans had a stable cash flow, solid assets as well as strong relationships with its clientele.
‘This suggests an appetite in the capital markets for both increased exposure to the Russian economy and exposure to the commodities markets: both have performed exceptionally well in the last few years. This also comes at a time when these shares of Western transportation companies are at an all-time high. All of this suggests that Globaltrans’ listing is well-timed’, said Henry Posner III, Chairman of U.S.-based Railroad Development Corp and a former owner of Estonian Railways.
But, of course, it would not be right to pin the grounds of the success of Globaltrans solely on the time of offering. The banks involved made a great job trying to get investors in to purchase the shares. Jan Tavrovsky of Morgan Stanley Russia bank said: “We conducted 195 meetings with potential buyers and more than half of them made decisions to buy.”
A stake of 3.2% for $49.55 million was acquired by the European Bank for Reconstruction and Development (EBRD), a financial institute that has been working with companies in the Russian railway sector for a long time and gained wide experience in having dealings with the industry. ‘The Bank welcomes Globaltrans’ commitment to strengthen its corporate governance, including having independent directors on its board and adopting a policy on the protection of minority shareholders’ rights,’ said Thomas Maier, EBRD Business Group Director for Transport. The EBRD will support the company’s efforts on this front, as well as over other planned innovations, Mr Maier added. This investment supports the key goal of widening private sector participation in rail operations as part of Russia’s ongoing railway reform and the proceeds will be used to fund the purchase of urgently needed new rolling stock, including open-top wagons and cement hoppers, said the bank in a statement on the issue.
The sale of Globaltrans shares should be considered more than just a successful IPO of a railway operator. In fact, it’s a beginning of a large-scale process of pumping investment into the industry with maybe a short pause because of the ongoing crisis. The IPO will pave the way for a further process of disclosure of the railway segment that remains closed even to the players themselves without saying external investors. This regards such aspects as statistics on routes, cargoes, number of operators, their owners, plans for development and so on.
In the eyes of investors, it seemed to be a brave step to buy shares in a company operating in a vague environment, in a field that is poorly known in terms of public figures and which lacks legal base. All this is coupled with the fact that private operators work in an industry undergoing reform, so their prospects may seem solid and attractive but are risky as well. But, despite all these suggestions and conclusions, a few dozen buyers preferred to put their money into Globaltrans, which presumes that the reform of Russian railways is viewed as irreversible.
But at the same time the attention of potential buyers was drawn toward the national industry of rail transportation, which set some new standards and demands for those companies willing to borrow from abroad through IPOs and SPOs. First of all, it is about information disclosure and level of transparency, no matter how a company is going to borrow. For example, Globaltrans itself went along this path very confidently. The company made public its financial report, disclosed EBITDA, number of empty runs and, amidst the financial crisis in the fall of 2008, made a statement regarding the structure of its debts.
There are other rail companies in Russia that have announced their IPOs, though they are postponed for the time being. The placings of offerings is still under discussion, but in the case of choosing the London Stock Exchange they would undoubtedly face much harsher treatment from investors had Globaltrans not drawn first blood.
By Ivan Stupachenko
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[DETAIL_TEXT] => The IPO came suddenly for industry observers. Unlike other Russian bidders, Globaltrans did not organise a huge advertising campaign with road shows and other events of that sort. It was just one month between the appearance of the news in the media and the offering itself, which is very unusual. The results were even more unexpected, since the company raised $449.5 million for just under a 30% stake. The event was held amid a slowdown in the global economy and problems on credit markets, with investors becoming increasingly sceptical of assets related to production sectors.
The success of Globaltrans seemed to be something incredible, but maybe there were some factors that helped. In reality, investors had free funds and needed assets to benefit from. At the same time, derivatives, including those linked with oil, were not attractive and even a little dangerous. Property markets were frozen and currencies were very unstable. What else? The number of IPOs was reduced to a minimum. So, a railway operator from a country that enjoyed a dollar windfall generated from sale of oil and gas, which were getting more and more expensive, was a really interesting offer. Globaltrans had a stable cash flow, solid assets as well as strong relationships with its clientele.
‘This suggests an appetite in the capital markets for both increased exposure to the Russian economy and exposure to the commodities markets: both have performed exceptionally well in the last few years. This also comes at a time when these shares of Western transportation companies are at an all-time high. All of this suggests that Globaltrans’ listing is well-timed’, said Henry Posner III, Chairman of U.S.-based Railroad Development Corp and a former owner of Estonian Railways.
But, of course, it would not be right to pin the grounds of the success of Globaltrans solely on the time of offering. The banks involved made a great job trying to get investors in to purchase the shares. Jan Tavrovsky of Morgan Stanley Russia bank said: “We conducted 195 meetings with potential buyers and more than half of them made decisions to buy.”
A stake of 3.2% for $49.55 million was acquired by the European Bank for Reconstruction and Development (EBRD), a financial institute that has been working with companies in the Russian railway sector for a long time and gained wide experience in having dealings with the industry. ‘The Bank welcomes Globaltrans’ commitment to strengthen its corporate governance, including having independent directors on its board and adopting a policy on the protection of minority shareholders’ rights,’ said Thomas Maier, EBRD Business Group Director for Transport. The EBRD will support the company’s efforts on this front, as well as over other planned innovations, Mr Maier added. This investment supports the key goal of widening private sector participation in rail operations as part of Russia’s ongoing railway reform and the proceeds will be used to fund the purchase of urgently needed new rolling stock, including open-top wagons and cement hoppers, said the bank in a statement on the issue.
The sale of Globaltrans shares should be considered more than just a successful IPO of a railway operator. In fact, it’s a beginning of a large-scale process of pumping investment into the industry with maybe a short pause because of the ongoing crisis. The IPO will pave the way for a further process of disclosure of the railway segment that remains closed even to the players themselves without saying external investors. This regards such aspects as statistics on routes, cargoes, number of operators, their owners, plans for development and so on.
In the eyes of investors, it seemed to be a brave step to buy shares in a company operating in a vague environment, in a field that is poorly known in terms of public figures and which lacks legal base. All this is coupled with the fact that private operators work in an industry undergoing reform, so their prospects may seem solid and attractive but are risky as well. But, despite all these suggestions and conclusions, a few dozen buyers preferred to put their money into Globaltrans, which presumes that the reform of Russian railways is viewed as irreversible.
But at the same time the attention of potential buyers was drawn toward the national industry of rail transportation, which set some new standards and demands for those companies willing to borrow from abroad through IPOs and SPOs. First of all, it is about information disclosure and level of transparency, no matter how a company is going to borrow. For example, Globaltrans itself went along this path very confidently. The company made public its financial report, disclosed EBITDA, number of empty runs and, amidst the financial crisis in the fall of 2008, made a statement regarding the structure of its debts.
There are other rail companies in Russia that have announced their IPOs, though they are postponed for the time being. The placings of offerings is still under discussion, but in the case of choosing the London Stock Exchange they would undoubtedly face much harsher treatment from investors had Globaltrans not drawn first blood.
By Ivan Stupachenko
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The success of Globaltrans seemed to be something incredible, but maybe there were some factors that helped. In reality, investors had free funds and needed assets to benefit from. At the same time, derivatives, including those linked with oil, were not attractive and even a little dangerous. Property markets were frozen and currencies were very unstable. What else? The number of IPOs was reduced to a minimum. So, a railway operator from a country that enjoyed a dollar windfall generated from sale of oil and gas, which were getting more and more expensive, was a really interesting offer. Globaltrans had a stable cash flow, solid assets as well as strong relationships with its clientele.
‘This suggests an appetite in the capital markets for both increased exposure to the Russian economy and exposure to the commodities markets: both have performed exceptionally well in the last few years. This also comes at a time when these shares of Western transportation companies are at an all-time high. All of this suggests that Globaltrans’ listing is well-timed’, said Henry Posner III, Chairman of U.S.-based Railroad Development Corp and a former owner of Estonian Railways.
But, of course, it would not be right to pin the grounds of the success of Globaltrans solely on the time of offering. The banks involved made a great job trying to get investors in to purchase the shares. Jan Tavrovsky of Morgan Stanley Russia bank said: “We conducted 195 meetings with potential buyers and more than half of them made decisions to buy.”
A stake of 3.2% for $49.55 million was acquired by the European Bank for Reconstruction and Development (EBRD), a financial institute that has been working with companies in the Russian railway sector for a long time and gained wide experience in having dealings with the industry. ‘The Bank welcomes Globaltrans’ commitment to strengthen its corporate governance, including having independent directors on its board and adopting a policy on the protection of minority shareholders’ rights,’ said Thomas Maier, EBRD Business Group Director for Transport. The EBRD will support the company’s efforts on this front, as well as over other planned innovations, Mr Maier added. This investment supports the key goal of widening private sector participation in rail operations as part of Russia’s ongoing railway reform and the proceeds will be used to fund the purchase of urgently needed new rolling stock, including open-top wagons and cement hoppers, said the bank in a statement on the issue.
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In the eyes of investors, it seemed to be a brave step to buy shares in a company operating in a vague environment, in a field that is poorly known in terms of public figures and which lacks legal base. All this is coupled with the fact that private operators work in an industry undergoing reform, so their prospects may seem solid and attractive but are risky as well. But, despite all these suggestions and conclusions, a few dozen buyers preferred to put their money into Globaltrans, which presumes that the reform of Russian railways is viewed as irreversible.
But at the same time the attention of potential buyers was drawn toward the national industry of rail transportation, which set some new standards and demands for those companies willing to borrow from abroad through IPOs and SPOs. First of all, it is about information disclosure and level of transparency, no matter how a company is going to borrow. For example, Globaltrans itself went along this path very confidently. The company made public its financial report, disclosed EBITDA, number of empty runs and, amidst the financial crisis in the fall of 2008, made a statement regarding the structure of its debts.
There are other rail companies in Russia that have announced their IPOs, though they are postponed for the time being. The placings of offerings is still under discussion, but in the case of choosing the London Stock Exchange they would undoubtedly face much harsher treatment from investors had Globaltrans not drawn first blood.
By Ivan Stupachenko
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[DETAIL_TEXT] => On May 20, 2008, the RF Government issued the Order to approve the Federal Target Program “The Development of Transport System in Russia (2010-2015)”. On January 1, 2010, it will become the full successor to the previously accepted document for 2002-2010. Soon afterwards - in mid-June - Prime Minister Vladimir Putin signed The Strategy of Railway Transport Development in the Russian Federation until 2030, and five months later – The RF Transport Strategy for the same period. Of course, it is difficult to overestimate the value of all three super-sized documents.
“The current condition of the transport system obviously lags behind the growing needs of the Russian economy, constraining its transition in an innovative way. Moreover, it leaves considerably large areas of our country without any opportunity for development. So far, the system of Russian transport has not become a single body and the various types of transport are insufficiently integrated with each other,” the head of the Government noted during one of the sessions. Experts also emphasise that civil aviation and inland water transport appeared to be the weakest for the last few decades. At the same time, major railway transport reform, on the contrary, has not only shown its latent potential but also those reserves which allowed railwaymen to essentially expand former planning horizons and to work out their own strategic development program independently and quickly; so that the appearance of this program was not only the first to appear but also to a certain degree defined the acceptance of a document of similar values for the whole transport system.
Acceptance of the long-term Strategies and The Federal Target Program has not only clarified the goals and the problems which transporters face, but vividly and precisely defined time for implementation, phases and priorities. Most importantly, they identified the sources of the means to achieve it. Thus, the main undoubted value of all the program documents is that they have appeared, at last, and at the same time hope for a qualitatively new approach to the creation of a truly unified transport system in the country. It is also important to note that from the moment of transition to a market economy, The Development Strategy for Railway Transport in the Russian Federation until 2030 and The RF Transport Strategy for the period to 2030, have become the first long-term program documents for transport, which cover such a big timescale. (In fact, all great things can be seen only at a distance.) And at last, the third undeniable value of these documents is that they can - and they should - become the basis for the development and adoption of other, less valuable smaller-scale strategies and programs, which are created to solve more specific local problems. So, already, on the basis of this accepted Railway Strategy until 2030, such documents as the Project of The Company Ecological Strategy for the Period until 2015, Energy Power Strategy, etc., have appeared at OAO RZD. In its turn, the Russian Transport Ministry has actually worked out the Project of Sea Activity Development Strategy until 2020, and other important documents.
Of course, the plans for global transport development, although accepted at the highest level, are not ideal and are not without their shortcomings. For example, the opinion of Evgeny Kazantsev, Vice-President of The Russian Union of Transporters, is that one of the largest structural weaknesses of the FTP “Transport System Development in Russia (2010-2015)” is the total absence of any sub-programs in it, devoted to the development of the most social form of transport in the country – the motorcar; whilst there are sub-programs within the document devoted to all other means of transport (and even specifically to motorways!). Also, this expert’s opinion is that this FTP is not coordinated with any resource supply programs. In particular, the road network development plans are not correlated with the production of building materials - cement, bitumen and other components.
Vyacheslav Gavrilov, Head of The Investment and Development Programs Department of the Russian Transport Ministry’s Federal Sea and River Transport Agency expresses the opinion that the essential shortcomings of the accepted documents are that they do not have the necessary synchronisation with and connection to the programs for cargo throughput provision on the border. “FTP “The Border” was approved almost two years ago, and the Transport Ministry, for its part, said several times that the means assigned for border checkpoints are too scarce. Everyone knows that cargoes go where they can pass through the border quicker. Russia loses out on transits, and this is a big problem too,” the official notes. But these shortcomings will hardly become critical in 2009, both for the whole transport system, and for the implementation of the above documents. In fact, the main current problem is much more specific in this sense - it is the crisis.
This is a pity, because both Strategies and FTP were formed when nobody was talking about the world’s financial problems and did not even think about the existing cyclical nature of the modern controllable market (which is different in different countries). So, it is quite natural that they appeared to be focused basically on the innovative development scenario of the country, which is now obviously not going to come true in the next one or two years. “The Railway Strategy had been developed shortly before the general documents, therefore we are the first to make corrections in connection with the world situation. Unfortunately, negative influences on the transport investment program are inevitable,” Head of OAO RZD Vladimir Yakunin officially declared during one meeting.
As regards the new FTP “Development of Transport System in Russia”, which is planned to commence in 2010, the Chairman of the RF Government gave no more than half a year to revise it in order to work out new key numbers; then, obviously, these numbers will have to try to survive the conditions of rising and falling inflation, fluctuations in the rouble exchange rate, unexpected scientific discoveries and the constantly altering plans of many thousands of businessmen which use the unified transport system, etc.
Nevertheless, despite the fact that some future adjustments are inevitable, official sources emphasise that Russian transport has already passed a point of no return and that the fixed course (via three simultaneous documents!) of the development of the general transport system will probably not be changed qualitatively. “We are facing hard work but past years have shown that we are able to solve such large-scale problems. Now it is necessary to focus on their unconditional implementation,” thus the head of the Government outlined the next peak to scale in transport development.
Nadezhda Vtorushina
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“The current condition of the transport system obviously lags behind the growing needs of the Russian economy, constraining its transition in an innovative way. Moreover, it leaves considerably large areas of our country without any opportunity for development. So far, the system of Russian transport has not become a single body and the various types of transport are insufficiently integrated with each other,” the head of the Government noted during one of the sessions. Experts also emphasise that civil aviation and inland water transport appeared to be the weakest for the last few decades. At the same time, major railway transport reform, on the contrary, has not only shown its latent potential but also those reserves which allowed railwaymen to essentially expand former planning horizons and to work out their own strategic development program independently and quickly; so that the appearance of this program was not only the first to appear but also to a certain degree defined the acceptance of a document of similar values for the whole transport system.
Acceptance of the long-term Strategies and The Federal Target Program has not only clarified the goals and the problems which transporters face, but vividly and precisely defined time for implementation, phases and priorities. Most importantly, they identified the sources of the means to achieve it. Thus, the main undoubted value of all the program documents is that they have appeared, at last, and at the same time hope for a qualitatively new approach to the creation of a truly unified transport system in the country. It is also important to note that from the moment of transition to a market economy, The Development Strategy for Railway Transport in the Russian Federation until 2030 and The RF Transport Strategy for the period to 2030, have become the first long-term program documents for transport, which cover such a big timescale. (In fact, all great things can be seen only at a distance.) And at last, the third undeniable value of these documents is that they can - and they should - become the basis for the development and adoption of other, less valuable smaller-scale strategies and programs, which are created to solve more specific local problems. So, already, on the basis of this accepted Railway Strategy until 2030, such documents as the Project of The Company Ecological Strategy for the Period until 2015, Energy Power Strategy, etc., have appeared at OAO RZD. In its turn, the Russian Transport Ministry has actually worked out the Project of Sea Activity Development Strategy until 2020, and other important documents.
Of course, the plans for global transport development, although accepted at the highest level, are not ideal and are not without their shortcomings. For example, the opinion of Evgeny Kazantsev, Vice-President of The Russian Union of Transporters, is that one of the largest structural weaknesses of the FTP “Transport System Development in Russia (2010-2015)” is the total absence of any sub-programs in it, devoted to the development of the most social form of transport in the country – the motorcar; whilst there are sub-programs within the document devoted to all other means of transport (and even specifically to motorways!). Also, this expert’s opinion is that this FTP is not coordinated with any resource supply programs. In particular, the road network development plans are not correlated with the production of building materials - cement, bitumen and other components.
Vyacheslav Gavrilov, Head of The Investment and Development Programs Department of the Russian Transport Ministry’s Federal Sea and River Transport Agency expresses the opinion that the essential shortcomings of the accepted documents are that they do not have the necessary synchronisation with and connection to the programs for cargo throughput provision on the border. “FTP “The Border” was approved almost two years ago, and the Transport Ministry, for its part, said several times that the means assigned for border checkpoints are too scarce. Everyone knows that cargoes go where they can pass through the border quicker. Russia loses out on transits, and this is a big problem too,” the official notes. But these shortcomings will hardly become critical in 2009, both for the whole transport system, and for the implementation of the above documents. In fact, the main current problem is much more specific in this sense - it is the crisis.
This is a pity, because both Strategies and FTP were formed when nobody was talking about the world’s financial problems and did not even think about the existing cyclical nature of the modern controllable market (which is different in different countries). So, it is quite natural that they appeared to be focused basically on the innovative development scenario of the country, which is now obviously not going to come true in the next one or two years. “The Railway Strategy had been developed shortly before the general documents, therefore we are the first to make corrections in connection with the world situation. Unfortunately, negative influences on the transport investment program are inevitable,” Head of OAO RZD Vladimir Yakunin officially declared during one meeting.
As regards the new FTP “Development of Transport System in Russia”, which is planned to commence in 2010, the Chairman of the RF Government gave no more than half a year to revise it in order to work out new key numbers; then, obviously, these numbers will have to try to survive the conditions of rising and falling inflation, fluctuations in the rouble exchange rate, unexpected scientific discoveries and the constantly altering plans of many thousands of businessmen which use the unified transport system, etc.
Nevertheless, despite the fact that some future adjustments are inevitable, official sources emphasise that Russian transport has already passed a point of no return and that the fixed course (via three simultaneous documents!) of the development of the general transport system will probably not be changed qualitatively. “We are facing hard work but past years have shown that we are able to solve such large-scale problems. Now it is necessary to focus on their unconditional implementation,” thus the head of the Government outlined the next peak to scale in transport development.
Nadezhda Vtorushina
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[DETAIL_TEXT] => On May 20, 2008, the RF Government issued the Order to approve the Federal Target Program “The Development of Transport System in Russia (2010-2015)”. On January 1, 2010, it will become the full successor to the previously accepted document for 2002-2010. Soon afterwards - in mid-June - Prime Minister Vladimir Putin signed The Strategy of Railway Transport Development in the Russian Federation until 2030, and five months later – The RF Transport Strategy for the same period. Of course, it is difficult to overestimate the value of all three super-sized documents.
“The current condition of the transport system obviously lags behind the growing needs of the Russian economy, constraining its transition in an innovative way. Moreover, it leaves considerably large areas of our country without any opportunity for development. So far, the system of Russian transport has not become a single body and the various types of transport are insufficiently integrated with each other,” the head of the Government noted during one of the sessions. Experts also emphasise that civil aviation and inland water transport appeared to be the weakest for the last few decades. At the same time, major railway transport reform, on the contrary, has not only shown its latent potential but also those reserves which allowed railwaymen to essentially expand former planning horizons and to work out their own strategic development program independently and quickly; so that the appearance of this program was not only the first to appear but also to a certain degree defined the acceptance of a document of similar values for the whole transport system.
Acceptance of the long-term Strategies and The Federal Target Program has not only clarified the goals and the problems which transporters face, but vividly and precisely defined time for implementation, phases and priorities. Most importantly, they identified the sources of the means to achieve it. Thus, the main undoubted value of all the program documents is that they have appeared, at last, and at the same time hope for a qualitatively new approach to the creation of a truly unified transport system in the country. It is also important to note that from the moment of transition to a market economy, The Development Strategy for Railway Transport in the Russian Federation until 2030 and The RF Transport Strategy for the period to 2030, have become the first long-term program documents for transport, which cover such a big timescale. (In fact, all great things can be seen only at a distance.) And at last, the third undeniable value of these documents is that they can - and they should - become the basis for the development and adoption of other, less valuable smaller-scale strategies and programs, which are created to solve more specific local problems. So, already, on the basis of this accepted Railway Strategy until 2030, such documents as the Project of The Company Ecological Strategy for the Period until 2015, Energy Power Strategy, etc., have appeared at OAO RZD. In its turn, the Russian Transport Ministry has actually worked out the Project of Sea Activity Development Strategy until 2020, and other important documents.
Of course, the plans for global transport development, although accepted at the highest level, are not ideal and are not without their shortcomings. For example, the opinion of Evgeny Kazantsev, Vice-President of The Russian Union of Transporters, is that one of the largest structural weaknesses of the FTP “Transport System Development in Russia (2010-2015)” is the total absence of any sub-programs in it, devoted to the development of the most social form of transport in the country – the motorcar; whilst there are sub-programs within the document devoted to all other means of transport (and even specifically to motorways!). Also, this expert’s opinion is that this FTP is not coordinated with any resource supply programs. In particular, the road network development plans are not correlated with the production of building materials - cement, bitumen and other components.
Vyacheslav Gavrilov, Head of The Investment and Development Programs Department of the Russian Transport Ministry’s Federal Sea and River Transport Agency expresses the opinion that the essential shortcomings of the accepted documents are that they do not have the necessary synchronisation with and connection to the programs for cargo throughput provision on the border. “FTP “The Border” was approved almost two years ago, and the Transport Ministry, for its part, said several times that the means assigned for border checkpoints are too scarce. Everyone knows that cargoes go where they can pass through the border quicker. Russia loses out on transits, and this is a big problem too,” the official notes. But these shortcomings will hardly become critical in 2009, both for the whole transport system, and for the implementation of the above documents. In fact, the main current problem is much more specific in this sense - it is the crisis.
This is a pity, because both Strategies and FTP were formed when nobody was talking about the world’s financial problems and did not even think about the existing cyclical nature of the modern controllable market (which is different in different countries). So, it is quite natural that they appeared to be focused basically on the innovative development scenario of the country, which is now obviously not going to come true in the next one or two years. “The Railway Strategy had been developed shortly before the general documents, therefore we are the first to make corrections in connection with the world situation. Unfortunately, negative influences on the transport investment program are inevitable,” Head of OAO RZD Vladimir Yakunin officially declared during one meeting.
As regards the new FTP “Development of Transport System in Russia”, which is planned to commence in 2010, the Chairman of the RF Government gave no more than half a year to revise it in order to work out new key numbers; then, obviously, these numbers will have to try to survive the conditions of rising and falling inflation, fluctuations in the rouble exchange rate, unexpected scientific discoveries and the constantly altering plans of many thousands of businessmen which use the unified transport system, etc.
Nevertheless, despite the fact that some future adjustments are inevitable, official sources emphasise that Russian transport has already passed a point of no return and that the fixed course (via three simultaneous documents!) of the development of the general transport system will probably not be changed qualitatively. “We are facing hard work but past years have shown that we are able to solve such large-scale problems. Now it is necessary to focus on their unconditional implementation,” thus the head of the Government outlined the next peak to scale in transport development.
Nadezhda Vtorushina
[~DETAIL_TEXT] => On May 20, 2008, the RF Government issued the Order to approve the Federal Target Program “The Development of Transport System in Russia (2010-2015)”. On January 1, 2010, it will become the full successor to the previously accepted document for 2002-2010. Soon afterwards - in mid-June - Prime Minister Vladimir Putin signed The Strategy of Railway Transport Development in the Russian Federation until 2030, and five months later – The RF Transport Strategy for the same period. Of course, it is difficult to overestimate the value of all three super-sized documents.
“The current condition of the transport system obviously lags behind the growing needs of the Russian economy, constraining its transition in an innovative way. Moreover, it leaves considerably large areas of our country without any opportunity for development. So far, the system of Russian transport has not become a single body and the various types of transport are insufficiently integrated with each other,” the head of the Government noted during one of the sessions. Experts also emphasise that civil aviation and inland water transport appeared to be the weakest for the last few decades. At the same time, major railway transport reform, on the contrary, has not only shown its latent potential but also those reserves which allowed railwaymen to essentially expand former planning horizons and to work out their own strategic development program independently and quickly; so that the appearance of this program was not only the first to appear but also to a certain degree defined the acceptance of a document of similar values for the whole transport system.
Acceptance of the long-term Strategies and The Federal Target Program has not only clarified the goals and the problems which transporters face, but vividly and precisely defined time for implementation, phases and priorities. Most importantly, they identified the sources of the means to achieve it. Thus, the main undoubted value of all the program documents is that they have appeared, at last, and at the same time hope for a qualitatively new approach to the creation of a truly unified transport system in the country. It is also important to note that from the moment of transition to a market economy, The Development Strategy for Railway Transport in the Russian Federation until 2030 and The RF Transport Strategy for the period to 2030, have become the first long-term program documents for transport, which cover such a big timescale. (In fact, all great things can be seen only at a distance.) And at last, the third undeniable value of these documents is that they can - and they should - become the basis for the development and adoption of other, less valuable smaller-scale strategies and programs, which are created to solve more specific local problems. So, already, on the basis of this accepted Railway Strategy until 2030, such documents as the Project of The Company Ecological Strategy for the Period until 2015, Energy Power Strategy, etc., have appeared at OAO RZD. In its turn, the Russian Transport Ministry has actually worked out the Project of Sea Activity Development Strategy until 2020, and other important documents.
Of course, the plans for global transport development, although accepted at the highest level, are not ideal and are not without their shortcomings. For example, the opinion of Evgeny Kazantsev, Vice-President of The Russian Union of Transporters, is that one of the largest structural weaknesses of the FTP “Transport System Development in Russia (2010-2015)” is the total absence of any sub-programs in it, devoted to the development of the most social form of transport in the country – the motorcar; whilst there are sub-programs within the document devoted to all other means of transport (and even specifically to motorways!). Also, this expert’s opinion is that this FTP is not coordinated with any resource supply programs. In particular, the road network development plans are not correlated with the production of building materials - cement, bitumen and other components.
Vyacheslav Gavrilov, Head of The Investment and Development Programs Department of the Russian Transport Ministry’s Federal Sea and River Transport Agency expresses the opinion that the essential shortcomings of the accepted documents are that they do not have the necessary synchronisation with and connection to the programs for cargo throughput provision on the border. “FTP “The Border” was approved almost two years ago, and the Transport Ministry, for its part, said several times that the means assigned for border checkpoints are too scarce. Everyone knows that cargoes go where they can pass through the border quicker. Russia loses out on transits, and this is a big problem too,” the official notes. But these shortcomings will hardly become critical in 2009, both for the whole transport system, and for the implementation of the above documents. In fact, the main current problem is much more specific in this sense - it is the crisis.
This is a pity, because both Strategies and FTP were formed when nobody was talking about the world’s financial problems and did not even think about the existing cyclical nature of the modern controllable market (which is different in different countries). So, it is quite natural that they appeared to be focused basically on the innovative development scenario of the country, which is now obviously not going to come true in the next one or two years. “The Railway Strategy had been developed shortly before the general documents, therefore we are the first to make corrections in connection with the world situation. Unfortunately, negative influences on the transport investment program are inevitable,” Head of OAO RZD Vladimir Yakunin officially declared during one meeting.
As regards the new FTP “Development of Transport System in Russia”, which is planned to commence in 2010, the Chairman of the RF Government gave no more than half a year to revise it in order to work out new key numbers; then, obviously, these numbers will have to try to survive the conditions of rising and falling inflation, fluctuations in the rouble exchange rate, unexpected scientific discoveries and the constantly altering plans of many thousands of businessmen which use the unified transport system, etc.
Nevertheless, despite the fact that some future adjustments are inevitable, official sources emphasise that Russian transport has already passed a point of no return and that the fixed course (via three simultaneous documents!) of the development of the general transport system will probably not be changed qualitatively. “We are facing hard work but past years have shown that we are able to solve such large-scale problems. Now it is necessary to focus on their unconditional implementation,” thus the head of the Government outlined the next peak to scale in transport development.
Nadezhda Vtorushina
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[DETAIL_TEXT] => The Federal Agency for Sea and River Transport of Russia is a federal body with executive power providing state services, managing state property and fulfilling law enforcement functions in the sea and river transport sector, including sea fish ports, to develop the national transport sector.
The Federal Agency for Sea and River Transport is subordinated to the Ministry of Transport of the Russian Federation.
The Federal Agency for Sea and River Transport holds tenders and concludes state contracts on the placement of orders for goods supply, fulfillment of works and services for the agency’s needs and for conducting research to assess the state’s needs.
The Federal Agency for Sea and River Transport organises:
• prevention and liquidation of oil and oil products spills from vessels and sea and river transport objects on the sea and waterways;
• measures to protect sea navigation from illegal actions hindering navigational safety;
• providing proper navigational and hydrographic conditions for vessels sailing in the sea and river ports, along the Northern sea waterway and inner waterways, excluding the border zones of the Russian Federation;
• regulation of vessels sailing along Russian inner waterways;
• maintaining inner waterways, including navigational hydrotechnical facilities and approaches to public berths and organising technological communication between all domestic water transport organisations;
• training and upgrading skills of specialists in the sea and river transport sector in accordance with international and Russian requirements.
The Federal Agency for Sea and River Transport provides:
• registration and provision of identity cards to crew members of sea vessels and river-sea ships in cases envisaged by the Russian legislation;
• issuing certificates to foreign specialists attracted as members of Russian sea vessel crews (excluding fishing fleets) that fly the flag of the Russian Federation;
• categorising navigational equipment and the terms of its exploitation, guaranteed navigable passages and the life-time of navigable hydrotechnical facilities;
• functioning as a state customer for scientific and innovation programmes in the sea and river transport sector;
• interacting (in accordance with protocol) with state bodies of foreign states and international organisations in the sea and river transport sector.
The Council of the Federal Agency for Sea and River Transport is a decision-making body and assists the agency in carrying out its powers to provide state services and manage state property in the sea and river transport sector.
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The Federal Agency for Sea and River Transport is subordinated to the Ministry of Transport of the Russian Federation.
The Federal Agency for Sea and River Transport holds tenders and concludes state contracts on the placement of orders for goods supply, fulfillment of works and services for the agency’s needs and for conducting research to assess the state’s needs.
The Federal Agency for Sea and River Transport organises:
• prevention and liquidation of oil and oil products spills from vessels and sea and river transport objects on the sea and waterways;
• measures to protect sea navigation from illegal actions hindering navigational safety;
• providing proper navigational and hydrographic conditions for vessels sailing in the sea and river ports, along the Northern sea waterway and inner waterways, excluding the border zones of the Russian Federation;
• regulation of vessels sailing along Russian inner waterways;
• maintaining inner waterways, including navigational hydrotechnical facilities and approaches to public berths and organising technological communication between all domestic water transport organisations;
• training and upgrading skills of specialists in the sea and river transport sector in accordance with international and Russian requirements.
The Federal Agency for Sea and River Transport provides:
• registration and provision of identity cards to crew members of sea vessels and river-sea ships in cases envisaged by the Russian legislation;
• issuing certificates to foreign specialists attracted as members of Russian sea vessel crews (excluding fishing fleets) that fly the flag of the Russian Federation;
• categorising navigational equipment and the terms of its exploitation, guaranteed navigable passages and the life-time of navigable hydrotechnical facilities;
• functioning as a state customer for scientific and innovation programmes in the sea and river transport sector;
• interacting (in accordance with protocol) with state bodies of foreign states and international organisations in the sea and river transport sector.
The Council of the Federal Agency for Sea and River Transport is a decision-making body and assists the agency in carrying out its powers to provide state services and manage state property in the sea and river transport sector.
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[DETAIL_TEXT] => The Federal Agency for Sea and River Transport of Russia is a federal body with executive power providing state services, managing state property and fulfilling law enforcement functions in the sea and river transport sector, including sea fish ports, to develop the national transport sector.
The Federal Agency for Sea and River Transport is subordinated to the Ministry of Transport of the Russian Federation.
The Federal Agency for Sea and River Transport holds tenders and concludes state contracts on the placement of orders for goods supply, fulfillment of works and services for the agency’s needs and for conducting research to assess the state’s needs.
The Federal Agency for Sea and River Transport organises:
• prevention and liquidation of oil and oil products spills from vessels and sea and river transport objects on the sea and waterways;
• measures to protect sea navigation from illegal actions hindering navigational safety;
• providing proper navigational and hydrographic conditions for vessels sailing in the sea and river ports, along the Northern sea waterway and inner waterways, excluding the border zones of the Russian Federation;
• regulation of vessels sailing along Russian inner waterways;
• maintaining inner waterways, including navigational hydrotechnical facilities and approaches to public berths and organising technological communication between all domestic water transport organisations;
• training and upgrading skills of specialists in the sea and river transport sector in accordance with international and Russian requirements.
The Federal Agency for Sea and River Transport provides:
• registration and provision of identity cards to crew members of sea vessels and river-sea ships in cases envisaged by the Russian legislation;
• issuing certificates to foreign specialists attracted as members of Russian sea vessel crews (excluding fishing fleets) that fly the flag of the Russian Federation;
• categorising navigational equipment and the terms of its exploitation, guaranteed navigable passages and the life-time of navigable hydrotechnical facilities;
• functioning as a state customer for scientific and innovation programmes in the sea and river transport sector;
• interacting (in accordance with protocol) with state bodies of foreign states and international organisations in the sea and river transport sector.
The Council of the Federal Agency for Sea and River Transport is a decision-making body and assists the agency in carrying out its powers to provide state services and manage state property in the sea and river transport sector.
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The Federal Agency for Sea and River Transport is subordinated to the Ministry of Transport of the Russian Federation.
The Federal Agency for Sea and River Transport holds tenders and concludes state contracts on the placement of orders for goods supply, fulfillment of works and services for the agency’s needs and for conducting research to assess the state’s needs.
The Federal Agency for Sea and River Transport organises:
• prevention and liquidation of oil and oil products spills from vessels and sea and river transport objects on the sea and waterways;
• measures to protect sea navigation from illegal actions hindering navigational safety;
• providing proper navigational and hydrographic conditions for vessels sailing in the sea and river ports, along the Northern sea waterway and inner waterways, excluding the border zones of the Russian Federation;
• regulation of vessels sailing along Russian inner waterways;
• maintaining inner waterways, including navigational hydrotechnical facilities and approaches to public berths and organising technological communication between all domestic water transport organisations;
• training and upgrading skills of specialists in the sea and river transport sector in accordance with international and Russian requirements.
The Federal Agency for Sea and River Transport provides:
• registration and provision of identity cards to crew members of sea vessels and river-sea ships in cases envisaged by the Russian legislation;
• issuing certificates to foreign specialists attracted as members of Russian sea vessel crews (excluding fishing fleets) that fly the flag of the Russian Federation;
• categorising navigational equipment and the terms of its exploitation, guaranteed navigable passages and the life-time of navigable hydrotechnical facilities;
• functioning as a state customer for scientific and innovation programmes in the sea and river transport sector;
• interacting (in accordance with protocol) with state bodies of foreign states and international organisations in the sea and river transport sector.
The Council of the Federal Agency for Sea and River Transport is a decision-making body and assists the agency in carrying out its powers to provide state services and manage state property in the sea and river transport sector.
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[DETAIL_TEXT] => Alas! The Dynamics Are The Same…
In spite of the growth in loading volume on some countries’ railways, there was a total decrease in comparison with the first half of 2008. This situation resembles the dynamics of OAO RZD’s network, where quarterly loading figures became less and less strong and began to fall in Q3. As for some definite participants of the CIS, the following countries had a positive result in 2008 and in the three previous years: Byelorussia, Uzbekistan, Moldavia and Kazakhstan. In Ukraine, the loading volume fell by 3.9% year-on-year, although there was a growth of 0.03% in comparison with 2006. The position of Latvia became weaker than those of other Baltic states – loading volume in the country reduced significantly even in comparison with 2006. The situation turned out to be even worse due to the decrease in handling volume in Baltic ports.
Analysing the data of loading of different cargoes, one can see that in the second half of 2008 there was a decline in basic cargo loading volumes. Specialists at the directorate of the Railway Transport Council say that the dynamics of iron and manganese ores, fertilisers and timber were the worst. It was caused by the economic crisis and an unfavourable market situation. The reasons for a reduction in coke and ferrous metals loading volumes were the same.
In the CIS loading of coal also fell, although the dynamics for this cargo was positive at the Russian railway network. Loading of oil and oil products, ferrous metal scrap, cement and construction materials also decreased.
Simultaneously, in 2008 the throughput grew in comparison with 2007, however, in the last quarter of 2008 the signs of a decline began to appear. In the first 10 months of 2008 throughput grew by 4.9% year-on-year, after 11 months it was 3.3%, and by the 12th month the increase was just 1.3%.
New projects
“As of January 22, 2009, some railways, such as Russia’s, Kazakhstan’s, Kirghizstan’s and Lithuania’s, succeeded in compensating for the decrease in the loading volume and fulfilled the plan but most railways, failed to do this,” said a source at the department of the Railway Transport Council. Considering the data in November and December of 2008 and the preliminary results of January, we can say there was a decrease in the total loading volume on the network, compared with the same period in 2008. It reduced to 80.7%, 76.2%, and 65.9% of last year’s results respectively.
To make transportation more profitable, they started to use tariffs. Some countries reduced their transportation tariffs to remain attractive for customers. Multilateral agreements were concluded. Recently, railways of the countries which joined the Tariff agreement of the CIS and the Baltic states decided to cut through tariffs on cargo transportation. Now there are privileged tariffs on transportation of Kazakh crude oil, LNG and ferrous metal scrap, Ukrainian alumina carried to Tajikistan and Uzbek cotton destined for the Ukrainian port of Ilyichevsk.
By Tatyana Ovcharova
viewpoint
Petr Kucherenko,
Chairman of the Directorate of the Railway Transport Council of CIS member states:
– At the 48th and 49th meetings of the Railway Transport Council of CIS member-states, a number of decisions to stabilise work in the sector were made. The most important was the decision on the Programme of realisation of Priority directions of cooperation of the CIS member states in the transport sector to 2020, approved by the Council of the Heads of the Governments of the CIS member states on November 14, 2008. Nowadays, the project of the Programme is being developed. It will be discussed at the 50th meeting of the Council. Also decided were the rules for exploitation, number registration and payments for using cargo wagons and containers on the direct international railway-ferry route via the ports of Kerch (Ukraine) and Poti/Batumi (Georgia). An agreement on the joint exploitation and development of international transport corridors crossing the territory of the CIS was also approved and sent to the Executive Committee of the CIS.
At its 50th meeting in May, the Council will discuss the programme and the plan of work of the Council’s Committee for Reform and Structural Changes.
The Tariff policy for 2009 of the CIS railways was adopted in October 2008, at the 17th Tariff Conference held in Kishinev.
[~DETAIL_TEXT] => Alas! The Dynamics Are The Same…
In spite of the growth in loading volume on some countries’ railways, there was a total decrease in comparison with the first half of 2008. This situation resembles the dynamics of OAO RZD’s network, where quarterly loading figures became less and less strong and began to fall in Q3. As for some definite participants of the CIS, the following countries had a positive result in 2008 and in the three previous years: Byelorussia, Uzbekistan, Moldavia and Kazakhstan. In Ukraine, the loading volume fell by 3.9% year-on-year, although there was a growth of 0.03% in comparison with 2006. The position of Latvia became weaker than those of other Baltic states – loading volume in the country reduced significantly even in comparison with 2006. The situation turned out to be even worse due to the decrease in handling volume in Baltic ports.
Analysing the data of loading of different cargoes, one can see that in the second half of 2008 there was a decline in basic cargo loading volumes. Specialists at the directorate of the Railway Transport Council say that the dynamics of iron and manganese ores, fertilisers and timber were the worst. It was caused by the economic crisis and an unfavourable market situation. The reasons for a reduction in coke and ferrous metals loading volumes were the same.
In the CIS loading of coal also fell, although the dynamics for this cargo was positive at the Russian railway network. Loading of oil and oil products, ferrous metal scrap, cement and construction materials also decreased.
Simultaneously, in 2008 the throughput grew in comparison with 2007, however, in the last quarter of 2008 the signs of a decline began to appear. In the first 10 months of 2008 throughput grew by 4.9% year-on-year, after 11 months it was 3.3%, and by the 12th month the increase was just 1.3%.
New projects
“As of January 22, 2009, some railways, such as Russia’s, Kazakhstan’s, Kirghizstan’s and Lithuania’s, succeeded in compensating for the decrease in the loading volume and fulfilled the plan but most railways, failed to do this,” said a source at the department of the Railway Transport Council. Considering the data in November and December of 2008 and the preliminary results of January, we can say there was a decrease in the total loading volume on the network, compared with the same period in 2008. It reduced to 80.7%, 76.2%, and 65.9% of last year’s results respectively.
To make transportation more profitable, they started to use tariffs. Some countries reduced their transportation tariffs to remain attractive for customers. Multilateral agreements were concluded. Recently, railways of the countries which joined the Tariff agreement of the CIS and the Baltic states decided to cut through tariffs on cargo transportation. Now there are privileged tariffs on transportation of Kazakh crude oil, LNG and ferrous metal scrap, Ukrainian alumina carried to Tajikistan and Uzbek cotton destined for the Ukrainian port of Ilyichevsk.
By Tatyana Ovcharova
viewpoint
Petr Kucherenko,
Chairman of the Directorate of the Railway Transport Council of CIS member states:
– At the 48th and 49th meetings of the Railway Transport Council of CIS member-states, a number of decisions to stabilise work in the sector were made. The most important was the decision on the Programme of realisation of Priority directions of cooperation of the CIS member states in the transport sector to 2020, approved by the Council of the Heads of the Governments of the CIS member states on November 14, 2008. Nowadays, the project of the Programme is being developed. It will be discussed at the 50th meeting of the Council. Also decided were the rules for exploitation, number registration and payments for using cargo wagons and containers on the direct international railway-ferry route via the ports of Kerch (Ukraine) and Poti/Batumi (Georgia). An agreement on the joint exploitation and development of international transport corridors crossing the territory of the CIS was also approved and sent to the Executive Committee of the CIS.
At its 50th meeting in May, the Council will discuss the programme and the plan of work of the Council’s Committee for Reform and Structural Changes.
The Tariff policy for 2009 of the CIS railways was adopted in October 2008, at the 17th Tariff Conference held in Kishinev.
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[DETAIL_TEXT] => Alas! The Dynamics Are The Same…
In spite of the growth in loading volume on some countries’ railways, there was a total decrease in comparison with the first half of 2008. This situation resembles the dynamics of OAO RZD’s network, where quarterly loading figures became less and less strong and began to fall in Q3. As for some definite participants of the CIS, the following countries had a positive result in 2008 and in the three previous years: Byelorussia, Uzbekistan, Moldavia and Kazakhstan. In Ukraine, the loading volume fell by 3.9% year-on-year, although there was a growth of 0.03% in comparison with 2006. The position of Latvia became weaker than those of other Baltic states – loading volume in the country reduced significantly even in comparison with 2006. The situation turned out to be even worse due to the decrease in handling volume in Baltic ports.
Analysing the data of loading of different cargoes, one can see that in the second half of 2008 there was a decline in basic cargo loading volumes. Specialists at the directorate of the Railway Transport Council say that the dynamics of iron and manganese ores, fertilisers and timber were the worst. It was caused by the economic crisis and an unfavourable market situation. The reasons for a reduction in coke and ferrous metals loading volumes were the same.
In the CIS loading of coal also fell, although the dynamics for this cargo was positive at the Russian railway network. Loading of oil and oil products, ferrous metal scrap, cement and construction materials also decreased.
Simultaneously, in 2008 the throughput grew in comparison with 2007, however, in the last quarter of 2008 the signs of a decline began to appear. In the first 10 months of 2008 throughput grew by 4.9% year-on-year, after 11 months it was 3.3%, and by the 12th month the increase was just 1.3%.
New projects
“As of January 22, 2009, some railways, such as Russia’s, Kazakhstan’s, Kirghizstan’s and Lithuania’s, succeeded in compensating for the decrease in the loading volume and fulfilled the plan but most railways, failed to do this,” said a source at the department of the Railway Transport Council. Considering the data in November and December of 2008 and the preliminary results of January, we can say there was a decrease in the total loading volume on the network, compared with the same period in 2008. It reduced to 80.7%, 76.2%, and 65.9% of last year’s results respectively.
To make transportation more profitable, they started to use tariffs. Some countries reduced their transportation tariffs to remain attractive for customers. Multilateral agreements were concluded. Recently, railways of the countries which joined the Tariff agreement of the CIS and the Baltic states decided to cut through tariffs on cargo transportation. Now there are privileged tariffs on transportation of Kazakh crude oil, LNG and ferrous metal scrap, Ukrainian alumina carried to Tajikistan and Uzbek cotton destined for the Ukrainian port of Ilyichevsk.
By Tatyana Ovcharova
viewpoint
Petr Kucherenko,
Chairman of the Directorate of the Railway Transport Council of CIS member states:
– At the 48th and 49th meetings of the Railway Transport Council of CIS member-states, a number of decisions to stabilise work in the sector were made. The most important was the decision on the Programme of realisation of Priority directions of cooperation of the CIS member states in the transport sector to 2020, approved by the Council of the Heads of the Governments of the CIS member states on November 14, 2008. Nowadays, the project of the Programme is being developed. It will be discussed at the 50th meeting of the Council. Also decided were the rules for exploitation, number registration and payments for using cargo wagons and containers on the direct international railway-ferry route via the ports of Kerch (Ukraine) and Poti/Batumi (Georgia). An agreement on the joint exploitation and development of international transport corridors crossing the territory of the CIS was also approved and sent to the Executive Committee of the CIS.
At its 50th meeting in May, the Council will discuss the programme and the plan of work of the Council’s Committee for Reform and Structural Changes.
The Tariff policy for 2009 of the CIS railways was adopted in October 2008, at the 17th Tariff Conference held in Kishinev.
[~DETAIL_TEXT] => Alas! The Dynamics Are The Same…
In spite of the growth in loading volume on some countries’ railways, there was a total decrease in comparison with the first half of 2008. This situation resembles the dynamics of OAO RZD’s network, where quarterly loading figures became less and less strong and began to fall in Q3. As for some definite participants of the CIS, the following countries had a positive result in 2008 and in the three previous years: Byelorussia, Uzbekistan, Moldavia and Kazakhstan. In Ukraine, the loading volume fell by 3.9% year-on-year, although there was a growth of 0.03% in comparison with 2006. The position of Latvia became weaker than those of other Baltic states – loading volume in the country reduced significantly even in comparison with 2006. The situation turned out to be even worse due to the decrease in handling volume in Baltic ports.
Analysing the data of loading of different cargoes, one can see that in the second half of 2008 there was a decline in basic cargo loading volumes. Specialists at the directorate of the Railway Transport Council say that the dynamics of iron and manganese ores, fertilisers and timber were the worst. It was caused by the economic crisis and an unfavourable market situation. The reasons for a reduction in coke and ferrous metals loading volumes were the same.
In the CIS loading of coal also fell, although the dynamics for this cargo was positive at the Russian railway network. Loading of oil and oil products, ferrous metal scrap, cement and construction materials also decreased.
Simultaneously, in 2008 the throughput grew in comparison with 2007, however, in the last quarter of 2008 the signs of a decline began to appear. In the first 10 months of 2008 throughput grew by 4.9% year-on-year, after 11 months it was 3.3%, and by the 12th month the increase was just 1.3%.
New projects
“As of January 22, 2009, some railways, such as Russia’s, Kazakhstan’s, Kirghizstan’s and Lithuania’s, succeeded in compensating for the decrease in the loading volume and fulfilled the plan but most railways, failed to do this,” said a source at the department of the Railway Transport Council. Considering the data in November and December of 2008 and the preliminary results of January, we can say there was a decrease in the total loading volume on the network, compared with the same period in 2008. It reduced to 80.7%, 76.2%, and 65.9% of last year’s results respectively.
To make transportation more profitable, they started to use tariffs. Some countries reduced their transportation tariffs to remain attractive for customers. Multilateral agreements were concluded. Recently, railways of the countries which joined the Tariff agreement of the CIS and the Baltic states decided to cut through tariffs on cargo transportation. Now there are privileged tariffs on transportation of Kazakh crude oil, LNG and ferrous metal scrap, Ukrainian alumina carried to Tajikistan and Uzbek cotton destined for the Ukrainian port of Ilyichevsk.
By Tatyana Ovcharova
viewpoint
Petr Kucherenko,
Chairman of the Directorate of the Railway Transport Council of CIS member states:
– At the 48th and 49th meetings of the Railway Transport Council of CIS member-states, a number of decisions to stabilise work in the sector were made. The most important was the decision on the Programme of realisation of Priority directions of cooperation of the CIS member states in the transport sector to 2020, approved by the Council of the Heads of the Governments of the CIS member states on November 14, 2008. Nowadays, the project of the Programme is being developed. It will be discussed at the 50th meeting of the Council. Also decided were the rules for exploitation, number registration and payments for using cargo wagons and containers on the direct international railway-ferry route via the ports of Kerch (Ukraine) and Poti/Batumi (Georgia). An agreement on the joint exploitation and development of international transport corridors crossing the territory of the CIS was also approved and sent to the Executive Committee of the CIS.
At its 50th meeting in May, the Council will discuss the programme and the plan of work of the Council’s Committee for Reform and Structural Changes.
The Tariff policy for 2009 of the CIS railways was adopted in October 2008, at the 17th Tariff Conference held in Kishinev.
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[DETAIL_TEXT] => Downturn Game
The gradual creation of two operator companies on the basis of a public park was approved in the Target Model of Railway Transport Service Market at the Third Stage of the Sector Reform (for more details, see “The RZD-Partner International” № 3, 2008). A competitive cargo wagon operations market was supposed to be created by this method, establishing equal conditions for all participants in this business. When the First Cargo Company (Freight One) was created, there were many complaints regarding how the idea of competition and equal conditions was being implemented in reality. But the fact that the wagon park has grown in conditions of free tariffs is, no doubt, a market trend. The main problem is the limited amount of administrative resources directed to increasing Freight One’s competitiveness in the market – and this should be the concern of state regulating organisations, first of all the Federal Antimonopoly Service.
The idea to transfer the park has one serious legal flaw. When it gets to the point where OAO RZD has no public park left then, in terms of current legislation, it will lose its status as a carrier. At the same time, a vertically integrated structure consisting of affiliated legal entities is considered to be a single legal entity, which means that those wagons owned by daughter companies are not considered to be another’s, or inaccessible to the parent company.
The President of the National Association of Transporters, Georgy Davydov, thinks that, in order to fulfil the duties of a public carrier, one possible choice is to find opportunities where the carrier can use the operators’ wagons. “Work in the circumstances of transferring the park to operators creates conditions for the tender attraction of their wagons in cases where cargo senders ask the carrier to use its own rolling stock and nobody else’s. It means that a mechanism for a price war is appearing in the market, when the wagon cost component of the transportation price can be reduced in those cases, when tariffs are regulated in all tariff components,” explains Mr Davydov.
Can’t Pay for Your Wagon? Give it to “Freight Second”!
It has been decided that the authorised capital of The Second Cargo Company will include about 230,000 wagons. OAO RZD intends to create the SCC on the basis of its own park, attracting private investors who would also contribute their own rolling stocks to the authorised capital of the new company as a way of paying for their shares. The shares of proprietors in the SCC will be proportional to the number of wagons contributed. It is planned that the definition to participate in The Second Cargo Company will be as follows: the potential income from the authorised capital rolling stock contributed will be calculated and shares will be defined on this basis. The potential service life of private investors’ wagons, owing to a low level of deterioration, will be from 20 to 25 years, while the service life of OAO RZD’s wagons will be only five to eight years. Consequently, in the distribution of shares, one private operator’s wagon can be equal up to three of OAO RZD’s wagons.
The urgency of such an offer today can be explained by the fact that, at a time when loading volumes are falling, private operators struggling to pay off wagons taken by lease are returning them to their leasing companies and the banks.
The volume of such a return is estimated at about 100,000 units, slightly less than the total number of wagons acquired by private companies in the past two or three years. The main creditors in the purchase of new rolling stock recently were Sberbank, VTB and Alpha-Bank. They are exactly the companies who are facing non-payments of credit, although the Ministry of Transport has recently applied to the Government with the idea of supporting operators and the leasing companies by subsidising their interest rates, and also by issuing new credit lines.
But another possible solution to this problem would be the transfer of all these wagons to the Second Cargo Company. “For those proprietors suffering losses because of falling traffic, and who therefore cannot provide leasing payments, it could be a possible way out,” the Deputy General Director of ZAO Razvitie Business System, Alla Uvarova, considers. “Those leasing companies which are suffering from non-payments and the need to lease out returned wagons may also be interested in such a scheme”. The President of The Carriers and Rolling Stock Operators Association, Vladimir Prokofiev, also agrees with this opinion: “It would create an opportunity to find a good owner for those wagons which are not paid for by others in these circumstances”. Also, this means that the Second Cargo Company will receive not only an out-of-date public park but also new rolling stock.
A representative of regulating organisations has specified, on condition of anonymity, that the desire to support national wagon-building is among the reasons why the Government has approved the idea to create the SCC. In conditions of deregulating the wagon component in prices, an opportunity is appearing to correct the estimated time of wagon cost recoupment by means of tariffs, and thus to make investment into the purchase of rolling stock more profitable. It is supposed that this is how Russian wagon builders will be provided with new contracts.
“But whose share is larger, wagon builders’ or that of the mining industries’?” Answering in favour of the latter, the person we were speaking with noted that in this case we should consider their interests which are, first of all, a decrease in the tariff burden and, secondly, the development of infrastructure. But taking the public park out of regulation will not result in either. The tariffs, in comparison with the Tariff Regulation №10-01, will only grow and the additional profit will not touch infrastructure by any means. At the same time, the best use RZD can make out of other tariff components is only maintaining, instead of developing, the available infrastructure, the expert considers. In his opinion, the company should retain a park, together with the duties of a public carrier. But there should be a system of obligation in the form of contracts inside RZD itself, concerning the issues of whose rolling stock carries out social transport and the way it is to be done.
Social transportation is a stumbling block in disputes about the expediency of creating the SCC. Experts agree that private operators will not carry unprofitable cargo, even if they have free rolling stock available. But Vladimir Prokofiev offers, for example, a solution. All wagons become private and special rules for the transport of ‘social cargo’ are worked out, including fair tariffs. Or part of the park can be left with RZD for the state’s needs. But in that case, using RZD’s wagons will not be always effective, because social transport is currently not supported by any regular cargo base. Thus, it is also possible to search for an effective decision outside the public park, in order to carry out social transportation.
“Transportation in the interests of the Russian Federation should be guaranteed. And it is necessary to reduce the public park reasonably, without going to extremes,” considers another source we spoke to. He thinks the RF Ministry of Transport and RZD, together with interested federal departments, should define the volume of state transport needed. Part of the public park should be kept for this purpose and the rest leased to operators. At the same time, the State should not completely stop controlling tariffs. Such control should be transformed either to the establishment of a profitability norm, or a tariff limits level. But in any case it has to be beyond the framework of the law “On Natural Monopolies”.
What Are The Alternatives?
Until recently, another variant of how to deal with the public park was considered – its sale to private operators. Many experts did not write off this option. However, the financial crisis has updated this situation, causing a fall in the demand for transportation and the profitability of wagons. In these circumstances, the majority of operators have given up their previous investment plans. Alla Uvarova adds that it is totally inadvisable to sell RZD’s rolling stock, with its high level of deterioration, especially in an economic recession.
Of course, we have to mention the scenario of the transference of the public park to the First Cargo Company. But this variant has more opponents than supporters. Mr Prokofiev notes that the creation of one super-FCC will only harm competition. Mr Davydov agrees that maybe it would be easier for RZD to transfer the remaining public park to the FCC but simple solutions are not always useful. “Actually, it would be like running on the spot because in commercial and technological terms it would mean a return to the same public park,” considers Mr Davydov. A source in the State adds that the additional capitalisation of the FCC is an unnecessary and extreme measure because a natural monopolist would become an ‘unnatural’ one, whilst the purpose of reform is the development of competition.
By Elena Ushkova
our reference
On January 1st 2009, the public park comprised 402,447 wagons, including about 20,000 units which are being used by OAO RZD but registered in OAO FCC’s balance sheets.
According to information from RZD’s Corporate Construction and Reform Department, it is planned to transfer up to 230,000 cargo wagons to the Second Cargo Company and 60,000 will be given to the First Cargo Company.
viewpoint
Salman Babaev,
General Director of OAO “First Cargo Company”:
– I support the idea of creating The Second Cargo Company and I feel its appearance entirely corresponds with the spirit of reform, because it will promote the formation of a competitive environment. Also its creation will have a positive effect on overcoming the problems that OAO RZD faces now. About 300,000 rolling stock units are currently sitting idle and more than half of them are wagons from the public park. The point is that RZD cannot quickly change prices, according to the market situation. The creation of The Second Cargo Company means that of the whole of the wagon park in Russia will become private and will have equal tariff-formation conditions. So, the discrimination in relation to RZD will be overcome.
Evgeniy Mikhailov,
Chairman of Baltic Cargo Company’s Board of Directors:
– If the task is to take all rolling stock out of the system of strict regulation, then, in my opinion, it is better to make additions to the First Cargo Company’s authorised capital by transferring RZD’s remaining park to it.
If the purpose is to sell the Second Cargo Company soon after its creation, then this would be a key decision in all railway transport reform, because it would trigger the organisation of carriers on the basis of the FCC and SCC, and would be the template for other private companies. RZD, in its turn, would become an infrastructure company. This decision is radical and I wouldn’t dare to predict how the reform, if it is accepted, would continue given the current legal basis.
Vladimir Prokofiev,
President of Carriers and Rolling Stock Operators Association, General Director of OOO “BaltTransService”:
– In my opinion, each type of specialised rolling stock should be concentrated in one of two companies (either the First or Second Cargo Company) and universal rolling stock, on the contrary, should be distributed between them in order to create competition.
It is most likely that, after a while, both the FCC and SCC, about ten large companies and about 100 small companies will be present in the market, instead of the 2,500 operating today. Merging small operators is quite a natural process, especially when there is a shortage of cargo. It is necessary for companies to become stronger. Only those small companies that have guaranteed cargoes will survive. Others will either be swallowed up by larger companies or merge with each other.
Alla Uvarova,
Deputy General Director of ZAO Razvitie Business System, Director of the Transport and Infrastructure Projects Department:
– The creation of the Second Cargo Company is another step towards the demonopolisation of the transport industry. But it would be an illusion to say that the competition in this market can be free. Considering the features of the current railway infrastructure and the development level of other means of transport, the offered changes cannot lead to classical competitive behaviour by railway market participants. By definition, it is always an oligopoly. The transport business is capital intensive; it also demands large investments with long-term outlay recovery, therefore only large players can be engaged; those who have considerable financial stability. The tendency to concentrate capital in the transport business is objective and can even grow in conditions of economic crisis.
[~DETAIL_TEXT] => Downturn Game
The gradual creation of two operator companies on the basis of a public park was approved in the Target Model of Railway Transport Service Market at the Third Stage of the Sector Reform (for more details, see “The RZD-Partner International” № 3, 2008). A competitive cargo wagon operations market was supposed to be created by this method, establishing equal conditions for all participants in this business. When the First Cargo Company (Freight One) was created, there were many complaints regarding how the idea of competition and equal conditions was being implemented in reality. But the fact that the wagon park has grown in conditions of free tariffs is, no doubt, a market trend. The main problem is the limited amount of administrative resources directed to increasing Freight One’s competitiveness in the market – and this should be the concern of state regulating organisations, first of all the Federal Antimonopoly Service.
The idea to transfer the park has one serious legal flaw. When it gets to the point where OAO RZD has no public park left then, in terms of current legislation, it will lose its status as a carrier. At the same time, a vertically integrated structure consisting of affiliated legal entities is considered to be a single legal entity, which means that those wagons owned by daughter companies are not considered to be another’s, or inaccessible to the parent company.
The President of the National Association of Transporters, Georgy Davydov, thinks that, in order to fulfil the duties of a public carrier, one possible choice is to find opportunities where the carrier can use the operators’ wagons. “Work in the circumstances of transferring the park to operators creates conditions for the tender attraction of their wagons in cases where cargo senders ask the carrier to use its own rolling stock and nobody else’s. It means that a mechanism for a price war is appearing in the market, when the wagon cost component of the transportation price can be reduced in those cases, when tariffs are regulated in all tariff components,” explains Mr Davydov.
Can’t Pay for Your Wagon? Give it to “Freight Second”!
It has been decided that the authorised capital of The Second Cargo Company will include about 230,000 wagons. OAO RZD intends to create the SCC on the basis of its own park, attracting private investors who would also contribute their own rolling stocks to the authorised capital of the new company as a way of paying for their shares. The shares of proprietors in the SCC will be proportional to the number of wagons contributed. It is planned that the definition to participate in The Second Cargo Company will be as follows: the potential income from the authorised capital rolling stock contributed will be calculated and shares will be defined on this basis. The potential service life of private investors’ wagons, owing to a low level of deterioration, will be from 20 to 25 years, while the service life of OAO RZD’s wagons will be only five to eight years. Consequently, in the distribution of shares, one private operator’s wagon can be equal up to three of OAO RZD’s wagons.
The urgency of such an offer today can be explained by the fact that, at a time when loading volumes are falling, private operators struggling to pay off wagons taken by lease are returning them to their leasing companies and the banks.
The volume of such a return is estimated at about 100,000 units, slightly less than the total number of wagons acquired by private companies in the past two or three years. The main creditors in the purchase of new rolling stock recently were Sberbank, VTB and Alpha-Bank. They are exactly the companies who are facing non-payments of credit, although the Ministry of Transport has recently applied to the Government with the idea of supporting operators and the leasing companies by subsidising their interest rates, and also by issuing new credit lines.
But another possible solution to this problem would be the transfer of all these wagons to the Second Cargo Company. “For those proprietors suffering losses because of falling traffic, and who therefore cannot provide leasing payments, it could be a possible way out,” the Deputy General Director of ZAO Razvitie Business System, Alla Uvarova, considers. “Those leasing companies which are suffering from non-payments and the need to lease out returned wagons may also be interested in such a scheme”. The President of The Carriers and Rolling Stock Operators Association, Vladimir Prokofiev, also agrees with this opinion: “It would create an opportunity to find a good owner for those wagons which are not paid for by others in these circumstances”. Also, this means that the Second Cargo Company will receive not only an out-of-date public park but also new rolling stock.
A representative of regulating organisations has specified, on condition of anonymity, that the desire to support national wagon-building is among the reasons why the Government has approved the idea to create the SCC. In conditions of deregulating the wagon component in prices, an opportunity is appearing to correct the estimated time of wagon cost recoupment by means of tariffs, and thus to make investment into the purchase of rolling stock more profitable. It is supposed that this is how Russian wagon builders will be provided with new contracts.
“But whose share is larger, wagon builders’ or that of the mining industries’?” Answering in favour of the latter, the person we were speaking with noted that in this case we should consider their interests which are, first of all, a decrease in the tariff burden and, secondly, the development of infrastructure. But taking the public park out of regulation will not result in either. The tariffs, in comparison with the Tariff Regulation №10-01, will only grow and the additional profit will not touch infrastructure by any means. At the same time, the best use RZD can make out of other tariff components is only maintaining, instead of developing, the available infrastructure, the expert considers. In his opinion, the company should retain a park, together with the duties of a public carrier. But there should be a system of obligation in the form of contracts inside RZD itself, concerning the issues of whose rolling stock carries out social transport and the way it is to be done.
Social transportation is a stumbling block in disputes about the expediency of creating the SCC. Experts agree that private operators will not carry unprofitable cargo, even if they have free rolling stock available. But Vladimir Prokofiev offers, for example, a solution. All wagons become private and special rules for the transport of ‘social cargo’ are worked out, including fair tariffs. Or part of the park can be left with RZD for the state’s needs. But in that case, using RZD’s wagons will not be always effective, because social transport is currently not supported by any regular cargo base. Thus, it is also possible to search for an effective decision outside the public park, in order to carry out social transportation.
“Transportation in the interests of the Russian Federation should be guaranteed. And it is necessary to reduce the public park reasonably, without going to extremes,” considers another source we spoke to. He thinks the RF Ministry of Transport and RZD, together with interested federal departments, should define the volume of state transport needed. Part of the public park should be kept for this purpose and the rest leased to operators. At the same time, the State should not completely stop controlling tariffs. Such control should be transformed either to the establishment of a profitability norm, or a tariff limits level. But in any case it has to be beyond the framework of the law “On Natural Monopolies”.
What Are The Alternatives?
Until recently, another variant of how to deal with the public park was considered – its sale to private operators. Many experts did not write off this option. However, the financial crisis has updated this situation, causing a fall in the demand for transportation and the profitability of wagons. In these circumstances, the majority of operators have given up their previous investment plans. Alla Uvarova adds that it is totally inadvisable to sell RZD’s rolling stock, with its high level of deterioration, especially in an economic recession.
Of course, we have to mention the scenario of the transference of the public park to the First Cargo Company. But this variant has more opponents than supporters. Mr Prokofiev notes that the creation of one super-FCC will only harm competition. Mr Davydov agrees that maybe it would be easier for RZD to transfer the remaining public park to the FCC but simple solutions are not always useful. “Actually, it would be like running on the spot because in commercial and technological terms it would mean a return to the same public park,” considers Mr Davydov. A source in the State adds that the additional capitalisation of the FCC is an unnecessary and extreme measure because a natural monopolist would become an ‘unnatural’ one, whilst the purpose of reform is the development of competition.
By Elena Ushkova
our reference
On January 1st 2009, the public park comprised 402,447 wagons, including about 20,000 units which are being used by OAO RZD but registered in OAO FCC’s balance sheets.
According to information from RZD’s Corporate Construction and Reform Department, it is planned to transfer up to 230,000 cargo wagons to the Second Cargo Company and 60,000 will be given to the First Cargo Company.
viewpoint
Salman Babaev,
General Director of OAO “First Cargo Company”:
– I support the idea of creating The Second Cargo Company and I feel its appearance entirely corresponds with the spirit of reform, because it will promote the formation of a competitive environment. Also its creation will have a positive effect on overcoming the problems that OAO RZD faces now. About 300,000 rolling stock units are currently sitting idle and more than half of them are wagons from the public park. The point is that RZD cannot quickly change prices, according to the market situation. The creation of The Second Cargo Company means that of the whole of the wagon park in Russia will become private and will have equal tariff-formation conditions. So, the discrimination in relation to RZD will be overcome.
Evgeniy Mikhailov,
Chairman of Baltic Cargo Company’s Board of Directors:
– If the task is to take all rolling stock out of the system of strict regulation, then, in my opinion, it is better to make additions to the First Cargo Company’s authorised capital by transferring RZD’s remaining park to it.
If the purpose is to sell the Second Cargo Company soon after its creation, then this would be a key decision in all railway transport reform, because it would trigger the organisation of carriers on the basis of the FCC and SCC, and would be the template for other private companies. RZD, in its turn, would become an infrastructure company. This decision is radical and I wouldn’t dare to predict how the reform, if it is accepted, would continue given the current legal basis.
Vladimir Prokofiev,
President of Carriers and Rolling Stock Operators Association, General Director of OOO “BaltTransService”:
– In my opinion, each type of specialised rolling stock should be concentrated in one of two companies (either the First or Second Cargo Company) and universal rolling stock, on the contrary, should be distributed between them in order to create competition.
It is most likely that, after a while, both the FCC and SCC, about ten large companies and about 100 small companies will be present in the market, instead of the 2,500 operating today. Merging small operators is quite a natural process, especially when there is a shortage of cargo. It is necessary for companies to become stronger. Only those small companies that have guaranteed cargoes will survive. Others will either be swallowed up by larger companies or merge with each other.
Alla Uvarova,
Deputy General Director of ZAO Razvitie Business System, Director of the Transport and Infrastructure Projects Department:
– The creation of the Second Cargo Company is another step towards the demonopolisation of the transport industry. But it would be an illusion to say that the competition in this market can be free. Considering the features of the current railway infrastructure and the development level of other means of transport, the offered changes cannot lead to classical competitive behaviour by railway market participants. By definition, it is always an oligopoly. The transport business is capital intensive; it also demands large investments with long-term outlay recovery, therefore only large players can be engaged; those who have considerable financial stability. The tendency to concentrate capital in the transport business is objective and can even grow in conditions of economic crisis.
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If there is a positive decision, there will be no public park left to work to state-regulated tariffs in Russia.
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[DETAIL_TEXT] => Downturn Game
The gradual creation of two operator companies on the basis of a public park was approved in the Target Model of Railway Transport Service Market at the Third Stage of the Sector Reform (for more details, see “The RZD-Partner International” № 3, 2008). A competitive cargo wagon operations market was supposed to be created by this method, establishing equal conditions for all participants in this business. When the First Cargo Company (Freight One) was created, there were many complaints regarding how the idea of competition and equal conditions was being implemented in reality. But the fact that the wagon park has grown in conditions of free tariffs is, no doubt, a market trend. The main problem is the limited amount of administrative resources directed to increasing Freight One’s competitiveness in the market – and this should be the concern of state regulating organisations, first of all the Federal Antimonopoly Service.
The idea to transfer the park has one serious legal flaw. When it gets to the point where OAO RZD has no public park left then, in terms of current legislation, it will lose its status as a carrier. At the same time, a vertically integrated structure consisting of affiliated legal entities is considered to be a single legal entity, which means that those wagons owned by daughter companies are not considered to be another’s, or inaccessible to the parent company.
The President of the National Association of Transporters, Georgy Davydov, thinks that, in order to fulfil the duties of a public carrier, one possible choice is to find opportunities where the carrier can use the operators’ wagons. “Work in the circumstances of transferring the park to operators creates conditions for the tender attraction of their wagons in cases where cargo senders ask the carrier to use its own rolling stock and nobody else’s. It means that a mechanism for a price war is appearing in the market, when the wagon cost component of the transportation price can be reduced in those cases, when tariffs are regulated in all tariff components,” explains Mr Davydov.
Can’t Pay for Your Wagon? Give it to “Freight Second”!
It has been decided that the authorised capital of The Second Cargo Company will include about 230,000 wagons. OAO RZD intends to create the SCC on the basis of its own park, attracting private investors who would also contribute their own rolling stocks to the authorised capital of the new company as a way of paying for their shares. The shares of proprietors in the SCC will be proportional to the number of wagons contributed. It is planned that the definition to participate in The Second Cargo Company will be as follows: the potential income from the authorised capital rolling stock contributed will be calculated and shares will be defined on this basis. The potential service life of private investors’ wagons, owing to a low level of deterioration, will be from 20 to 25 years, while the service life of OAO RZD’s wagons will be only five to eight years. Consequently, in the distribution of shares, one private operator’s wagon can be equal up to three of OAO RZD’s wagons.
The urgency of such an offer today can be explained by the fact that, at a time when loading volumes are falling, private operators struggling to pay off wagons taken by lease are returning them to their leasing companies and the banks.
The volume of such a return is estimated at about 100,000 units, slightly less than the total number of wagons acquired by private companies in the past two or three years. The main creditors in the purchase of new rolling stock recently were Sberbank, VTB and Alpha-Bank. They are exactly the companies who are facing non-payments of credit, although the Ministry of Transport has recently applied to the Government with the idea of supporting operators and the leasing companies by subsidising their interest rates, and also by issuing new credit lines.
But another possible solution to this problem would be the transfer of all these wagons to the Second Cargo Company. “For those proprietors suffering losses because of falling traffic, and who therefore cannot provide leasing payments, it could be a possible way out,” the Deputy General Director of ZAO Razvitie Business System, Alla Uvarova, considers. “Those leasing companies which are suffering from non-payments and the need to lease out returned wagons may also be interested in such a scheme”. The President of The Carriers and Rolling Stock Operators Association, Vladimir Prokofiev, also agrees with this opinion: “It would create an opportunity to find a good owner for those wagons which are not paid for by others in these circumstances”. Also, this means that the Second Cargo Company will receive not only an out-of-date public park but also new rolling stock.
A representative of regulating organisations has specified, on condition of anonymity, that the desire to support national wagon-building is among the reasons why the Government has approved the idea to create the SCC. In conditions of deregulating the wagon component in prices, an opportunity is appearing to correct the estimated time of wagon cost recoupment by means of tariffs, and thus to make investment into the purchase of rolling stock more profitable. It is supposed that this is how Russian wagon builders will be provided with new contracts.
“But whose share is larger, wagon builders’ or that of the mining industries’?” Answering in favour of the latter, the person we were speaking with noted that in this case we should consider their interests which are, first of all, a decrease in the tariff burden and, secondly, the development of infrastructure. But taking the public park out of regulation will not result in either. The tariffs, in comparison with the Tariff Regulation №10-01, will only grow and the additional profit will not touch infrastructure by any means. At the same time, the best use RZD can make out of other tariff components is only maintaining, instead of developing, the available infrastructure, the expert considers. In his opinion, the company should retain a park, together with the duties of a public carrier. But there should be a system of obligation in the form of contracts inside RZD itself, concerning the issues of whose rolling stock carries out social transport and the way it is to be done.
Social transportation is a stumbling block in disputes about the expediency of creating the SCC. Experts agree that private operators will not carry unprofitable cargo, even if they have free rolling stock available. But Vladimir Prokofiev offers, for example, a solution. All wagons become private and special rules for the transport of ‘social cargo’ are worked out, including fair tariffs. Or part of the park can be left with RZD for the state’s needs. But in that case, using RZD’s wagons will not be always effective, because social transport is currently not supported by any regular cargo base. Thus, it is also possible to search for an effective decision outside the public park, in order to carry out social transportation.
“Transportation in the interests of the Russian Federation should be guaranteed. And it is necessary to reduce the public park reasonably, without going to extremes,” considers another source we spoke to. He thinks the RF Ministry of Transport and RZD, together with interested federal departments, should define the volume of state transport needed. Part of the public park should be kept for this purpose and the rest leased to operators. At the same time, the State should not completely stop controlling tariffs. Such control should be transformed either to the establishment of a profitability norm, or a tariff limits level. But in any case it has to be beyond the framework of the law “On Natural Monopolies”.
What Are The Alternatives?
Until recently, another variant of how to deal with the public park was considered – its sale to private operators. Many experts did not write off this option. However, the financial crisis has updated this situation, causing a fall in the demand for transportation and the profitability of wagons. In these circumstances, the majority of operators have given up their previous investment plans. Alla Uvarova adds that it is totally inadvisable to sell RZD’s rolling stock, with its high level of deterioration, especially in an economic recession.
Of course, we have to mention the scenario of the transference of the public park to the First Cargo Company. But this variant has more opponents than supporters. Mr Prokofiev notes that the creation of one super-FCC will only harm competition. Mr Davydov agrees that maybe it would be easier for RZD to transfer the remaining public park to the FCC but simple solutions are not always useful. “Actually, it would be like running on the spot because in commercial and technological terms it would mean a return to the same public park,” considers Mr Davydov. A source in the State adds that the additional capitalisation of the FCC is an unnecessary and extreme measure because a natural monopolist would become an ‘unnatural’ one, whilst the purpose of reform is the development of competition.
By Elena Ushkova
our reference
On January 1st 2009, the public park comprised 402,447 wagons, including about 20,000 units which are being used by OAO RZD but registered in OAO FCC’s balance sheets.
According to information from RZD’s Corporate Construction and Reform Department, it is planned to transfer up to 230,000 cargo wagons to the Second Cargo Company and 60,000 will be given to the First Cargo Company.
viewpoint
Salman Babaev,
General Director of OAO “First Cargo Company”:
– I support the idea of creating The Second Cargo Company and I feel its appearance entirely corresponds with the spirit of reform, because it will promote the formation of a competitive environment. Also its creation will have a positive effect on overcoming the problems that OAO RZD faces now. About 300,000 rolling stock units are currently sitting idle and more than half of them are wagons from the public park. The point is that RZD cannot quickly change prices, according to the market situation. The creation of The Second Cargo Company means that of the whole of the wagon park in Russia will become private and will have equal tariff-formation conditions. So, the discrimination in relation to RZD will be overcome.
Evgeniy Mikhailov,
Chairman of Baltic Cargo Company’s Board of Directors:
– If the task is to take all rolling stock out of the system of strict regulation, then, in my opinion, it is better to make additions to the First Cargo Company’s authorised capital by transferring RZD’s remaining park to it.
If the purpose is to sell the Second Cargo Company soon after its creation, then this would be a key decision in all railway transport reform, because it would trigger the organisation of carriers on the basis of the FCC and SCC, and would be the template for other private companies. RZD, in its turn, would become an infrastructure company. This decision is radical and I wouldn’t dare to predict how the reform, if it is accepted, would continue given the current legal basis.
Vladimir Prokofiev,
President of Carriers and Rolling Stock Operators Association, General Director of OOO “BaltTransService”:
– In my opinion, each type of specialised rolling stock should be concentrated in one of two companies (either the First or Second Cargo Company) and universal rolling stock, on the contrary, should be distributed between them in order to create competition.
It is most likely that, after a while, both the FCC and SCC, about ten large companies and about 100 small companies will be present in the market, instead of the 2,500 operating today. Merging small operators is quite a natural process, especially when there is a shortage of cargo. It is necessary for companies to become stronger. Only those small companies that have guaranteed cargoes will survive. Others will either be swallowed up by larger companies or merge with each other.
Alla Uvarova,
Deputy General Director of ZAO Razvitie Business System, Director of the Transport and Infrastructure Projects Department:
– The creation of the Second Cargo Company is another step towards the demonopolisation of the transport industry. But it would be an illusion to say that the competition in this market can be free. Considering the features of the current railway infrastructure and the development level of other means of transport, the offered changes cannot lead to classical competitive behaviour by railway market participants. By definition, it is always an oligopoly. The transport business is capital intensive; it also demands large investments with long-term outlay recovery, therefore only large players can be engaged; those who have considerable financial stability. The tendency to concentrate capital in the transport business is objective and can even grow in conditions of economic crisis.
[~DETAIL_TEXT] => Downturn Game
The gradual creation of two operator companies on the basis of a public park was approved in the Target Model of Railway Transport Service Market at the Third Stage of the Sector Reform (for more details, see “The RZD-Partner International” № 3, 2008). A competitive cargo wagon operations market was supposed to be created by this method, establishing equal conditions for all participants in this business. When the First Cargo Company (Freight One) was created, there were many complaints regarding how the idea of competition and equal conditions was being implemented in reality. But the fact that the wagon park has grown in conditions of free tariffs is, no doubt, a market trend. The main problem is the limited amount of administrative resources directed to increasing Freight One’s competitiveness in the market – and this should be the concern of state regulating organisations, first of all the Federal Antimonopoly Service.
The idea to transfer the park has one serious legal flaw. When it gets to the point where OAO RZD has no public park left then, in terms of current legislation, it will lose its status as a carrier. At the same time, a vertically integrated structure consisting of affiliated legal entities is considered to be a single legal entity, which means that those wagons owned by daughter companies are not considered to be another’s, or inaccessible to the parent company.
The President of the National Association of Transporters, Georgy Davydov, thinks that, in order to fulfil the duties of a public carrier, one possible choice is to find opportunities where the carrier can use the operators’ wagons. “Work in the circumstances of transferring the park to operators creates conditions for the tender attraction of their wagons in cases where cargo senders ask the carrier to use its own rolling stock and nobody else’s. It means that a mechanism for a price war is appearing in the market, when the wagon cost component of the transportation price can be reduced in those cases, when tariffs are regulated in all tariff components,” explains Mr Davydov.
Can’t Pay for Your Wagon? Give it to “Freight Second”!
It has been decided that the authorised capital of The Second Cargo Company will include about 230,000 wagons. OAO RZD intends to create the SCC on the basis of its own park, attracting private investors who would also contribute their own rolling stocks to the authorised capital of the new company as a way of paying for their shares. The shares of proprietors in the SCC will be proportional to the number of wagons contributed. It is planned that the definition to participate in The Second Cargo Company will be as follows: the potential income from the authorised capital rolling stock contributed will be calculated and shares will be defined on this basis. The potential service life of private investors’ wagons, owing to a low level of deterioration, will be from 20 to 25 years, while the service life of OAO RZD’s wagons will be only five to eight years. Consequently, in the distribution of shares, one private operator’s wagon can be equal up to three of OAO RZD’s wagons.
The urgency of such an offer today can be explained by the fact that, at a time when loading volumes are falling, private operators struggling to pay off wagons taken by lease are returning them to their leasing companies and the banks.
The volume of such a return is estimated at about 100,000 units, slightly less than the total number of wagons acquired by private companies in the past two or three years. The main creditors in the purchase of new rolling stock recently were Sberbank, VTB and Alpha-Bank. They are exactly the companies who are facing non-payments of credit, although the Ministry of Transport has recently applied to the Government with the idea of supporting operators and the leasing companies by subsidising their interest rates, and also by issuing new credit lines.
But another possible solution to this problem would be the transfer of all these wagons to the Second Cargo Company. “For those proprietors suffering losses because of falling traffic, and who therefore cannot provide leasing payments, it could be a possible way out,” the Deputy General Director of ZAO Razvitie Business System, Alla Uvarova, considers. “Those leasing companies which are suffering from non-payments and the need to lease out returned wagons may also be interested in such a scheme”. The President of The Carriers and Rolling Stock Operators Association, Vladimir Prokofiev, also agrees with this opinion: “It would create an opportunity to find a good owner for those wagons which are not paid for by others in these circumstances”. Also, this means that the Second Cargo Company will receive not only an out-of-date public park but also new rolling stock.
A representative of regulating organisations has specified, on condition of anonymity, that the desire to support national wagon-building is among the reasons why the Government has approved the idea to create the SCC. In conditions of deregulating the wagon component in prices, an opportunity is appearing to correct the estimated time of wagon cost recoupment by means of tariffs, and thus to make investment into the purchase of rolling stock more profitable. It is supposed that this is how Russian wagon builders will be provided with new contracts.
“But whose share is larger, wagon builders’ or that of the mining industries’?” Answering in favour of the latter, the person we were speaking with noted that in this case we should consider their interests which are, first of all, a decrease in the tariff burden and, secondly, the development of infrastructure. But taking the public park out of regulation will not result in either. The tariffs, in comparison with the Tariff Regulation №10-01, will only grow and the additional profit will not touch infrastructure by any means. At the same time, the best use RZD can make out of other tariff components is only maintaining, instead of developing, the available infrastructure, the expert considers. In his opinion, the company should retain a park, together with the duties of a public carrier. But there should be a system of obligation in the form of contracts inside RZD itself, concerning the issues of whose rolling stock carries out social transport and the way it is to be done.
Social transportation is a stumbling block in disputes about the expediency of creating the SCC. Experts agree that private operators will not carry unprofitable cargo, even if they have free rolling stock available. But Vladimir Prokofiev offers, for example, a solution. All wagons become private and special rules for the transport of ‘social cargo’ are worked out, including fair tariffs. Or part of the park can be left with RZD for the state’s needs. But in that case, using RZD’s wagons will not be always effective, because social transport is currently not supported by any regular cargo base. Thus, it is also possible to search for an effective decision outside the public park, in order to carry out social transportation.
“Transportation in the interests of the Russian Federation should be guaranteed. And it is necessary to reduce the public park reasonably, without going to extremes,” considers another source we spoke to. He thinks the RF Ministry of Transport and RZD, together with interested federal departments, should define the volume of state transport needed. Part of the public park should be kept for this purpose and the rest leased to operators. At the same time, the State should not completely stop controlling tariffs. Such control should be transformed either to the establishment of a profitability norm, or a tariff limits level. But in any case it has to be beyond the framework of the law “On Natural Monopolies”.
What Are The Alternatives?
Until recently, another variant of how to deal with the public park was considered – its sale to private operators. Many experts did not write off this option. However, the financial crisis has updated this situation, causing a fall in the demand for transportation and the profitability of wagons. In these circumstances, the majority of operators have given up their previous investment plans. Alla Uvarova adds that it is totally inadvisable to sell RZD’s rolling stock, with its high level of deterioration, especially in an economic recession.
Of course, we have to mention the scenario of the transference of the public park to the First Cargo Company. But this variant has more opponents than supporters. Mr Prokofiev notes that the creation of one super-FCC will only harm competition. Mr Davydov agrees that maybe it would be easier for RZD to transfer the remaining public park to the FCC but simple solutions are not always useful. “Actually, it would be like running on the spot because in commercial and technological terms it would mean a return to the same public park,” considers Mr Davydov. A source in the State adds that the additional capitalisation of the FCC is an unnecessary and extreme measure because a natural monopolist would become an ‘unnatural’ one, whilst the purpose of reform is the development of competition.
By Elena Ushkova
our reference
On January 1st 2009, the public park comprised 402,447 wagons, including about 20,000 units which are being used by OAO RZD but registered in OAO FCC’s balance sheets.
According to information from RZD’s Corporate Construction and Reform Department, it is planned to transfer up to 230,000 cargo wagons to the Second Cargo Company and 60,000 will be given to the First Cargo Company.
viewpoint
Salman Babaev,
General Director of OAO “First Cargo Company”:
– I support the idea of creating The Second Cargo Company and I feel its appearance entirely corresponds with the spirit of reform, because it will promote the formation of a competitive environment. Also its creation will have a positive effect on overcoming the problems that OAO RZD faces now. About 300,000 rolling stock units are currently sitting idle and more than half of them are wagons from the public park. The point is that RZD cannot quickly change prices, according to the market situation. The creation of The Second Cargo Company means that of the whole of the wagon park in Russia will become private and will have equal tariff-formation conditions. So, the discrimination in relation to RZD will be overcome.
Evgeniy Mikhailov,
Chairman of Baltic Cargo Company’s Board of Directors:
– If the task is to take all rolling stock out of the system of strict regulation, then, in my opinion, it is better to make additions to the First Cargo Company’s authorised capital by transferring RZD’s remaining park to it.
If the purpose is to sell the Second Cargo Company soon after its creation, then this would be a key decision in all railway transport reform, because it would trigger the organisation of carriers on the basis of the FCC and SCC, and would be the template for other private companies. RZD, in its turn, would become an infrastructure company. This decision is radical and I wouldn’t dare to predict how the reform, if it is accepted, would continue given the current legal basis.
Vladimir Prokofiev,
President of Carriers and Rolling Stock Operators Association, General Director of OOO “BaltTransService”:
– In my opinion, each type of specialised rolling stock should be concentrated in one of two companies (either the First or Second Cargo Company) and universal rolling stock, on the contrary, should be distributed between them in order to create competition.
It is most likely that, after a while, both the FCC and SCC, about ten large companies and about 100 small companies will be present in the market, instead of the 2,500 operating today. Merging small operators is quite a natural process, especially when there is a shortage of cargo. It is necessary for companies to become stronger. Only those small companies that have guaranteed cargoes will survive. Others will either be swallowed up by larger companies or merge with each other.
Alla Uvarova,
Deputy General Director of ZAO Razvitie Business System, Director of the Transport and Infrastructure Projects Department:
– The creation of the Second Cargo Company is another step towards the demonopolisation of the transport industry. But it would be an illusion to say that the competition in this market can be free. Considering the features of the current railway infrastructure and the development level of other means of transport, the offered changes cannot lead to classical competitive behaviour by railway market participants. By definition, it is always an oligopoly. The transport business is capital intensive; it also demands large investments with long-term outlay recovery, therefore only large players can be engaged; those who have considerable financial stability. The tendency to concentrate capital in the transport business is objective and can even grow in conditions of economic crisis.
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[DETAIL_TEXT] => Careful! Investments is Falling!
– In your opinion, how is the current economic climate affecting investments in the transport branch?
M. A. Dzhadraliev: – Our view is that the crisis has had a strong enough influence on investment activity in the transport sphere. The impact has been on both sides in this process. So, in a liquidity crisis, private investors have no opportunity to tap financial resources either inside or outside the country. Reductions were also made in budgets which state investment policy had planned to give to the transport sphere. It is connected primarily with work on the budget which is currently taking place in the Russian Federation.
Also, it is known that, within the next few years, state investment in the transport sector will be cut, and cut considerably – by an average of 30%. But according to the Transport Strategy of the Russian Federation to 2030, which was accepted at the end of last year, it was supposed to finance the development of the transport system to the tune of almost 170 trillion roubles. And most of that was expected from private investors. Certainly in current conditions we can expect these estimates to undergo some very strong adjustments.
– Nevertheless, despite such an uneasy situation, did transport projects maintain their investment attractiveness?
E. Y. Vinokurov: – From a financial point of view, the transport sector differs from all others by its very large capital intensity and low profitability which results from long-term recoupment. Therefore, the financing of transport projects in Russia, just as elsewhere in the world, requires “long” and cheap money. In the Russian Federation and Kazakhstan, such money appeared in 2004-2007, but last year this money “successfully” finished. Today it is very difficult to estimate how long this crisis will last.
I suppose that the international capital market will be more or less closed in 2009 and will gradually start to open only in 2010, so this process will be slow. Of course, generally the crisis has had a negative effect on the attractiveness of transport investment.
Now private investors have an opportunity to receive exceptionally high profits in other sectors, and the 7 - 9% profit they could receive on their investment into transport infrastructure is certainly not interesting for them. Therefore both “long” funds from the State and the stimulation of private investment are necessary, for example, in the form of joint state-private partnership projects.
If You Still Have the Means, Buy Wagons!
- Which means of transport seems to you to be the most favourable for investment?
E.Y. Vinokurov: – We especially emphasise railway transport, which is attractive for long-term investments from the point of view of both private investors and the cumulative effect for the State. So, in our opinion, transit transport from China to Western Europe, which could go in considerably larger volumes through international transport corridors across Russia and Kazakhstan, is an extremely interesting prospect. Judging by the existing infrastructure, we estimate that potential growth should be approximately 100%. And it will be possible to achieve this through a rather small investment because it is not about creating infrastructure, which requires billions of dollars, but about overcoming non-material barriers, such as customs, technology gaps and – most of all – making containing trains function normally and effectively. So it is already a question of state policy and not just private investment.
Certainly even in crisis conditions projects which are characterised by fast recoupment have more potential; for example, the purchase of rolling stock. But even here there are nuances. Because falling transport volumes were evident at the end of last year and during the first two months of this year, part of the wagon park is not in use today. Consequently, there is no stimulus to buy new wagons at the moment. However, companies which still have available assets can buy rolling stock quite cheaply from those operators which are currently having problems, and in this way they can strengthen their own position.The results will already start to show by 2010-2011.
In other words, this year railway transport has appeared in an uneasy situation but it is simultaneously exceptionally attractive to investment because transport volumes (namely transit cargos) are, objectively speaking, large so there is a way to develop. For example, growth is possible through the transfer of freight traffic from sea container lines. Thus, recently we have released a review “International Transport Corridors of the Euroasian Economic Community”, in which we highlight that the transit potential of the European-Asian Economic Union is not being used to its full extent. Today only half of the potential freight traffic passes through countries in this community.
The fact is that the “football game” where sea “plays” against land is won by the sea with a score of 2-1. Overland transit routes have only one competitive advantage – speed of delivery. It is two to three times quicker than by sea from South-East Asia to Western Europe. But even if only this one advantage is used effectively, it is possible to double freight traffic. It is simply necessary to choose those cargoes where speed of delivery is important. Also, there is an opportunity in Western China, where the Sintzyan-Uigur independent area is developing very quickly. There, they see it as unprofitable to carry containers first to Shanghai and then by sea, for example to St. Petersburg – it is much more convenient to do the whole journey by rail. So there is an enormous market.
– In which transport projects is the Eurasian Development Bank participating today?
E.Y. Vinokurov: – Our bank is still very young. We are only two years old. And we are just starting to build our project portfolio. By the end of 2008, there was already more than $1 billion in this portfolio and the transport project share was about 30%.
Of all the important projects which directly concern transport, I would like to point out three. The first one is the construction of the Tikhvin wagon-building factory – the largest project, for which the credit amount is more than $200 million. Factory output capacity will be 200,000 wagons per year. It has to be put into operation by 2011.
Secondly, the Eurasian Development Bank is participating in a syndicate financing a project to create the new Russian short-haul aircraft “Dry Super-Jet”. In December 2009, the first planes should be put into operation. It is one of today’s truly advanced transport projects. We look at this project very optimistically from the point of view of both the State’s interests and the economy. I am sure it will work. And finally, the third project to mention is the multi-functional terminal “South-2” at Ust-Luga Sea Commercial Port. We are financing its construction at a cost of $100 million.
There are smaller projects too, and an interesting one is OMS Shipping. This is a Kazakhstan project. Within this framework, an investor buys Russian barges worth $30 million. Artificial islands are being created on the Caspian Sea with these vessels, for oil extraction.
First of all – the State! Private Traders – Only After That!
– Coming back to the theme of our conversation: how have financing sources for other transport projects changed today?
E.Y. Vinokurov: - The regular source is private banks. Certainly now is the hardest time for them to finance the transport sector because, whatever one may say, even small transport projects can cost 10 million dollars. Therefore it is necessary to look at other sources. And source number one now is the State. It understands the strategic importance of transport infrastructure and is ready to allocate money to it. In particular, as you know, there is a list of 295 system-forming Russian enterprises which can count on the State’s support in the current conditions of the world financial crisis. Key airports, seaports and railways form a considerable portion of them.
The second source is national and international development banks. In Russia they are, respectively: Vnesheconombank, The World Bank, The European Bank of Reconstruction and Development and The Eurasian Development Bank. These financial institutions were created to give “long” cheap money to infrastructural projects. And they do have the means for that, even in crisis conditions.
The next theme that starts to play an important role now is infrastructural bonds which are issued with State support, and sometimes with the State’s guarantee. These are special bonded tools aimed at attracting “long” money for transport infrastructure.
And last, there are direct investment funds, which have been discussed well enough for the past three years. Moreover, the process of creating such funds as Macquarie Renaissance, which is specifically committed to making direct investments into transport infrastructure, has begun. But the crisis has interfered here also, so now this process is practically frozen.
– What are the opportunities for private investments in the present conditions?
E.Y. Vinokurov: – First of all the need to use the mechanism of public-private partnership is worth mentioning. Private traders are still finding it very difficult to finance projects, so State support is necessary. The most well-balanced mechanism for this is a State-private partnership. But, certainly, it is not the panacea. It is a complex enough instrument and has many painful aspects and Achilles’ heels. In fact, what is a State-private partnership? Its main criteria are the use of State and private means in one project, and the presence of certain contractual formats, for example, in the form of concessions. And there may be problems on the way. But nevertheless global experience testifies in favour of using this mechanism, especially in crisis conditions, when there is no opportunity to take “long” cheap money from the West.
In Russia such projects have already been started, for example, in the Port of Ust-Luga construction is being carried out by a State-private partnership. In Kazakhstan the Ust-Kamenogorsk railway was built, although the truth is that it was not built perfectly. In other words, the experience was mixed, but we see no other alternative today. So, it is necessary to develop State-private partnerships.
M. А. Dzhadraliev: – Really, State-private partnership can serve as a kind of help to private investors, in fact its schemes can involve greater sums of money. Also, I would like to add that, at present, less than 3% of Russia’s Gross National Product goes on investment in transport infrastructure, when in the rest of the world this figure is 4.2%. Meanwhile, the condition of transport infrastructure (both roads and rolling stock) does not correspond in any way to theeconomic growth which was observed in Russia for the past eight or nine years. Therefore, experts think that investment in transport of the Russian Federation should now be about 6-7%. It is clear that the demand for these investments is not being met. And quite probably it will be in the form of State-private partnerships, when the State will give certain guarantees to come into these projects together with private capital. We can consider this to be the only opportunity private investors can have today in the sphere of investments in the transport sector.
E.Y.Vinokurov: – Regarding State-private partnerships, I should add that, in fact, it is not necessary to give too much money because the project can be structured in such a way that it will not be very expensive. For example, this can be achieved with the help of such schemes where the private investor puts certain funds in and the State promotes the issue of infrastructural bonds, placing them on the market under State guarantee, thus public money is not necessarily involved.
From our side, we can confirm that there is a certain demand for highly reliable rouble dumping bonds even in the difficult situation that has developed in the market. It means that the market (in particular pension funds, including those in Kazakhstan) is interested in the sort of infrastructural bonds which are nominated in national currency.
This is not pure theory, because such practices have already developed. Another point is that it is a long process: it takes a year to structure such projects.
Investments in Crisis
– Today one often hears that the development of transport infrastructure is the best anti-crisis tool. Do you agree with such an opinion?
E.Y. Vinokurov: – It is indisputable. The global experience over the past few decades has shown that the injection of State resources into transport infrastructure is the most effective anti-crisis tool. Why? The first reason is it creates jobs. The second reason is the so-called multiplication effect. Each dollar put into transport infrastructure turns around several dollars in other sectors, such as metallurgy, mechanical engineering, services, even tourism. In other words, it is one of the highest multipliers in the spheres of employment and raising gross national product.
But I shall add one criticism: Many investors now say that if they start to put money in transport infrastructure, it is going to take too much time before they start to bring in a return, whilst, as they say, it is necessary to struggle with the crisis right now. This is certainly absolutely true. But because it is already clear for all that the crisis will not be finished in two months, it will be rather a mistake not to use this anti-crisis instrument.
Our second observation will be the following. In order to increase the investment attractiveness of the transport branch, not only in the Russian Federation but also in the whole Euro-Asian Economic Union, it is very important to overcome non-material administrative barriers. This will not cost enormous sums of money and can be solved by inter-state negotiations. And it will raise both the investment attractiveness of the transport sector and the profitability of railway and motor transport cargo transportation in general.
M. А. Dzhadraliev: To sum up our conversation, it would be good to emphasise that investors with strategic interests and the ability to look further than this year will always be interested in transport projects, especially if they are ready to share with the State those risks which arise from financing or participating in projects with a long-term recoupment. By our calculations, in this case (as we already have said, the crisis will not last forever) in 2010 the situation in many respects will change for the better.
By Olga Gorbunova
[~DETAIL_TEXT] => Careful! Investments is Falling!
– In your opinion, how is the current economic climate affecting investments in the transport branch?
M. A. Dzhadraliev: – Our view is that the crisis has had a strong enough influence on investment activity in the transport sphere. The impact has been on both sides in this process. So, in a liquidity crisis, private investors have no opportunity to tap financial resources either inside or outside the country. Reductions were also made in budgets which state investment policy had planned to give to the transport sphere. It is connected primarily with work on the budget which is currently taking place in the Russian Federation.
Also, it is known that, within the next few years, state investment in the transport sector will be cut, and cut considerably – by an average of 30%. But according to the Transport Strategy of the Russian Federation to 2030, which was accepted at the end of last year, it was supposed to finance the development of the transport system to the tune of almost 170 trillion roubles. And most of that was expected from private investors. Certainly in current conditions we can expect these estimates to undergo some very strong adjustments.
– Nevertheless, despite such an uneasy situation, did transport projects maintain their investment attractiveness?
E. Y. Vinokurov: – From a financial point of view, the transport sector differs from all others by its very large capital intensity and low profitability which results from long-term recoupment. Therefore, the financing of transport projects in Russia, just as elsewhere in the world, requires “long” and cheap money. In the Russian Federation and Kazakhstan, such money appeared in 2004-2007, but last year this money “successfully” finished. Today it is very difficult to estimate how long this crisis will last.
I suppose that the international capital market will be more or less closed in 2009 and will gradually start to open only in 2010, so this process will be slow. Of course, generally the crisis has had a negative effect on the attractiveness of transport investment.
Now private investors have an opportunity to receive exceptionally high profits in other sectors, and the 7 - 9% profit they could receive on their investment into transport infrastructure is certainly not interesting for them. Therefore both “long” funds from the State and the stimulation of private investment are necessary, for example, in the form of joint state-private partnership projects.
If You Still Have the Means, Buy Wagons!
- Which means of transport seems to you to be the most favourable for investment?
E.Y. Vinokurov: – We especially emphasise railway transport, which is attractive for long-term investments from the point of view of both private investors and the cumulative effect for the State. So, in our opinion, transit transport from China to Western Europe, which could go in considerably larger volumes through international transport corridors across Russia and Kazakhstan, is an extremely interesting prospect. Judging by the existing infrastructure, we estimate that potential growth should be approximately 100%. And it will be possible to achieve this through a rather small investment because it is not about creating infrastructure, which requires billions of dollars, but about overcoming non-material barriers, such as customs, technology gaps and – most of all – making containing trains function normally and effectively. So it is already a question of state policy and not just private investment.
Certainly even in crisis conditions projects which are characterised by fast recoupment have more potential; for example, the purchase of rolling stock. But even here there are nuances. Because falling transport volumes were evident at the end of last year and during the first two months of this year, part of the wagon park is not in use today. Consequently, there is no stimulus to buy new wagons at the moment. However, companies which still have available assets can buy rolling stock quite cheaply from those operators which are currently having problems, and in this way they can strengthen their own position.The results will already start to show by 2010-2011.
In other words, this year railway transport has appeared in an uneasy situation but it is simultaneously exceptionally attractive to investment because transport volumes (namely transit cargos) are, objectively speaking, large so there is a way to develop. For example, growth is possible through the transfer of freight traffic from sea container lines. Thus, recently we have released a review “International Transport Corridors of the Euroasian Economic Community”, in which we highlight that the transit potential of the European-Asian Economic Union is not being used to its full extent. Today only half of the potential freight traffic passes through countries in this community.
The fact is that the “football game” where sea “plays” against land is won by the sea with a score of 2-1. Overland transit routes have only one competitive advantage – speed of delivery. It is two to three times quicker than by sea from South-East Asia to Western Europe. But even if only this one advantage is used effectively, it is possible to double freight traffic. It is simply necessary to choose those cargoes where speed of delivery is important. Also, there is an opportunity in Western China, where the Sintzyan-Uigur independent area is developing very quickly. There, they see it as unprofitable to carry containers first to Shanghai and then by sea, for example to St. Petersburg – it is much more convenient to do the whole journey by rail. So there is an enormous market.
– In which transport projects is the Eurasian Development Bank participating today?
E.Y. Vinokurov: – Our bank is still very young. We are only two years old. And we are just starting to build our project portfolio. By the end of 2008, there was already more than $1 billion in this portfolio and the transport project share was about 30%.
Of all the important projects which directly concern transport, I would like to point out three. The first one is the construction of the Tikhvin wagon-building factory – the largest project, for which the credit amount is more than $200 million. Factory output capacity will be 200,000 wagons per year. It has to be put into operation by 2011.
Secondly, the Eurasian Development Bank is participating in a syndicate financing a project to create the new Russian short-haul aircraft “Dry Super-Jet”. In December 2009, the first planes should be put into operation. It is one of today’s truly advanced transport projects. We look at this project very optimistically from the point of view of both the State’s interests and the economy. I am sure it will work. And finally, the third project to mention is the multi-functional terminal “South-2” at Ust-Luga Sea Commercial Port. We are financing its construction at a cost of $100 million.
There are smaller projects too, and an interesting one is OMS Shipping. This is a Kazakhstan project. Within this framework, an investor buys Russian barges worth $30 million. Artificial islands are being created on the Caspian Sea with these vessels, for oil extraction.
First of all – the State! Private Traders – Only After That!
– Coming back to the theme of our conversation: how have financing sources for other transport projects changed today?
E.Y. Vinokurov: - The regular source is private banks. Certainly now is the hardest time for them to finance the transport sector because, whatever one may say, even small transport projects can cost 10 million dollars. Therefore it is necessary to look at other sources. And source number one now is the State. It understands the strategic importance of transport infrastructure and is ready to allocate money to it. In particular, as you know, there is a list of 295 system-forming Russian enterprises which can count on the State’s support in the current conditions of the world financial crisis. Key airports, seaports and railways form a considerable portion of them.
The second source is national and international development banks. In Russia they are, respectively: Vnesheconombank, The World Bank, The European Bank of Reconstruction and Development and The Eurasian Development Bank. These financial institutions were created to give “long” cheap money to infrastructural projects. And they do have the means for that, even in crisis conditions.
The next theme that starts to play an important role now is infrastructural bonds which are issued with State support, and sometimes with the State’s guarantee. These are special bonded tools aimed at attracting “long” money for transport infrastructure.
And last, there are direct investment funds, which have been discussed well enough for the past three years. Moreover, the process of creating such funds as Macquarie Renaissance, which is specifically committed to making direct investments into transport infrastructure, has begun. But the crisis has interfered here also, so now this process is practically frozen.
– What are the opportunities for private investments in the present conditions?
E.Y. Vinokurov: – First of all the need to use the mechanism of public-private partnership is worth mentioning. Private traders are still finding it very difficult to finance projects, so State support is necessary. The most well-balanced mechanism for this is a State-private partnership. But, certainly, it is not the panacea. It is a complex enough instrument and has many painful aspects and Achilles’ heels. In fact, what is a State-private partnership? Its main criteria are the use of State and private means in one project, and the presence of certain contractual formats, for example, in the form of concessions. And there may be problems on the way. But nevertheless global experience testifies in favour of using this mechanism, especially in crisis conditions, when there is no opportunity to take “long” cheap money from the West.
In Russia such projects have already been started, for example, in the Port of Ust-Luga construction is being carried out by a State-private partnership. In Kazakhstan the Ust-Kamenogorsk railway was built, although the truth is that it was not built perfectly. In other words, the experience was mixed, but we see no other alternative today. So, it is necessary to develop State-private partnerships.
M. А. Dzhadraliev: – Really, State-private partnership can serve as a kind of help to private investors, in fact its schemes can involve greater sums of money. Also, I would like to add that, at present, less than 3% of Russia’s Gross National Product goes on investment in transport infrastructure, when in the rest of the world this figure is 4.2%. Meanwhile, the condition of transport infrastructure (both roads and rolling stock) does not correspond in any way to theeconomic growth which was observed in Russia for the past eight or nine years. Therefore, experts think that investment in transport of the Russian Federation should now be about 6-7%. It is clear that the demand for these investments is not being met. And quite probably it will be in the form of State-private partnerships, when the State will give certain guarantees to come into these projects together with private capital. We can consider this to be the only opportunity private investors can have today in the sphere of investments in the transport sector.
E.Y.Vinokurov: – Regarding State-private partnerships, I should add that, in fact, it is not necessary to give too much money because the project can be structured in such a way that it will not be very expensive. For example, this can be achieved with the help of such schemes where the private investor puts certain funds in and the State promotes the issue of infrastructural bonds, placing them on the market under State guarantee, thus public money is not necessarily involved.
From our side, we can confirm that there is a certain demand for highly reliable rouble dumping bonds even in the difficult situation that has developed in the market. It means that the market (in particular pension funds, including those in Kazakhstan) is interested in the sort of infrastructural bonds which are nominated in national currency.
This is not pure theory, because such practices have already developed. Another point is that it is a long process: it takes a year to structure such projects.
Investments in Crisis
– Today one often hears that the development of transport infrastructure is the best anti-crisis tool. Do you agree with such an opinion?
E.Y. Vinokurov: – It is indisputable. The global experience over the past few decades has shown that the injection of State resources into transport infrastructure is the most effective anti-crisis tool. Why? The first reason is it creates jobs. The second reason is the so-called multiplication effect. Each dollar put into transport infrastructure turns around several dollars in other sectors, such as metallurgy, mechanical engineering, services, even tourism. In other words, it is one of the highest multipliers in the spheres of employment and raising gross national product.
But I shall add one criticism: Many investors now say that if they start to put money in transport infrastructure, it is going to take too much time before they start to bring in a return, whilst, as they say, it is necessary to struggle with the crisis right now. This is certainly absolutely true. But because it is already clear for all that the crisis will not be finished in two months, it will be rather a mistake not to use this anti-crisis instrument.
Our second observation will be the following. In order to increase the investment attractiveness of the transport branch, not only in the Russian Federation but also in the whole Euro-Asian Economic Union, it is very important to overcome non-material administrative barriers. This will not cost enormous sums of money and can be solved by inter-state negotiations. And it will raise both the investment attractiveness of the transport sector and the profitability of railway and motor transport cargo transportation in general.
M. А. Dzhadraliev: To sum up our conversation, it would be good to emphasise that investors with strategic interests and the ability to look further than this year will always be interested in transport projects, especially if they are ready to share with the State those risks which arise from financing or participating in projects with a long-term recoupment. By our calculations, in this case (as we already have said, the crisis will not last forever) in 2010 the situation in many respects will change for the better.
By Olga Gorbunova
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Chief of Analytical Management’s Economic Analysis Department, and Murat Dzhadraliev, a Senior Expert in the same department.
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[DETAIL_TEXT] => Careful! Investments is Falling!
– In your opinion, how is the current economic climate affecting investments in the transport branch?
M. A. Dzhadraliev: – Our view is that the crisis has had a strong enough influence on investment activity in the transport sphere. The impact has been on both sides in this process. So, in a liquidity crisis, private investors have no opportunity to tap financial resources either inside or outside the country. Reductions were also made in budgets which state investment policy had planned to give to the transport sphere. It is connected primarily with work on the budget which is currently taking place in the Russian Federation.
Also, it is known that, within the next few years, state investment in the transport sector will be cut, and cut considerably – by an average of 30%. But according to the Transport Strategy of the Russian Federation to 2030, which was accepted at the end of last year, it was supposed to finance the development of the transport system to the tune of almost 170 trillion roubles. And most of that was expected from private investors. Certainly in current conditions we can expect these estimates to undergo some very strong adjustments.
– Nevertheless, despite such an uneasy situation, did transport projects maintain their investment attractiveness?
E. Y. Vinokurov: – From a financial point of view, the transport sector differs from all others by its very large capital intensity and low profitability which results from long-term recoupment. Therefore, the financing of transport projects in Russia, just as elsewhere in the world, requires “long” and cheap money. In the Russian Federation and Kazakhstan, such money appeared in 2004-2007, but last year this money “successfully” finished. Today it is very difficult to estimate how long this crisis will last.
I suppose that the international capital market will be more or less closed in 2009 and will gradually start to open only in 2010, so this process will be slow. Of course, generally the crisis has had a negative effect on the attractiveness of transport investment.
Now private investors have an opportunity to receive exceptionally high profits in other sectors, and the 7 - 9% profit they could receive on their investment into transport infrastructure is certainly not interesting for them. Therefore both “long” funds from the State and the stimulation of private investment are necessary, for example, in the form of joint state-private partnership projects.
If You Still Have the Means, Buy Wagons!
- Which means of transport seems to you to be the most favourable for investment?
E.Y. Vinokurov: – We especially emphasise railway transport, which is attractive for long-term investments from the point of view of both private investors and the cumulative effect for the State. So, in our opinion, transit transport from China to Western Europe, which could go in considerably larger volumes through international transport corridors across Russia and Kazakhstan, is an extremely interesting prospect. Judging by the existing infrastructure, we estimate that potential growth should be approximately 100%. And it will be possible to achieve this through a rather small investment because it is not about creating infrastructure, which requires billions of dollars, but about overcoming non-material barriers, such as customs, technology gaps and – most of all – making containing trains function normally and effectively. So it is already a question of state policy and not just private investment.
Certainly even in crisis conditions projects which are characterised by fast recoupment have more potential; for example, the purchase of rolling stock. But even here there are nuances. Because falling transport volumes were evident at the end of last year and during the first two months of this year, part of the wagon park is not in use today. Consequently, there is no stimulus to buy new wagons at the moment. However, companies which still have available assets can buy rolling stock quite cheaply from those operators which are currently having problems, and in this way they can strengthen their own position.The results will already start to show by 2010-2011.
In other words, this year railway transport has appeared in an uneasy situation but it is simultaneously exceptionally attractive to investment because transport volumes (namely transit cargos) are, objectively speaking, large so there is a way to develop. For example, growth is possible through the transfer of freight traffic from sea container lines. Thus, recently we have released a review “International Transport Corridors of the Euroasian Economic Community”, in which we highlight that the transit potential of the European-Asian Economic Union is not being used to its full extent. Today only half of the potential freight traffic passes through countries in this community.
The fact is that the “football game” where sea “plays” against land is won by the sea with a score of 2-1. Overland transit routes have only one competitive advantage – speed of delivery. It is two to three times quicker than by sea from South-East Asia to Western Europe. But even if only this one advantage is used effectively, it is possible to double freight traffic. It is simply necessary to choose those cargoes where speed of delivery is important. Also, there is an opportunity in Western China, where the Sintzyan-Uigur independent area is developing very quickly. There, they see it as unprofitable to carry containers first to Shanghai and then by sea, for example to St. Petersburg – it is much more convenient to do the whole journey by rail. So there is an enormous market.
– In which transport projects is the Eurasian Development Bank participating today?
E.Y. Vinokurov: – Our bank is still very young. We are only two years old. And we are just starting to build our project portfolio. By the end of 2008, there was already more than $1 billion in this portfolio and the transport project share was about 30%.
Of all the important projects which directly concern transport, I would like to point out three. The first one is the construction of the Tikhvin wagon-building factory – the largest project, for which the credit amount is more than $200 million. Factory output capacity will be 200,000 wagons per year. It has to be put into operation by 2011.
Secondly, the Eurasian Development Bank is participating in a syndicate financing a project to create the new Russian short-haul aircraft “Dry Super-Jet”. In December 2009, the first planes should be put into operation. It is one of today’s truly advanced transport projects. We look at this project very optimistically from the point of view of both the State’s interests and the economy. I am sure it will work. And finally, the third project to mention is the multi-functional terminal “South-2” at Ust-Luga Sea Commercial Port. We are financing its construction at a cost of $100 million.
There are smaller projects too, and an interesting one is OMS Shipping. This is a Kazakhstan project. Within this framework, an investor buys Russian barges worth $30 million. Artificial islands are being created on the Caspian Sea with these vessels, for oil extraction.
First of all – the State! Private Traders – Only After That!
– Coming back to the theme of our conversation: how have financing sources for other transport projects changed today?
E.Y. Vinokurov: - The regular source is private banks. Certainly now is the hardest time for them to finance the transport sector because, whatever one may say, even small transport projects can cost 10 million dollars. Therefore it is necessary to look at other sources. And source number one now is the State. It understands the strategic importance of transport infrastructure and is ready to allocate money to it. In particular, as you know, there is a list of 295 system-forming Russian enterprises which can count on the State’s support in the current conditions of the world financial crisis. Key airports, seaports and railways form a considerable portion of them.
The second source is national and international development banks. In Russia they are, respectively: Vnesheconombank, The World Bank, The European Bank of Reconstruction and Development and The Eurasian Development Bank. These financial institutions were created to give “long” cheap money to infrastructural projects. And they do have the means for that, even in crisis conditions.
The next theme that starts to play an important role now is infrastructural bonds which are issued with State support, and sometimes with the State’s guarantee. These are special bonded tools aimed at attracting “long” money for transport infrastructure.
And last, there are direct investment funds, which have been discussed well enough for the past three years. Moreover, the process of creating such funds as Macquarie Renaissance, which is specifically committed to making direct investments into transport infrastructure, has begun. But the crisis has interfered here also, so now this process is practically frozen.
– What are the opportunities for private investments in the present conditions?
E.Y. Vinokurov: – First of all the need to use the mechanism of public-private partnership is worth mentioning. Private traders are still finding it very difficult to finance projects, so State support is necessary. The most well-balanced mechanism for this is a State-private partnership. But, certainly, it is not the panacea. It is a complex enough instrument and has many painful aspects and Achilles’ heels. In fact, what is a State-private partnership? Its main criteria are the use of State and private means in one project, and the presence of certain contractual formats, for example, in the form of concessions. And there may be problems on the way. But nevertheless global experience testifies in favour of using this mechanism, especially in crisis conditions, when there is no opportunity to take “long” cheap money from the West.
In Russia such projects have already been started, for example, in the Port of Ust-Luga construction is being carried out by a State-private partnership. In Kazakhstan the Ust-Kamenogorsk railway was built, although the truth is that it was not built perfectly. In other words, the experience was mixed, but we see no other alternative today. So, it is necessary to develop State-private partnerships.
M. А. Dzhadraliev: – Really, State-private partnership can serve as a kind of help to private investors, in fact its schemes can involve greater sums of money. Also, I would like to add that, at present, less than 3% of Russia’s Gross National Product goes on investment in transport infrastructure, when in the rest of the world this figure is 4.2%. Meanwhile, the condition of transport infrastructure (both roads and rolling stock) does not correspond in any way to theeconomic growth which was observed in Russia for the past eight or nine years. Therefore, experts think that investment in transport of the Russian Federation should now be about 6-7%. It is clear that the demand for these investments is not being met. And quite probably it will be in the form of State-private partnerships, when the State will give certain guarantees to come into these projects together with private capital. We can consider this to be the only opportunity private investors can have today in the sphere of investments in the transport sector.
E.Y.Vinokurov: – Regarding State-private partnerships, I should add that, in fact, it is not necessary to give too much money because the project can be structured in such a way that it will not be very expensive. For example, this can be achieved with the help of such schemes where the private investor puts certain funds in and the State promotes the issue of infrastructural bonds, placing them on the market under State guarantee, thus public money is not necessarily involved.
From our side, we can confirm that there is a certain demand for highly reliable rouble dumping bonds even in the difficult situation that has developed in the market. It means that the market (in particular pension funds, including those in Kazakhstan) is interested in the sort of infrastructural bonds which are nominated in national currency.
This is not pure theory, because such practices have already developed. Another point is that it is a long process: it takes a year to structure such projects.
Investments in Crisis
– Today one often hears that the development of transport infrastructure is the best anti-crisis tool. Do you agree with such an opinion?
E.Y. Vinokurov: – It is indisputable. The global experience over the past few decades has shown that the injection of State resources into transport infrastructure is the most effective anti-crisis tool. Why? The first reason is it creates jobs. The second reason is the so-called multiplication effect. Each dollar put into transport infrastructure turns around several dollars in other sectors, such as metallurgy, mechanical engineering, services, even tourism. In other words, it is one of the highest multipliers in the spheres of employment and raising gross national product.
But I shall add one criticism: Many investors now say that if they start to put money in transport infrastructure, it is going to take too much time before they start to bring in a return, whilst, as they say, it is necessary to struggle with the crisis right now. This is certainly absolutely true. But because it is already clear for all that the crisis will not be finished in two months, it will be rather a mistake not to use this anti-crisis instrument.
Our second observation will be the following. In order to increase the investment attractiveness of the transport branch, not only in the Russian Federation but also in the whole Euro-Asian Economic Union, it is very important to overcome non-material administrative barriers. This will not cost enormous sums of money and can be solved by inter-state negotiations. And it will raise both the investment attractiveness of the transport sector and the profitability of railway and motor transport cargo transportation in general.
M. А. Dzhadraliev: To sum up our conversation, it would be good to emphasise that investors with strategic interests and the ability to look further than this year will always be interested in transport projects, especially if they are ready to share with the State those risks which arise from financing or participating in projects with a long-term recoupment. By our calculations, in this case (as we already have said, the crisis will not last forever) in 2010 the situation in many respects will change for the better.
By Olga Gorbunova
[~DETAIL_TEXT] => Careful! Investments is Falling!
– In your opinion, how is the current economic climate affecting investments in the transport branch?
M. A. Dzhadraliev: – Our view is that the crisis has had a strong enough influence on investment activity in the transport sphere. The impact has been on both sides in this process. So, in a liquidity crisis, private investors have no opportunity to tap financial resources either inside or outside the country. Reductions were also made in budgets which state investment policy had planned to give to the transport sphere. It is connected primarily with work on the budget which is currently taking place in the Russian Federation.
Also, it is known that, within the next few years, state investment in the transport sector will be cut, and cut considerably – by an average of 30%. But according to the Transport Strategy of the Russian Federation to 2030, which was accepted at the end of last year, it was supposed to finance the development of the transport system to the tune of almost 170 trillion roubles. And most of that was expected from private investors. Certainly in current conditions we can expect these estimates to undergo some very strong adjustments.
– Nevertheless, despite such an uneasy situation, did transport projects maintain their investment attractiveness?
E. Y. Vinokurov: – From a financial point of view, the transport sector differs from all others by its very large capital intensity and low profitability which results from long-term recoupment. Therefore, the financing of transport projects in Russia, just as elsewhere in the world, requires “long” and cheap money. In the Russian Federation and Kazakhstan, such money appeared in 2004-2007, but last year this money “successfully” finished. Today it is very difficult to estimate how long this crisis will last.
I suppose that the international capital market will be more or less closed in 2009 and will gradually start to open only in 2010, so this process will be slow. Of course, generally the crisis has had a negative effect on the attractiveness of transport investment.
Now private investors have an opportunity to receive exceptionally high profits in other sectors, and the 7 - 9% profit they could receive on their investment into transport infrastructure is certainly not interesting for them. Therefore both “long” funds from the State and the stimulation of private investment are necessary, for example, in the form of joint state-private partnership projects.
If You Still Have the Means, Buy Wagons!
- Which means of transport seems to you to be the most favourable for investment?
E.Y. Vinokurov: – We especially emphasise railway transport, which is attractive for long-term investments from the point of view of both private investors and the cumulative effect for the State. So, in our opinion, transit transport from China to Western Europe, which could go in considerably larger volumes through international transport corridors across Russia and Kazakhstan, is an extremely interesting prospect. Judging by the existing infrastructure, we estimate that potential growth should be approximately 100%. And it will be possible to achieve this through a rather small investment because it is not about creating infrastructure, which requires billions of dollars, but about overcoming non-material barriers, such as customs, technology gaps and – most of all – making containing trains function normally and effectively. So it is already a question of state policy and not just private investment.
Certainly even in crisis conditions projects which are characterised by fast recoupment have more potential; for example, the purchase of rolling stock. But even here there are nuances. Because falling transport volumes were evident at the end of last year and during the first two months of this year, part of the wagon park is not in use today. Consequently, there is no stimulus to buy new wagons at the moment. However, companies which still have available assets can buy rolling stock quite cheaply from those operators which are currently having problems, and in this way they can strengthen their own position.The results will already start to show by 2010-2011.
In other words, this year railway transport has appeared in an uneasy situation but it is simultaneously exceptionally attractive to investment because transport volumes (namely transit cargos) are, objectively speaking, large so there is a way to develop. For example, growth is possible through the transfer of freight traffic from sea container lines. Thus, recently we have released a review “International Transport Corridors of the Euroasian Economic Community”, in which we highlight that the transit potential of the European-Asian Economic Union is not being used to its full extent. Today only half of the potential freight traffic passes through countries in this community.
The fact is that the “football game” where sea “plays” against land is won by the sea with a score of 2-1. Overland transit routes have only one competitive advantage – speed of delivery. It is two to three times quicker than by sea from South-East Asia to Western Europe. But even if only this one advantage is used effectively, it is possible to double freight traffic. It is simply necessary to choose those cargoes where speed of delivery is important. Also, there is an opportunity in Western China, where the Sintzyan-Uigur independent area is developing very quickly. There, they see it as unprofitable to carry containers first to Shanghai and then by sea, for example to St. Petersburg – it is much more convenient to do the whole journey by rail. So there is an enormous market.
– In which transport projects is the Eurasian Development Bank participating today?
E.Y. Vinokurov: – Our bank is still very young. We are only two years old. And we are just starting to build our project portfolio. By the end of 2008, there was already more than $1 billion in this portfolio and the transport project share was about 30%.
Of all the important projects which directly concern transport, I would like to point out three. The first one is the construction of the Tikhvin wagon-building factory – the largest project, for which the credit amount is more than $200 million. Factory output capacity will be 200,000 wagons per year. It has to be put into operation by 2011.
Secondly, the Eurasian Development Bank is participating in a syndicate financing a project to create the new Russian short-haul aircraft “Dry Super-Jet”. In December 2009, the first planes should be put into operation. It is one of today’s truly advanced transport projects. We look at this project very optimistically from the point of view of both the State’s interests and the economy. I am sure it will work. And finally, the third project to mention is the multi-functional terminal “South-2” at Ust-Luga Sea Commercial Port. We are financing its construction at a cost of $100 million.
There are smaller projects too, and an interesting one is OMS Shipping. This is a Kazakhstan project. Within this framework, an investor buys Russian barges worth $30 million. Artificial islands are being created on the Caspian Sea with these vessels, for oil extraction.
First of all – the State! Private Traders – Only After That!
– Coming back to the theme of our conversation: how have financing sources for other transport projects changed today?
E.Y. Vinokurov: - The regular source is private banks. Certainly now is the hardest time for them to finance the transport sector because, whatever one may say, even small transport projects can cost 10 million dollars. Therefore it is necessary to look at other sources. And source number one now is the State. It understands the strategic importance of transport infrastructure and is ready to allocate money to it. In particular, as you know, there is a list of 295 system-forming Russian enterprises which can count on the State’s support in the current conditions of the world financial crisis. Key airports, seaports and railways form a considerable portion of them.
The second source is national and international development banks. In Russia they are, respectively: Vnesheconombank, The World Bank, The European Bank of Reconstruction and Development and The Eurasian Development Bank. These financial institutions were created to give “long” cheap money to infrastructural projects. And they do have the means for that, even in crisis conditions.
The next theme that starts to play an important role now is infrastructural bonds which are issued with State support, and sometimes with the State’s guarantee. These are special bonded tools aimed at attracting “long” money for transport infrastructure.
And last, there are direct investment funds, which have been discussed well enough for the past three years. Moreover, the process of creating such funds as Macquarie Renaissance, which is specifically committed to making direct investments into transport infrastructure, has begun. But the crisis has interfered here also, so now this process is practically frozen.
– What are the opportunities for private investments in the present conditions?
E.Y. Vinokurov: – First of all the need to use the mechanism of public-private partnership is worth mentioning. Private traders are still finding it very difficult to finance projects, so State support is necessary. The most well-balanced mechanism for this is a State-private partnership. But, certainly, it is not the panacea. It is a complex enough instrument and has many painful aspects and Achilles’ heels. In fact, what is a State-private partnership? Its main criteria are the use of State and private means in one project, and the presence of certain contractual formats, for example, in the form of concessions. And there may be problems on the way. But nevertheless global experience testifies in favour of using this mechanism, especially in crisis conditions, when there is no opportunity to take “long” cheap money from the West.
In Russia such projects have already been started, for example, in the Port of Ust-Luga construction is being carried out by a State-private partnership. In Kazakhstan the Ust-Kamenogorsk railway was built, although the truth is that it was not built perfectly. In other words, the experience was mixed, but we see no other alternative today. So, it is necessary to develop State-private partnerships.
M. А. Dzhadraliev: – Really, State-private partnership can serve as a kind of help to private investors, in fact its schemes can involve greater sums of money. Also, I would like to add that, at present, less than 3% of Russia’s Gross National Product goes on investment in transport infrastructure, when in the rest of the world this figure is 4.2%. Meanwhile, the condition of transport infrastructure (both roads and rolling stock) does not correspond in any way to theeconomic growth which was observed in Russia for the past eight or nine years. Therefore, experts think that investment in transport of the Russian Federation should now be about 6-7%. It is clear that the demand for these investments is not being met. And quite probably it will be in the form of State-private partnerships, when the State will give certain guarantees to come into these projects together with private capital. We can consider this to be the only opportunity private investors can have today in the sphere of investments in the transport sector.
E.Y.Vinokurov: – Regarding State-private partnerships, I should add that, in fact, it is not necessary to give too much money because the project can be structured in such a way that it will not be very expensive. For example, this can be achieved with the help of such schemes where the private investor puts certain funds in and the State promotes the issue of infrastructural bonds, placing them on the market under State guarantee, thus public money is not necessarily involved.
From our side, we can confirm that there is a certain demand for highly reliable rouble dumping bonds even in the difficult situation that has developed in the market. It means that the market (in particular pension funds, including those in Kazakhstan) is interested in the sort of infrastructural bonds which are nominated in national currency.
This is not pure theory, because such practices have already developed. Another point is that it is a long process: it takes a year to structure such projects.
Investments in Crisis
– Today one often hears that the development of transport infrastructure is the best anti-crisis tool. Do you agree with such an opinion?
E.Y. Vinokurov: – It is indisputable. The global experience over the past few decades has shown that the injection of State resources into transport infrastructure is the most effective anti-crisis tool. Why? The first reason is it creates jobs. The second reason is the so-called multiplication effect. Each dollar put into transport infrastructure turns around several dollars in other sectors, such as metallurgy, mechanical engineering, services, even tourism. In other words, it is one of the highest multipliers in the spheres of employment and raising gross national product.
But I shall add one criticism: Many investors now say that if they start to put money in transport infrastructure, it is going to take too much time before they start to bring in a return, whilst, as they say, it is necessary to struggle with the crisis right now. This is certainly absolutely true. But because it is already clear for all that the crisis will not be finished in two months, it will be rather a mistake not to use this anti-crisis instrument.
Our second observation will be the following. In order to increase the investment attractiveness of the transport branch, not only in the Russian Federation but also in the whole Euro-Asian Economic Union, it is very important to overcome non-material administrative barriers. This will not cost enormous sums of money and can be solved by inter-state negotiations. And it will raise both the investment attractiveness of the transport sector and the profitability of railway and motor transport cargo transportation in general.
M. А. Dzhadraliev: To sum up our conversation, it would be good to emphasise that investors with strategic interests and the ability to look further than this year will always be interested in transport projects, especially if they are ready to share with the State those risks which arise from financing or participating in projects with a long-term recoupment. By our calculations, in this case (as we already have said, the crisis will not last forever) in 2010 the situation in many respects will change for the better.
By Olga Gorbunova
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Chief of Analytical Management’s Economic Analysis Department, and Murat Dzhadraliev, a Senior Expert in the same department.
[~PREVIEW_TEXT] => How is the investment situation in the transport sector developing in the uneasy conditions of the world financial crisis? Where can the means be found to finance new infrastructure projects? What measures can be used to keep the sector financially attractive? These are the topics touched on in conversation with the Eurasian Development Bank experts – Evgeny Vinokurov,
Chief of Analytical Management’s Economic Analysis Department, and Murat Dzhadraliev, a Senior Expert in the same department.
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Chief of Analytical Management’s Economic Analysis Department, and Murat Dzhadraliev, a Senior Expert in the same department.
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[DETAIL_TEXT] => All-Round Discussion Brings High Quality
At the end of last year, the RF Government’s Marine Board published a draft of the Marine Activity Development Strategy to 2020 (further - Strategy) on its website. A wide discussion was initiated by this step. Discussions are to be held in the first half of 2009 and, after they are finished, all recommendations to complete the Strategy will be sent [by July 1st] to the developer of the project - The Russian Defence Ministry, until July 1st. It is planned that the modified draft will be presented to the Government by September 1st.
We should like to remind you that, in the Russian Federation, the long-term development ideology in terms of marine activity is currently expressed in two basic documents – the “World Ocean” FTP Concept and the Russian Federation Marine Doctrine for the period to 2020. However, in order to apply these programs, a precise and effective mechanism for carrying out national sea policy is needed. Such a mechanism is exactly what The RF Marine Activity Development Strategy to 2020 is supposed to be, both within this defined period and in the longer term. This project defines the means to realise the stated Marine Doctrine of national sea policy; it also actualises and gives a solid base to its main amendments.
We shall not survive without protectionism
There are a number of aims among the proposals outlined in the draft: an increase in the competitiveness of Russia in the sea transportation market, where the transport fleet operates under the Russian Federation flag, and a boost to the competitiveness of existing seaports and seaports under construction, and also improvements in meeting the needs of the State and private sector in terms of modern domestic ship-building.
Despite sea trade accounting for more than 60% of RF import/export turnover and the growing number of vessels operating under the Russian flag, the national fleet’s participation in carrying Russian-owned import/export and transit cargoes remains the lowest (within 4-5%). This is seriously affecting the economy.
As noted in the Strategy, the missing benefit from the transport of Russian cargo increases with the increase in import/export cargo volumes in Russia, and the annual figure is now up to $6 billion. Also, Russian ports still remain uncompetitive in several areas in particular because of infrastructure restrictions.
Speaking about the future of marine activity, Mr Sergey Buyanov, assistant to the General Director of the Central Marine Research & Design Institute (CNIIMF), , has especially emphasised the importance of increasing the competitiveness of Russian commercial seaports and the transport fleet operating under the national flag.
We should remind you that, at the beginning of 2009, there were 247 ships (total deadweight 1,272,400 tons) registered in the Russian International Register of Vessels and that the number of vessels in this Register did not increase significantly in 2008. The Russian Government’s ambitious plans are that, by 2012 (when the first phase of the Strategy will be realised), the share of national import/export and transit cargos transported by vessels under the RF national flag should be 13% of the total amount transported, and that in 2020 this figure should become 20%.
Now, because the merchant fleet is being reduced, every year Russian ship-owners place orders for the construction of ships to the sum of $1 billion – but outside the Russian Federation. The share of Russian orders for national shipyards over the Past 10 years is about 5%, whilst a potential capacity is 30-40 ships with a total deadweight of about 450,000 -500,000 tons a year. As a result, the loading on leading ship-building centres in the Russian Federation is now no more than 35% of capacity. Moreover, this industry does not have a ship-building complex capable of building ships of more than 100,000 tons displacement.
Proceeding from all the aforesaid, the Government has decided to use the new Strategy to introduce new protectionist measures, for example: granting preferences and reserving cargo bases for Russian ships. It is noted in the Strategy that the lack of Russian participation in sea cargo services essentially reduces the efficiency of the national transport system and makes Russia dependent on those foreign states which have competitive marine sea fleets and port complexes.
The Shelf is a New Eldorado
The main value of this document, which was prepared by the Ministry of Defence and approved by the RF Government’s Sea Boardis that it provides a number of measures to develop Russia’s Arctic territories in order “to dictate rules of the game from there”.
It is not a secret that the need to pay attention to Russia’s Arctic regions is mainly caused by the steady decline of hydrocarbons deposits in inland territories, which puts development of stocks on the continental shelf onto the agenda. The statistics say that more than 35% of worldwide oil extraction and 32% of gas is taking place on the continental shelf. By 2010, according to various forecasts, it will increase to 50-60%, with a considerable volume of hydro-carbonic raw materials concentrated in Arctic regions. Against this background the development gap between the Russian Federation, where industrial development of the shelf’s mineral and power resources is only just beginning, and other countries is clearly visible.
This task is specified in three areas of development: firstly, the creation of a logistics system, secondly, systems to monitor air, surface and underwater conditions in the Arctic zone, and finally, the mass construction of a modern fleet adapted for operation in such conditions. It is noted in the document that the step-by-step and complex decisions needed to solve these problems should facilitate an increase in national security with positive changes for the country’s social and economic situation.
Minister of Transport Igor Levitin has stated that, in order to keep Russia’s leading position in the Arctic region, it is planned to construct a new generation of nuclear-powered ice-breakers with a capacity of 60 МWt, and three linear diesel engine-electric ice-breakers with a capacity of 25 МWt. Also, the construction is planned of a fleet “specifically assigned for State purposes, a total of 73 units (hydrographic, diving, fire and pilot-master’s vessels, tow-rescuers, pilot boats, etc.)”.
As a result of actions to strengthen Russia’s position in the Arctic, it is planned that the increase of Russia’s share of total hydrocarbon resources extracted from the continental shelf will be more than 20% by the end of 2020, and in exports the figure will be 7%. Thus, oil extraction will grow by about 50 million tons (2.5 times compared with 2007) and natural gas by about 90 billion cubic metres (a six-fold increase).
Also marked in the Strategy is that, if the United Nations approves a renewed application by Russia to establish an external border on the continental shelf outside the 200-mile zone, the Russian Federation can legally secure an expanded shelf area of 1.2 million sq km which holds 5 billion tons of conditional oil and gas fuel resources.
In total, if there is a positive resolution to the territorial dispute, oil extraction on the Russian continental shelf will reach 27 million tons by 2020.
Crisis Forces Alterations to the Plans
The world economic crisis has brought changes to the project, in particular, causing a need to reconsider part of the forecasted target parameters of sea transport development during the first stage of the Strategy implementation (2009-2012). In the opinion of Alexey Klyavin, the Director of the Federal Sea and River Transport Policy Department in the Russian Transport Ministry, there has been a sharp decrease in charter rates in the sea and river transport market worldwide as a consequence of a general reduction in trade and a decrease in manufacturing (it concerns all market segments and transportation routes). As a result, the significant growth in credit costs is evident and this creates difficulties in attracting finance for the realisation of investment programmes for new fleet construction.
In the Central Marine Research & Design Institute (CNIIMF) they consider that, even under the most optimistic forecasts, the volume of sea cargo transportation in the Russian Federation in the current year could decrease by 15 to 20%. Experts from this institute think the economic crisis has seriously affected Russian sea and river transport. This trend continues and therefore, so far, it is difficult to specify clearly, considers Mr Buyanov. Nevertheless, it is most likely that the decrease in sea transport activity in 2009 will be from 15-20% to 30-40%. This concerns both the volume of cargo transportation by sea and cargo trans-shipments through Russian seaports.
Thus, because of the decrease, revising the short-term forecasts declared in the Strategy (for the period from 2009 to 2012), downwards has not been ruled out. The forecasts include: a two-fold increase in Russian ship-building by 2012 in monetary terms and an 84% increase in the share of Russian export-import cargo trans-shipments through Russian seaports. It is hoped that the long-term plans (for the period from 2020 to 2030) will not require the same kind of corrections.
By Nadezhda Vtorushina
viewpoint
Alexander Shimansky,
The General Director of the Moscow Branch of the Russian Association of Commercial Seaports:
– The world economic crisis is affecting the economic activities of organisations in the marine transport sector, including loading at Russian seaports. There is a decrease in the quantity of goods brought in to be reloaded, such as metals, fertilisers and other items which are most important as our national exports. In imports, the share of container freight is also falling. However, the RF Marine Activity Development Strategy to 2020 and the Transport Strategy of the Russian Federation to 2030 are documents which cover the long term; therefore, we do not feel it is necessary to update them. At the same time, it is most likely that the FTP “Development of Russian Transport System (2010-2015)” will be corrected considering investors’ and the State’s financial opportunities.
Sergey Buyanov,
Assistant to the General Director of Central Marine Research & Design Institute (CNIIMF):
– The Marine Activity Development Strategy has been conceived by its authors to direct development of the substantive provisions of the Russian Federation Sea Doctrine for the period to 2020, which was adopted in 2001. The main purpose of the Strategy is to focus attention on the modern problems of sea activity development. I believe this document to be insufficiently thought through. The main downfall of the Strategy, which should be improved in the first half of 2009, is the absence of coordination with other conceptual documents in this area.
[~DETAIL_TEXT] => All-Round Discussion Brings High Quality
At the end of last year, the RF Government’s Marine Board published a draft of the Marine Activity Development Strategy to 2020 (further - Strategy) on its website. A wide discussion was initiated by this step. Discussions are to be held in the first half of 2009 and, after they are finished, all recommendations to complete the Strategy will be sent [by July 1st] to the developer of the project - The Russian Defence Ministry, until July 1st. It is planned that the modified draft will be presented to the Government by September 1st.
We should like to remind you that, in the Russian Federation, the long-term development ideology in terms of marine activity is currently expressed in two basic documents – the “World Ocean” FTP Concept and the Russian Federation Marine Doctrine for the period to 2020. However, in order to apply these programs, a precise and effective mechanism for carrying out national sea policy is needed. Such a mechanism is exactly what The RF Marine Activity Development Strategy to 2020 is supposed to be, both within this defined period and in the longer term. This project defines the means to realise the stated Marine Doctrine of national sea policy; it also actualises and gives a solid base to its main amendments.
We shall not survive without protectionism
There are a number of aims among the proposals outlined in the draft: an increase in the competitiveness of Russia in the sea transportation market, where the transport fleet operates under the Russian Federation flag, and a boost to the competitiveness of existing seaports and seaports under construction, and also improvements in meeting the needs of the State and private sector in terms of modern domestic ship-building.
Despite sea trade accounting for more than 60% of RF import/export turnover and the growing number of vessels operating under the Russian flag, the national fleet’s participation in carrying Russian-owned import/export and transit cargoes remains the lowest (within 4-5%). This is seriously affecting the economy.
As noted in the Strategy, the missing benefit from the transport of Russian cargo increases with the increase in import/export cargo volumes in Russia, and the annual figure is now up to $6 billion. Also, Russian ports still remain uncompetitive in several areas in particular because of infrastructure restrictions.
Speaking about the future of marine activity, Mr Sergey Buyanov, assistant to the General Director of the Central Marine Research & Design Institute (CNIIMF), , has especially emphasised the importance of increasing the competitiveness of Russian commercial seaports and the transport fleet operating under the national flag.
We should remind you that, at the beginning of 2009, there were 247 ships (total deadweight 1,272,400 tons) registered in the Russian International Register of Vessels and that the number of vessels in this Register did not increase significantly in 2008. The Russian Government’s ambitious plans are that, by 2012 (when the first phase of the Strategy will be realised), the share of national import/export and transit cargos transported by vessels under the RF national flag should be 13% of the total amount transported, and that in 2020 this figure should become 20%.
Now, because the merchant fleet is being reduced, every year Russian ship-owners place orders for the construction of ships to the sum of $1 billion – but outside the Russian Federation. The share of Russian orders for national shipyards over the Past 10 years is about 5%, whilst a potential capacity is 30-40 ships with a total deadweight of about 450,000 -500,000 tons a year. As a result, the loading on leading ship-building centres in the Russian Federation is now no more than 35% of capacity. Moreover, this industry does not have a ship-building complex capable of building ships of more than 100,000 tons displacement.
Proceeding from all the aforesaid, the Government has decided to use the new Strategy to introduce new protectionist measures, for example: granting preferences and reserving cargo bases for Russian ships. It is noted in the Strategy that the lack of Russian participation in sea cargo services essentially reduces the efficiency of the national transport system and makes Russia dependent on those foreign states which have competitive marine sea fleets and port complexes.
The Shelf is a New Eldorado
The main value of this document, which was prepared by the Ministry of Defence and approved by the RF Government’s Sea Boardis that it provides a number of measures to develop Russia’s Arctic territories in order “to dictate rules of the game from there”.
It is not a secret that the need to pay attention to Russia’s Arctic regions is mainly caused by the steady decline of hydrocarbons deposits in inland territories, which puts development of stocks on the continental shelf onto the agenda. The statistics say that more than 35% of worldwide oil extraction and 32% of gas is taking place on the continental shelf. By 2010, according to various forecasts, it will increase to 50-60%, with a considerable volume of hydro-carbonic raw materials concentrated in Arctic regions. Against this background the development gap between the Russian Federation, where industrial development of the shelf’s mineral and power resources is only just beginning, and other countries is clearly visible.
This task is specified in three areas of development: firstly, the creation of a logistics system, secondly, systems to monitor air, surface and underwater conditions in the Arctic zone, and finally, the mass construction of a modern fleet adapted for operation in such conditions. It is noted in the document that the step-by-step and complex decisions needed to solve these problems should facilitate an increase in national security with positive changes for the country’s social and economic situation.
Minister of Transport Igor Levitin has stated that, in order to keep Russia’s leading position in the Arctic region, it is planned to construct a new generation of nuclear-powered ice-breakers with a capacity of 60 МWt, and three linear diesel engine-electric ice-breakers with a capacity of 25 МWt. Also, the construction is planned of a fleet “specifically assigned for State purposes, a total of 73 units (hydrographic, diving, fire and pilot-master’s vessels, tow-rescuers, pilot boats, etc.)”.
As a result of actions to strengthen Russia’s position in the Arctic, it is planned that the increase of Russia’s share of total hydrocarbon resources extracted from the continental shelf will be more than 20% by the end of 2020, and in exports the figure will be 7%. Thus, oil extraction will grow by about 50 million tons (2.5 times compared with 2007) and natural gas by about 90 billion cubic metres (a six-fold increase).
Also marked in the Strategy is that, if the United Nations approves a renewed application by Russia to establish an external border on the continental shelf outside the 200-mile zone, the Russian Federation can legally secure an expanded shelf area of 1.2 million sq km which holds 5 billion tons of conditional oil and gas fuel resources.
In total, if there is a positive resolution to the territorial dispute, oil extraction on the Russian continental shelf will reach 27 million tons by 2020.
Crisis Forces Alterations to the Plans
The world economic crisis has brought changes to the project, in particular, causing a need to reconsider part of the forecasted target parameters of sea transport development during the first stage of the Strategy implementation (2009-2012). In the opinion of Alexey Klyavin, the Director of the Federal Sea and River Transport Policy Department in the Russian Transport Ministry, there has been a sharp decrease in charter rates in the sea and river transport market worldwide as a consequence of a general reduction in trade and a decrease in manufacturing (it concerns all market segments and transportation routes). As a result, the significant growth in credit costs is evident and this creates difficulties in attracting finance for the realisation of investment programmes for new fleet construction.
In the Central Marine Research & Design Institute (CNIIMF) they consider that, even under the most optimistic forecasts, the volume of sea cargo transportation in the Russian Federation in the current year could decrease by 15 to 20%. Experts from this institute think the economic crisis has seriously affected Russian sea and river transport. This trend continues and therefore, so far, it is difficult to specify clearly, considers Mr Buyanov. Nevertheless, it is most likely that the decrease in sea transport activity in 2009 will be from 15-20% to 30-40%. This concerns both the volume of cargo transportation by sea and cargo trans-shipments through Russian seaports.
Thus, because of the decrease, revising the short-term forecasts declared in the Strategy (for the period from 2009 to 2012), downwards has not been ruled out. The forecasts include: a two-fold increase in Russian ship-building by 2012 in monetary terms and an 84% increase in the share of Russian export-import cargo trans-shipments through Russian seaports. It is hoped that the long-term plans (for the period from 2020 to 2030) will not require the same kind of corrections.
By Nadezhda Vtorushina
viewpoint
Alexander Shimansky,
The General Director of the Moscow Branch of the Russian Association of Commercial Seaports:
– The world economic crisis is affecting the economic activities of organisations in the marine transport sector, including loading at Russian seaports. There is a decrease in the quantity of goods brought in to be reloaded, such as metals, fertilisers and other items which are most important as our national exports. In imports, the share of container freight is also falling. However, the RF Marine Activity Development Strategy to 2020 and the Transport Strategy of the Russian Federation to 2030 are documents which cover the long term; therefore, we do not feel it is necessary to update them. At the same time, it is most likely that the FTP “Development of Russian Transport System (2010-2015)” will be corrected considering investors’ and the State’s financial opportunities.
Sergey Buyanov,
Assistant to the General Director of Central Marine Research & Design Institute (CNIIMF):
– The Marine Activity Development Strategy has been conceived by its authors to direct development of the substantive provisions of the Russian Federation Sea Doctrine for the period to 2020, which was adopted in 2001. The main purpose of the Strategy is to focus attention on the modern problems of sea activity development. I believe this document to be insufficiently thought through. The main downfall of the Strategy, which should be improved in the first half of 2009, is the absence of coordination with other conceptual documents in this area.
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[DETAIL_TEXT] => All-Round Discussion Brings High Quality
At the end of last year, the RF Government’s Marine Board published a draft of the Marine Activity Development Strategy to 2020 (further - Strategy) on its website. A wide discussion was initiated by this step. Discussions are to be held in the first half of 2009 and, after they are finished, all recommendations to complete the Strategy will be sent [by July 1st] to the developer of the project - The Russian Defence Ministry, until July 1st. It is planned that the modified draft will be presented to the Government by September 1st.
We should like to remind you that, in the Russian Federation, the long-term development ideology in terms of marine activity is currently expressed in two basic documents – the “World Ocean” FTP Concept and the Russian Federation Marine Doctrine for the period to 2020. However, in order to apply these programs, a precise and effective mechanism for carrying out national sea policy is needed. Such a mechanism is exactly what The RF Marine Activity Development Strategy to 2020 is supposed to be, both within this defined period and in the longer term. This project defines the means to realise the stated Marine Doctrine of national sea policy; it also actualises and gives a solid base to its main amendments.
We shall not survive without protectionism
There are a number of aims among the proposals outlined in the draft: an increase in the competitiveness of Russia in the sea transportation market, where the transport fleet operates under the Russian Federation flag, and a boost to the competitiveness of existing seaports and seaports under construction, and also improvements in meeting the needs of the State and private sector in terms of modern domestic ship-building.
Despite sea trade accounting for more than 60% of RF import/export turnover and the growing number of vessels operating under the Russian flag, the national fleet’s participation in carrying Russian-owned import/export and transit cargoes remains the lowest (within 4-5%). This is seriously affecting the economy.
As noted in the Strategy, the missing benefit from the transport of Russian cargo increases with the increase in import/export cargo volumes in Russia, and the annual figure is now up to $6 billion. Also, Russian ports still remain uncompetitive in several areas in particular because of infrastructure restrictions.
Speaking about the future of marine activity, Mr Sergey Buyanov, assistant to the General Director of the Central Marine Research & Design Institute (CNIIMF), , has especially emphasised the importance of increasing the competitiveness of Russian commercial seaports and the transport fleet operating under the national flag.
We should remind you that, at the beginning of 2009, there were 247 ships (total deadweight 1,272,400 tons) registered in the Russian International Register of Vessels and that the number of vessels in this Register did not increase significantly in 2008. The Russian Government’s ambitious plans are that, by 2012 (when the first phase of the Strategy will be realised), the share of national import/export and transit cargos transported by vessels under the RF national flag should be 13% of the total amount transported, and that in 2020 this figure should become 20%.
Now, because the merchant fleet is being reduced, every year Russian ship-owners place orders for the construction of ships to the sum of $1 billion – but outside the Russian Federation. The share of Russian orders for national shipyards over the Past 10 years is about 5%, whilst a potential capacity is 30-40 ships with a total deadweight of about 450,000 -500,000 tons a year. As a result, the loading on leading ship-building centres in the Russian Federation is now no more than 35% of capacity. Moreover, this industry does not have a ship-building complex capable of building ships of more than 100,000 tons displacement.
Proceeding from all the aforesaid, the Government has decided to use the new Strategy to introduce new protectionist measures, for example: granting preferences and reserving cargo bases for Russian ships. It is noted in the Strategy that the lack of Russian participation in sea cargo services essentially reduces the efficiency of the national transport system and makes Russia dependent on those foreign states which have competitive marine sea fleets and port complexes.
The Shelf is a New Eldorado
The main value of this document, which was prepared by the Ministry of Defence and approved by the RF Government’s Sea Boardis that it provides a number of measures to develop Russia’s Arctic territories in order “to dictate rules of the game from there”.
It is not a secret that the need to pay attention to Russia’s Arctic regions is mainly caused by the steady decline of hydrocarbons deposits in inland territories, which puts development of stocks on the continental shelf onto the agenda. The statistics say that more than 35% of worldwide oil extraction and 32% of gas is taking place on the continental shelf. By 2010, according to various forecasts, it will increase to 50-60%, with a considerable volume of hydro-carbonic raw materials concentrated in Arctic regions. Against this background the development gap between the Russian Federation, where industrial development of the shelf’s mineral and power resources is only just beginning, and other countries is clearly visible.
This task is specified in three areas of development: firstly, the creation of a logistics system, secondly, systems to monitor air, surface and underwater conditions in the Arctic zone, and finally, the mass construction of a modern fleet adapted for operation in such conditions. It is noted in the document that the step-by-step and complex decisions needed to solve these problems should facilitate an increase in national security with positive changes for the country’s social and economic situation.
Minister of Transport Igor Levitin has stated that, in order to keep Russia’s leading position in the Arctic region, it is planned to construct a new generation of nuclear-powered ice-breakers with a capacity of 60 МWt, and three linear diesel engine-electric ice-breakers with a capacity of 25 МWt. Also, the construction is planned of a fleet “specifically assigned for State purposes, a total of 73 units (hydrographic, diving, fire and pilot-master’s vessels, tow-rescuers, pilot boats, etc.)”.
As a result of actions to strengthen Russia’s position in the Arctic, it is planned that the increase of Russia’s share of total hydrocarbon resources extracted from the continental shelf will be more than 20% by the end of 2020, and in exports the figure will be 7%. Thus, oil extraction will grow by about 50 million tons (2.5 times compared with 2007) and natural gas by about 90 billion cubic metres (a six-fold increase).
Also marked in the Strategy is that, if the United Nations approves a renewed application by Russia to establish an external border on the continental shelf outside the 200-mile zone, the Russian Federation can legally secure an expanded shelf area of 1.2 million sq km which holds 5 billion tons of conditional oil and gas fuel resources.
In total, if there is a positive resolution to the territorial dispute, oil extraction on the Russian continental shelf will reach 27 million tons by 2020.
Crisis Forces Alterations to the Plans
The world economic crisis has brought changes to the project, in particular, causing a need to reconsider part of the forecasted target parameters of sea transport development during the first stage of the Strategy implementation (2009-2012). In the opinion of Alexey Klyavin, the Director of the Federal Sea and River Transport Policy Department in the Russian Transport Ministry, there has been a sharp decrease in charter rates in the sea and river transport market worldwide as a consequence of a general reduction in trade and a decrease in manufacturing (it concerns all market segments and transportation routes). As a result, the significant growth in credit costs is evident and this creates difficulties in attracting finance for the realisation of investment programmes for new fleet construction.
In the Central Marine Research & Design Institute (CNIIMF) they consider that, even under the most optimistic forecasts, the volume of sea cargo transportation in the Russian Federation in the current year could decrease by 15 to 20%. Experts from this institute think the economic crisis has seriously affected Russian sea and river transport. This trend continues and therefore, so far, it is difficult to specify clearly, considers Mr Buyanov. Nevertheless, it is most likely that the decrease in sea transport activity in 2009 will be from 15-20% to 30-40%. This concerns both the volume of cargo transportation by sea and cargo trans-shipments through Russian seaports.
Thus, because of the decrease, revising the short-term forecasts declared in the Strategy (for the period from 2009 to 2012), downwards has not been ruled out. The forecasts include: a two-fold increase in Russian ship-building by 2012 in monetary terms and an 84% increase in the share of Russian export-import cargo trans-shipments through Russian seaports. It is hoped that the long-term plans (for the period from 2020 to 2030) will not require the same kind of corrections.
By Nadezhda Vtorushina
viewpoint
Alexander Shimansky,
The General Director of the Moscow Branch of the Russian Association of Commercial Seaports:
– The world economic crisis is affecting the economic activities of organisations in the marine transport sector, including loading at Russian seaports. There is a decrease in the quantity of goods brought in to be reloaded, such as metals, fertilisers and other items which are most important as our national exports. In imports, the share of container freight is also falling. However, the RF Marine Activity Development Strategy to 2020 and the Transport Strategy of the Russian Federation to 2030 are documents which cover the long term; therefore, we do not feel it is necessary to update them. At the same time, it is most likely that the FTP “Development of Russian Transport System (2010-2015)” will be corrected considering investors’ and the State’s financial opportunities.
Sergey Buyanov,
Assistant to the General Director of Central Marine Research & Design Institute (CNIIMF):
– The Marine Activity Development Strategy has been conceived by its authors to direct development of the substantive provisions of the Russian Federation Sea Doctrine for the period to 2020, which was adopted in 2001. The main purpose of the Strategy is to focus attention on the modern problems of sea activity development. I believe this document to be insufficiently thought through. The main downfall of the Strategy, which should be improved in the first half of 2009, is the absence of coordination with other conceptual documents in this area.
[~DETAIL_TEXT] => All-Round Discussion Brings High Quality
At the end of last year, the RF Government’s Marine Board published a draft of the Marine Activity Development Strategy to 2020 (further - Strategy) on its website. A wide discussion was initiated by this step. Discussions are to be held in the first half of 2009 and, after they are finished, all recommendations to complete the Strategy will be sent [by July 1st] to the developer of the project - The Russian Defence Ministry, until July 1st. It is planned that the modified draft will be presented to the Government by September 1st.
We should like to remind you that, in the Russian Federation, the long-term development ideology in terms of marine activity is currently expressed in two basic documents – the “World Ocean” FTP Concept and the Russian Federation Marine Doctrine for the period to 2020. However, in order to apply these programs, a precise and effective mechanism for carrying out national sea policy is needed. Such a mechanism is exactly what The RF Marine Activity Development Strategy to 2020 is supposed to be, both within this defined period and in the longer term. This project defines the means to realise the stated Marine Doctrine of national sea policy; it also actualises and gives a solid base to its main amendments.
We shall not survive without protectionism
There are a number of aims among the proposals outlined in the draft: an increase in the competitiveness of Russia in the sea transportation market, where the transport fleet operates under the Russian Federation flag, and a boost to the competitiveness of existing seaports and seaports under construction, and also improvements in meeting the needs of the State and private sector in terms of modern domestic ship-building.
Despite sea trade accounting for more than 60% of RF import/export turnover and the growing number of vessels operating under the Russian flag, the national fleet’s participation in carrying Russian-owned import/export and transit cargoes remains the lowest (within 4-5%). This is seriously affecting the economy.
As noted in the Strategy, the missing benefit from the transport of Russian cargo increases with the increase in import/export cargo volumes in Russia, and the annual figure is now up to $6 billion. Also, Russian ports still remain uncompetitive in several areas in particular because of infrastructure restrictions.
Speaking about the future of marine activity, Mr Sergey Buyanov, assistant to the General Director of the Central Marine Research & Design Institute (CNIIMF), , has especially emphasised the importance of increasing the competitiveness of Russian commercial seaports and the transport fleet operating under the national flag.
We should remind you that, at the beginning of 2009, there were 247 ships (total deadweight 1,272,400 tons) registered in the Russian International Register of Vessels and that the number of vessels in this Register did not increase significantly in 2008. The Russian Government’s ambitious plans are that, by 2012 (when the first phase of the Strategy will be realised), the share of national import/export and transit cargos transported by vessels under the RF national flag should be 13% of the total amount transported, and that in 2020 this figure should become 20%.
Now, because the merchant fleet is being reduced, every year Russian ship-owners place orders for the construction of ships to the sum of $1 billion – but outside the Russian Federation. The share of Russian orders for national shipyards over the Past 10 years is about 5%, whilst a potential capacity is 30-40 ships with a total deadweight of about 450,000 -500,000 tons a year. As a result, the loading on leading ship-building centres in the Russian Federation is now no more than 35% of capacity. Moreover, this industry does not have a ship-building complex capable of building ships of more than 100,000 tons displacement.
Proceeding from all the aforesaid, the Government has decided to use the new Strategy to introduce new protectionist measures, for example: granting preferences and reserving cargo bases for Russian ships. It is noted in the Strategy that the lack of Russian participation in sea cargo services essentially reduces the efficiency of the national transport system and makes Russia dependent on those foreign states which have competitive marine sea fleets and port complexes.
The Shelf is a New Eldorado
The main value of this document, which was prepared by the Ministry of Defence and approved by the RF Government’s Sea Boardis that it provides a number of measures to develop Russia’s Arctic territories in order “to dictate rules of the game from there”.
It is not a secret that the need to pay attention to Russia’s Arctic regions is mainly caused by the steady decline of hydrocarbons deposits in inland territories, which puts development of stocks on the continental shelf onto the agenda. The statistics say that more than 35% of worldwide oil extraction and 32% of gas is taking place on the continental shelf. By 2010, according to various forecasts, it will increase to 50-60%, with a considerable volume of hydro-carbonic raw materials concentrated in Arctic regions. Against this background the development gap between the Russian Federation, where industrial development of the shelf’s mineral and power resources is only just beginning, and other countries is clearly visible.
This task is specified in three areas of development: firstly, the creation of a logistics system, secondly, systems to monitor air, surface and underwater conditions in the Arctic zone, and finally, the mass construction of a modern fleet adapted for operation in such conditions. It is noted in the document that the step-by-step and complex decisions needed to solve these problems should facilitate an increase in national security with positive changes for the country’s social and economic situation.
Minister of Transport Igor Levitin has stated that, in order to keep Russia’s leading position in the Arctic region, it is planned to construct a new generation of nuclear-powered ice-breakers with a capacity of 60 МWt, and three linear diesel engine-electric ice-breakers with a capacity of 25 МWt. Also, the construction is planned of a fleet “specifically assigned for State purposes, a total of 73 units (hydrographic, diving, fire and pilot-master’s vessels, tow-rescuers, pilot boats, etc.)”.
As a result of actions to strengthen Russia’s position in the Arctic, it is planned that the increase of Russia’s share of total hydrocarbon resources extracted from the continental shelf will be more than 20% by the end of 2020, and in exports the figure will be 7%. Thus, oil extraction will grow by about 50 million tons (2.5 times compared with 2007) and natural gas by about 90 billion cubic metres (a six-fold increase).
Also marked in the Strategy is that, if the United Nations approves a renewed application by Russia to establish an external border on the continental shelf outside the 200-mile zone, the Russian Federation can legally secure an expanded shelf area of 1.2 million sq km which holds 5 billion tons of conditional oil and gas fuel resources.
In total, if there is a positive resolution to the territorial dispute, oil extraction on the Russian continental shelf will reach 27 million tons by 2020.
Crisis Forces Alterations to the Plans
The world economic crisis has brought changes to the project, in particular, causing a need to reconsider part of the forecasted target parameters of sea transport development during the first stage of the Strategy implementation (2009-2012). In the opinion of Alexey Klyavin, the Director of the Federal Sea and River Transport Policy Department in the Russian Transport Ministry, there has been a sharp decrease in charter rates in the sea and river transport market worldwide as a consequence of a general reduction in trade and a decrease in manufacturing (it concerns all market segments and transportation routes). As a result, the significant growth in credit costs is evident and this creates difficulties in attracting finance for the realisation of investment programmes for new fleet construction.
In the Central Marine Research & Design Institute (CNIIMF) they consider that, even under the most optimistic forecasts, the volume of sea cargo transportation in the Russian Federation in the current year could decrease by 15 to 20%. Experts from this institute think the economic crisis has seriously affected Russian sea and river transport. This trend continues and therefore, so far, it is difficult to specify clearly, considers Mr Buyanov. Nevertheless, it is most likely that the decrease in sea transport activity in 2009 will be from 15-20% to 30-40%. This concerns both the volume of cargo transportation by sea and cargo trans-shipments through Russian seaports.
Thus, because of the decrease, revising the short-term forecasts declared in the Strategy (for the period from 2009 to 2012), downwards has not been ruled out. The forecasts include: a two-fold increase in Russian ship-building by 2012 in monetary terms and an 84% increase in the share of Russian export-import cargo trans-shipments through Russian seaports. It is hoped that the long-term plans (for the period from 2020 to 2030) will not require the same kind of corrections.
By Nadezhda Vtorushina
viewpoint
Alexander Shimansky,
The General Director of the Moscow Branch of the Russian Association of Commercial Seaports:
– The world economic crisis is affecting the economic activities of organisations in the marine transport sector, including loading at Russian seaports. There is a decrease in the quantity of goods brought in to be reloaded, such as metals, fertilisers and other items which are most important as our national exports. In imports, the share of container freight is also falling. However, the RF Marine Activity Development Strategy to 2020 and the Transport Strategy of the Russian Federation to 2030 are documents which cover the long term; therefore, we do not feel it is necessary to update them. At the same time, it is most likely that the FTP “Development of Russian Transport System (2010-2015)” will be corrected considering investors’ and the State’s financial opportunities.
Sergey Buyanov,
Assistant to the General Director of Central Marine Research & Design Institute (CNIIMF):
– The Marine Activity Development Strategy has been conceived by its authors to direct development of the substantive provisions of the Russian Federation Sea Doctrine for the period to 2020, which was adopted in 2001. The main purpose of the Strategy is to focus attention on the modern problems of sea activity development. I believe this document to be insufficiently thought through. The main downfall of the Strategy, which should be improved in the first half of 2009, is the absence of coordination with other conceptual documents in this area.
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