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EurasiaRail Rolling Stock, Infrastructure and Logistics Fair will take place between the dates of 02-05 March 2011 at Anfa Altinpark Expo Center in Ankara, TURKEY.
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27 BILLION EURO INVESTMENT FOR ROLLING STOCK IN TURKEY
The railway transportation of Turkey is carrying strategic importance for EU countries and Middle East. The ministry of Foreign Affairs and the Ministry of Transportation of Turkey have declared the importance of improvement of the railway network that will work in accordance with Maritimes and Highway Transportation in order to invigorate both economical and political relations in Eurasia Countries.
However, Turkey doesn’t provide a railway connection between the two continents but things are about to change once the Marmaray project will be finalized. Marmaray is the second important submarine railway tunnel in Europe. The Government in Ankara declared that EUR 27 Billion will be invested in the railways by 2020. Member of the Organisation for Economic Co-operation and Development (OECD), Turkey is one of the first 20 economies in the world. The Turkish economy, although on the increase in the last few years mainly due to investments, is still recording a significant current account deficit and high external debts.
TURKISH RAILWAY REFORMS ARE ON THE RIGHT TRACK
Apparently, the railway reform is on the right track which is good news for both Turkey, as a country that wants to access the European Union and will have to align to most of the norms already implemented by the Member States, but also for potential investors who want to enter the railway market in Turkey. Once these norms are complementary, they can ease both T.C.D.D.’s activity as project manager but also the work of European railway suppliers who manifested their intention to collaborate in the projects launched by Turkey in the area of high speed transport. The railway reform was considered in 2001 when discussions with World Bank representatives were initiated. World Bank’s aid was required for both consultancy and financing. T.C.D.D.’s re-organization involves two aspects: the railway reform and the separation and concession of ports. The railway reform is based on the European model. In fact, the reform seeks to separate the infrastructure manager from the operators, provide free access for all freight operators, establish an access charge, and transfer suburban operations to local authorities with services provided by operators based on a contract, as well as separate rolling stock manufacturing facilities. It also seeks to establish regulatory, security and certification bodies. T.C.D.D.’s reorganization is one of the conditions accepted by Turkey based on the EU agreements.
Future economic and legislative reforms are expected, which, together with the perspective of accessing the EU, will attract important foreign investments.
For more details of EURASIARAIL
www.eurasiarail.eu
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27 BILLION EURO INVESTMENT FOR ROLLING STOCK IN TURKEY
The railway transportation of Turkey is carrying strategic importance for EU countries and Middle East. The ministry of Foreign Affairs and the Ministry of Transportation of Turkey have declared the importance of improvement of the railway network that will work in accordance with Maritimes and Highway Transportation in order to invigorate both economical and political relations in Eurasia Countries.
However, Turkey doesn’t provide a railway connection between the two continents but things are about to change once the Marmaray project will be finalized. Marmaray is the second important submarine railway tunnel in Europe. The Government in Ankara declared that EUR 27 Billion will be invested in the railways by 2020. Member of the Organisation for Economic Co-operation and Development (OECD), Turkey is one of the first 20 economies in the world. The Turkish economy, although on the increase in the last few years mainly due to investments, is still recording a significant current account deficit and high external debts.
TURKISH RAILWAY REFORMS ARE ON THE RIGHT TRACK
Apparently, the railway reform is on the right track which is good news for both Turkey, as a country that wants to access the European Union and will have to align to most of the norms already implemented by the Member States, but also for potential investors who want to enter the railway market in Turkey. Once these norms are complementary, they can ease both T.C.D.D.’s activity as project manager but also the work of European railway suppliers who manifested their intention to collaborate in the projects launched by Turkey in the area of high speed transport. The railway reform was considered in 2001 when discussions with World Bank representatives were initiated. World Bank’s aid was required for both consultancy and financing. T.C.D.D.’s re-organization involves two aspects: the railway reform and the separation and concession of ports. The railway reform is based on the European model. In fact, the reform seeks to separate the infrastructure manager from the operators, provide free access for all freight operators, establish an access charge, and transfer suburban operations to local authorities with services provided by operators based on a contract, as well as separate rolling stock manufacturing facilities. It also seeks to establish regulatory, security and certification bodies. T.C.D.D.’s reorganization is one of the conditions accepted by Turkey based on the EU agreements.
Future economic and legislative reforms are expected, which, together with the perspective of accessing the EU, will attract important foreign investments.
For more details of EURASIARAIL
www.eurasiarail.eu
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[DETAIL_TEXT] => The exhibitors who will take place during the show will be Government Bodies, Rolling Stock Companies, Railway Technology Companies, Electrification Firms, Signalization Firms, Railway Safety Firms, Contractor Firms, Construction subcontractor firms, Construction Materials, Logistic Firms, Heavy Industries, Hardware and Tool Manufacturers, Wholesalers, Related Associations, Media, Financial Institutions, Transport IT, Financial Institutions and all other related sectors.
27 BILLION EURO INVESTMENT FOR ROLLING STOCK IN TURKEY
The railway transportation of Turkey is carrying strategic importance for EU countries and Middle East. The ministry of Foreign Affairs and the Ministry of Transportation of Turkey have declared the importance of improvement of the railway network that will work in accordance with Maritimes and Highway Transportation in order to invigorate both economical and political relations in Eurasia Countries.
However, Turkey doesn’t provide a railway connection between the two continents but things are about to change once the Marmaray project will be finalized. Marmaray is the second important submarine railway tunnel in Europe. The Government in Ankara declared that EUR 27 Billion will be invested in the railways by 2020. Member of the Organisation for Economic Co-operation and Development (OECD), Turkey is one of the first 20 economies in the world. The Turkish economy, although on the increase in the last few years mainly due to investments, is still recording a significant current account deficit and high external debts.
TURKISH RAILWAY REFORMS ARE ON THE RIGHT TRACK
Apparently, the railway reform is on the right track which is good news for both Turkey, as a country that wants to access the European Union and will have to align to most of the norms already implemented by the Member States, but also for potential investors who want to enter the railway market in Turkey. Once these norms are complementary, they can ease both T.C.D.D.’s activity as project manager but also the work of European railway suppliers who manifested their intention to collaborate in the projects launched by Turkey in the area of high speed transport. The railway reform was considered in 2001 when discussions with World Bank representatives were initiated. World Bank’s aid was required for both consultancy and financing. T.C.D.D.’s re-organization involves two aspects: the railway reform and the separation and concession of ports. The railway reform is based on the European model. In fact, the reform seeks to separate the infrastructure manager from the operators, provide free access for all freight operators, establish an access charge, and transfer suburban operations to local authorities with services provided by operators based on a contract, as well as separate rolling stock manufacturing facilities. It also seeks to establish regulatory, security and certification bodies. T.C.D.D.’s reorganization is one of the conditions accepted by Turkey based on the EU agreements.
Future economic and legislative reforms are expected, which, together with the perspective of accessing the EU, will attract important foreign investments.
For more details of EURASIARAIL
www.eurasiarail.eu
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27 BILLION EURO INVESTMENT FOR ROLLING STOCK IN TURKEY
The railway transportation of Turkey is carrying strategic importance for EU countries and Middle East. The ministry of Foreign Affairs and the Ministry of Transportation of Turkey have declared the importance of improvement of the railway network that will work in accordance with Maritimes and Highway Transportation in order to invigorate both economical and political relations in Eurasia Countries.
However, Turkey doesn’t provide a railway connection between the two continents but things are about to change once the Marmaray project will be finalized. Marmaray is the second important submarine railway tunnel in Europe. The Government in Ankara declared that EUR 27 Billion will be invested in the railways by 2020. Member of the Organisation for Economic Co-operation and Development (OECD), Turkey is one of the first 20 economies in the world. The Turkish economy, although on the increase in the last few years mainly due to investments, is still recording a significant current account deficit and high external debts.
TURKISH RAILWAY REFORMS ARE ON THE RIGHT TRACK
Apparently, the railway reform is on the right track which is good news for both Turkey, as a country that wants to access the European Union and will have to align to most of the norms already implemented by the Member States, but also for potential investors who want to enter the railway market in Turkey. Once these norms are complementary, they can ease both T.C.D.D.’s activity as project manager but also the work of European railway suppliers who manifested their intention to collaborate in the projects launched by Turkey in the area of high speed transport. The railway reform was considered in 2001 when discussions with World Bank representatives were initiated. World Bank’s aid was required for both consultancy and financing. T.C.D.D.’s re-organization involves two aspects: the railway reform and the separation and concession of ports. The railway reform is based on the European model. In fact, the reform seeks to separate the infrastructure manager from the operators, provide free access for all freight operators, establish an access charge, and transfer suburban operations to local authorities with services provided by operators based on a contract, as well as separate rolling stock manufacturing facilities. It also seeks to establish regulatory, security and certification bodies. T.C.D.D.’s reorganization is one of the conditions accepted by Turkey based on the EU agreements.
Future economic and legislative reforms are expected, which, together with the perspective of accessing the EU, will attract important foreign investments.
For more details of EURASIARAIL
www.eurasiarail.eu
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Infrastructure bonds (IBs) is a financial instrument new for Russia. Its target is to avoid the lack of “long” money for infrastructure construction. The idea is quite simple: a joint stock company is launched to build an infrastructure object, it sells state guaranteed debt securities, after that it constructs the object using the collected money, and pays off from the obtained revenue. Experts say that the mechanism is efficient, Array
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[DETAIL_TEXT] => Looking for the ‘long’ rouble
The IBs used in many developed countries are practically similar to usual bonds: they are debt securities with a definite cost, for which a buyer (a bond holder) receives some definite reward (percents) in some definite period of time. Simultaneously, there are some differences. Thus, the money is spent on a definite project. The circulation period is similar to the term in which the project is supposed to be carried out or paid back. Obviously, it will hardly be less than 10 years for infrastructure objects. The loan and percents are returned at the expense of the revenue from the object’s exploitation.
As for usual debt securities, the issuer can issue them to reach any target for any time period and repay from any funds.
Last year, the Federal Service for Financial Markets developed and brought in the State Duma a bill “On Peculiarities of Investing in Infrastructure Using Infrastructure Bonds”. There is the definition of such debt securities (see our Reference), the list of sectors where they may be applied, the requirements to the issuer, and the procedures necessary to select the projects.
Nowadays, the bill is being adjusted in different committees of the Federation Council, the State Duma, and is discussed in the professional community. Also, its text is published in the Internet.
The document puts into operation such notion as ‘a specialised project organisation’ (SPO) – the company which is launched to fulfill a definite infrastructure target, to issue the debt securities, to get the revenue, i.e. which is ‘one window’ to interact with investors, authorities, and the society. The rights and the duties of the SPO is the key point for the IBs’ success in Russia – they set the frames for the company’s activities. When speaking about the prospects of the bond, investors appreciate the proper balance between the rights, which allow to reach the target, and the boundaries, which help to avoid resource abusing and other mistakes.
Practice shows that investors prefer to create special separate structure to carry out this or that project. In Russia, this way was chosen by the constructors of the motorway connecting Moscow and St Petersburg, the Marine Facade passenger port, Western High Speed Diameter in St Petersburg, and the participants of the consortium modernising the Pulkovo airport.
According to the bill, the issuer must:
1) be a Russian juridical person in the form of an open joint-stock company or a limited liability company where private capital prevails. The company must be launched to reach a definite target;
2) have a limited legal capacity, i.e. it cannot act outside the boundaries of the project;
3) conclude the project agreement.
Moreover, the project company must play the key role in financial flows distribution between the participants. Also, the guarantors’ and bond holders’ participation in the SPO managing process must be provided.
The funds earned from the bonds sale must be transferred to a separate account and used to pay for the construction materials, feasibility study, and construction services. This money cannot be collected in case there is a recovery for the SPO’s obligations.
The organisation has no right to alienate the property before the infrastructure object is put into operation, buy securities, act as a founder of companies, rent the property, mortgage it, or give to gratis use. Meanwhile, for some of the norms there is a proviso ‘except the cases envisaged in the federal laws’.
An SPO cannot be re-organised or liquidated voluntarily. Also, it cannot decide on the reduction of its authorised capital, including the purchase of a shareholding (a part in the company’s authorised capital) before the infrastructure object is put into operation.
The organisation is responsible for the real losses, and it is to compensate for them if it is proved juridically that ‘the losses emerged as a result of intentional or unwilled breaking the federal laws and other normative legal acts’.
The bonds of the SPO must be guaranteed by the state. This obligatory condition makes the project attractive to private investors, since their risks come to almost a zero. In fact, the state takes responsibility for the project, and receives private money and very efficient management, which can be provided by the business. Among the possible guarantee mechanisms there is property rights mortgage or mortgage of the shares of the SPO.
There are two procedures to provide the guarantees. According to the first one, the process moves upwards: an investor applies to a special state commission which examines his idea and decides whether to become a guarantor or not. The second procedure envisages that the process is initiated by the authorities: the state forms a project and announces a tender.
All important details of the process are regulated in the ‘project agreement’ (it can also be characterised as the passport of a contract).
The agreement envisages the period of construction and the time when it the object is to be put into operation, the obligations of the SPO, technical and economic figures, the cost of the project, the order of giving land plots to the SPO, tariffs on its services for customers, responsibilities of the state bodies etc. All in all, it is a sort of a manual defining the role of each participant.
‘The limitations for a SPO envisaged in the bill seem to be quite reasonable, targeted to distribute and reduce bond financing risks, to exclude the issuer’s credit reputation risks, the risks of third parties’ claims, the issuer’s discontinuation of activities before the infrastructure project is realised,’ considers Svetlana Torba, a partner of RightSol KSM legal firm, a member of the Expert Council for PPP at the State Duma.
‘As for the requirements to a project organisation, it would be reasonable to use the experience of Kazakhstan, where some PPP projects were financed using infrastructure bonds. Some concessionaires there passed through a default of their bond obligations, the reasons for which were insufficient financial and economic planning, and the lack of the issuer’s own capital,’ comments Ilya Skripnikov, Senior Associate at Magisters company, a member of the Expert Council for PPP at the State Duma.
Better good than early
The bill is still under discussion, however, the Expert Council for Legislation on Public-Private Partnership at the State Duma’s Committee for Economic Policy and Legislation has already formed a detailed opinion letter about it, which contains several principal remarks.
The authors of the document point at the fact that there are several large infrastructure projects in the RF nowadays and the contracts on them have already been concluded. Also, there are some projects which are to be carried out before the bill comes in force. Thus, there will be factitious limitations for these projects.
Also, the experience of the USA should be taken into consideration. There are two types of debt securities issued to attract finances into infrastructure objects in the country – secured by incomes and secured by the general obligations of the issuer. Thus, a SPO is free to choose the way to pay off its debts, including bank credits, for example. There may be a situation when a project is quite successful, but at some moment of time the revenue from it is too small to pay off the percents due to some objective reasons (e.g. an economic crisis). What shall the company do then? Is it worth to take money from the state budget if the company can borrow the necessary sum from a bank? Another suggestion is to put into the bill a direct instruction to the possible usage of IB as a refinancing document (i.e. to let the emitter issue new debt securities and pay off its debts for the old ones at their expense). In the opinion of experts, this will help to avoid risks at the initial stage of investing, when it is not clear whether the project will be a success, and to increase the interest of conservative investors such as the Pension Fund, for example.
Another important thing: there is no order of the project cost formation in the document, there is no explanation what the participants should do if it changes. This item is rather important for Russia, where the official inflation is usually exceeds 10%, and the inflation in industry is even more. By the way, the Western High Speed Diameter was initiated in early 2000s, and its cost has increased several-fold.
Finally, the opinion runs that ‘there is a risk to fail to define the moment when the new object is to be given to the state balance. Also, the order of the transfer is not clear if there appears the necessity to divide the property right between several levels of the authorities or municipal units.’ Mrs Torba adds that the correlation of the order of the tender on project conclusion envisaged by this bill and the current order of the tender envisaged by the federal law ‘On Concession Agreements’ is incomprehensible. ‘It is not clear how the project and concession agreements are correlated. It seems that there should be an instruction on the order to apply the norms of Chapter 3 of the bill for concession projects. Otherwise, it will be impossible to issue infrastructure bonds in the framework of concession projects, which is an absurd,’ says the expert.
In addition, the authors of the opinion suggest discussing the opportunity to receive guarantees from international financial organisations, whose long-term credit ranking level from the leading rating agencies is not lower than that of the long-term sovereign rating of the Russian Federation. Meanwhile, we should mention that the opinion on the bill was made before the events in Greece, which had the highest credit ranking from the leading agencies at the moment when it recognised its budget problems and asked for financial help.
Investors are not going to wait
Infrastructure bonds are already popular. Valery Izrailit, Chairman of the Board of Directors at Ust-Luga Company (a developer of a port in the Leningradskaya oblast), announced that they wanted to issue such debt securities. In his opinion, it is a proper form to finance a long-term and expensive project. The opinion of Mr Izrailit seems quite reasonable: there is a demand for the port capacities at the Baltic Sea, the income base from their exploitation is calculated, and if the market situation may impact the financial receipts negatively, it will happen only in a short-term. Risks are minimal for 15-20 year period. Moreover, several terminals will be constructed in the port of Ust-Luga, thus the possible problems with some objects may be compensated by the success of others. In the words of Russian Transport Minister Igor Levitin, North-Western Concession Company is also going to issue 20-year infrastructure bonds for the total sum of RUR 10 billion. The company constructs the section between the 15th km and the 58th km of the toll road Moscow – St Petersburg. In this case the calculations seem logical: our talks with players of the freight road transportation market show that companies are ready to pay for using the commercial motorway to save on the expenses on repair and accidents.
By Ivan Stupachenko
[~DETAIL_TEXT] => Looking for the ‘long’ rouble
The IBs used in many developed countries are practically similar to usual bonds: they are debt securities with a definite cost, for which a buyer (a bond holder) receives some definite reward (percents) in some definite period of time. Simultaneously, there are some differences. Thus, the money is spent on a definite project. The circulation period is similar to the term in which the project is supposed to be carried out or paid back. Obviously, it will hardly be less than 10 years for infrastructure objects. The loan and percents are returned at the expense of the revenue from the object’s exploitation.
As for usual debt securities, the issuer can issue them to reach any target for any time period and repay from any funds.
Last year, the Federal Service for Financial Markets developed and brought in the State Duma a bill “On Peculiarities of Investing in Infrastructure Using Infrastructure Bonds”. There is the definition of such debt securities (see our Reference), the list of sectors where they may be applied, the requirements to the issuer, and the procedures necessary to select the projects.
Nowadays, the bill is being adjusted in different committees of the Federation Council, the State Duma, and is discussed in the professional community. Also, its text is published in the Internet.
The document puts into operation such notion as ‘a specialised project organisation’ (SPO) – the company which is launched to fulfill a definite infrastructure target, to issue the debt securities, to get the revenue, i.e. which is ‘one window’ to interact with investors, authorities, and the society. The rights and the duties of the SPO is the key point for the IBs’ success in Russia – they set the frames for the company’s activities. When speaking about the prospects of the bond, investors appreciate the proper balance between the rights, which allow to reach the target, and the boundaries, which help to avoid resource abusing and other mistakes.
Practice shows that investors prefer to create special separate structure to carry out this or that project. In Russia, this way was chosen by the constructors of the motorway connecting Moscow and St Petersburg, the Marine Facade passenger port, Western High Speed Diameter in St Petersburg, and the participants of the consortium modernising the Pulkovo airport.
According to the bill, the issuer must:
1) be a Russian juridical person in the form of an open joint-stock company or a limited liability company where private capital prevails. The company must be launched to reach a definite target;
2) have a limited legal capacity, i.e. it cannot act outside the boundaries of the project;
3) conclude the project agreement.
Moreover, the project company must play the key role in financial flows distribution between the participants. Also, the guarantors’ and bond holders’ participation in the SPO managing process must be provided.
The funds earned from the bonds sale must be transferred to a separate account and used to pay for the construction materials, feasibility study, and construction services. This money cannot be collected in case there is a recovery for the SPO’s obligations.
The organisation has no right to alienate the property before the infrastructure object is put into operation, buy securities, act as a founder of companies, rent the property, mortgage it, or give to gratis use. Meanwhile, for some of the norms there is a proviso ‘except the cases envisaged in the federal laws’.
An SPO cannot be re-organised or liquidated voluntarily. Also, it cannot decide on the reduction of its authorised capital, including the purchase of a shareholding (a part in the company’s authorised capital) before the infrastructure object is put into operation.
The organisation is responsible for the real losses, and it is to compensate for them if it is proved juridically that ‘the losses emerged as a result of intentional or unwilled breaking the federal laws and other normative legal acts’.
The bonds of the SPO must be guaranteed by the state. This obligatory condition makes the project attractive to private investors, since their risks come to almost a zero. In fact, the state takes responsibility for the project, and receives private money and very efficient management, which can be provided by the business. Among the possible guarantee mechanisms there is property rights mortgage or mortgage of the shares of the SPO.
There are two procedures to provide the guarantees. According to the first one, the process moves upwards: an investor applies to a special state commission which examines his idea and decides whether to become a guarantor or not. The second procedure envisages that the process is initiated by the authorities: the state forms a project and announces a tender.
All important details of the process are regulated in the ‘project agreement’ (it can also be characterised as the passport of a contract).
The agreement envisages the period of construction and the time when it the object is to be put into operation, the obligations of the SPO, technical and economic figures, the cost of the project, the order of giving land plots to the SPO, tariffs on its services for customers, responsibilities of the state bodies etc. All in all, it is a sort of a manual defining the role of each participant.
‘The limitations for a SPO envisaged in the bill seem to be quite reasonable, targeted to distribute and reduce bond financing risks, to exclude the issuer’s credit reputation risks, the risks of third parties’ claims, the issuer’s discontinuation of activities before the infrastructure project is realised,’ considers Svetlana Torba, a partner of RightSol KSM legal firm, a member of the Expert Council for PPP at the State Duma.
‘As for the requirements to a project organisation, it would be reasonable to use the experience of Kazakhstan, where some PPP projects were financed using infrastructure bonds. Some concessionaires there passed through a default of their bond obligations, the reasons for which were insufficient financial and economic planning, and the lack of the issuer’s own capital,’ comments Ilya Skripnikov, Senior Associate at Magisters company, a member of the Expert Council for PPP at the State Duma.
Better good than early
The bill is still under discussion, however, the Expert Council for Legislation on Public-Private Partnership at the State Duma’s Committee for Economic Policy and Legislation has already formed a detailed opinion letter about it, which contains several principal remarks.
The authors of the document point at the fact that there are several large infrastructure projects in the RF nowadays and the contracts on them have already been concluded. Also, there are some projects which are to be carried out before the bill comes in force. Thus, there will be factitious limitations for these projects.
Also, the experience of the USA should be taken into consideration. There are two types of debt securities issued to attract finances into infrastructure objects in the country – secured by incomes and secured by the general obligations of the issuer. Thus, a SPO is free to choose the way to pay off its debts, including bank credits, for example. There may be a situation when a project is quite successful, but at some moment of time the revenue from it is too small to pay off the percents due to some objective reasons (e.g. an economic crisis). What shall the company do then? Is it worth to take money from the state budget if the company can borrow the necessary sum from a bank? Another suggestion is to put into the bill a direct instruction to the possible usage of IB as a refinancing document (i.e. to let the emitter issue new debt securities and pay off its debts for the old ones at their expense). In the opinion of experts, this will help to avoid risks at the initial stage of investing, when it is not clear whether the project will be a success, and to increase the interest of conservative investors such as the Pension Fund, for example.
Another important thing: there is no order of the project cost formation in the document, there is no explanation what the participants should do if it changes. This item is rather important for Russia, where the official inflation is usually exceeds 10%, and the inflation in industry is even more. By the way, the Western High Speed Diameter was initiated in early 2000s, and its cost has increased several-fold.
Finally, the opinion runs that ‘there is a risk to fail to define the moment when the new object is to be given to the state balance. Also, the order of the transfer is not clear if there appears the necessity to divide the property right between several levels of the authorities or municipal units.’ Mrs Torba adds that the correlation of the order of the tender on project conclusion envisaged by this bill and the current order of the tender envisaged by the federal law ‘On Concession Agreements’ is incomprehensible. ‘It is not clear how the project and concession agreements are correlated. It seems that there should be an instruction on the order to apply the norms of Chapter 3 of the bill for concession projects. Otherwise, it will be impossible to issue infrastructure bonds in the framework of concession projects, which is an absurd,’ says the expert.
In addition, the authors of the opinion suggest discussing the opportunity to receive guarantees from international financial organisations, whose long-term credit ranking level from the leading rating agencies is not lower than that of the long-term sovereign rating of the Russian Federation. Meanwhile, we should mention that the opinion on the bill was made before the events in Greece, which had the highest credit ranking from the leading agencies at the moment when it recognised its budget problems and asked for financial help.
Investors are not going to wait
Infrastructure bonds are already popular. Valery Izrailit, Chairman of the Board of Directors at Ust-Luga Company (a developer of a port in the Leningradskaya oblast), announced that they wanted to issue such debt securities. In his opinion, it is a proper form to finance a long-term and expensive project. The opinion of Mr Izrailit seems quite reasonable: there is a demand for the port capacities at the Baltic Sea, the income base from their exploitation is calculated, and if the market situation may impact the financial receipts negatively, it will happen only in a short-term. Risks are minimal for 15-20 year period. Moreover, several terminals will be constructed in the port of Ust-Luga, thus the possible problems with some objects may be compensated by the success of others. In the words of Russian Transport Minister Igor Levitin, North-Western Concession Company is also going to issue 20-year infrastructure bonds for the total sum of RUR 10 billion. The company constructs the section between the 15th km and the 58th km of the toll road Moscow – St Petersburg. In this case the calculations seem logical: our talks with players of the freight road transportation market show that companies are ready to pay for using the commercial motorway to save on the expenses on repair and accidents.
By Ivan Stupachenko
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but it will be rather difficult to put it into operation – the investors are too suspicious.
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but it will be rather difficult to put it into operation – the investors are too suspicious.
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[SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/inter/2010/4/23.jpg" border="1" alt=" " hspace="5" width="300" height="205" align="left" />Infrastructure bonds (IBs) is a financial instrument new for Russia. Its target is to avoid the lack of “long” money for infrastructure construction. The idea is quite simple: a joint stock company is launched to build an infrastructure object, it sells state guaranteed debt securities, after that it constructs the object using the collected money, and pays off from the obtained revenue. Experts say that the mechanism is efficient, <br />but it will be rather difficult to put it into operation – the investors are too suspicious.
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[DETAIL_TEXT] => Looking for the ‘long’ rouble
The IBs used in many developed countries are practically similar to usual bonds: they are debt securities with a definite cost, for which a buyer (a bond holder) receives some definite reward (percents) in some definite period of time. Simultaneously, there are some differences. Thus, the money is spent on a definite project. The circulation period is similar to the term in which the project is supposed to be carried out or paid back. Obviously, it will hardly be less than 10 years for infrastructure objects. The loan and percents are returned at the expense of the revenue from the object’s exploitation.
As for usual debt securities, the issuer can issue them to reach any target for any time period and repay from any funds.
Last year, the Federal Service for Financial Markets developed and brought in the State Duma a bill “On Peculiarities of Investing in Infrastructure Using Infrastructure Bonds”. There is the definition of such debt securities (see our Reference), the list of sectors where they may be applied, the requirements to the issuer, and the procedures necessary to select the projects.
Nowadays, the bill is being adjusted in different committees of the Federation Council, the State Duma, and is discussed in the professional community. Also, its text is published in the Internet.
The document puts into operation such notion as ‘a specialised project organisation’ (SPO) – the company which is launched to fulfill a definite infrastructure target, to issue the debt securities, to get the revenue, i.e. which is ‘one window’ to interact with investors, authorities, and the society. The rights and the duties of the SPO is the key point for the IBs’ success in Russia – they set the frames for the company’s activities. When speaking about the prospects of the bond, investors appreciate the proper balance between the rights, which allow to reach the target, and the boundaries, which help to avoid resource abusing and other mistakes.
Practice shows that investors prefer to create special separate structure to carry out this or that project. In Russia, this way was chosen by the constructors of the motorway connecting Moscow and St Petersburg, the Marine Facade passenger port, Western High Speed Diameter in St Petersburg, and the participants of the consortium modernising the Pulkovo airport.
According to the bill, the issuer must:
1) be a Russian juridical person in the form of an open joint-stock company or a limited liability company where private capital prevails. The company must be launched to reach a definite target;
2) have a limited legal capacity, i.e. it cannot act outside the boundaries of the project;
3) conclude the project agreement.
Moreover, the project company must play the key role in financial flows distribution between the participants. Also, the guarantors’ and bond holders’ participation in the SPO managing process must be provided.
The funds earned from the bonds sale must be transferred to a separate account and used to pay for the construction materials, feasibility study, and construction services. This money cannot be collected in case there is a recovery for the SPO’s obligations.
The organisation has no right to alienate the property before the infrastructure object is put into operation, buy securities, act as a founder of companies, rent the property, mortgage it, or give to gratis use. Meanwhile, for some of the norms there is a proviso ‘except the cases envisaged in the federal laws’.
An SPO cannot be re-organised or liquidated voluntarily. Also, it cannot decide on the reduction of its authorised capital, including the purchase of a shareholding (a part in the company’s authorised capital) before the infrastructure object is put into operation.
The organisation is responsible for the real losses, and it is to compensate for them if it is proved juridically that ‘the losses emerged as a result of intentional or unwilled breaking the federal laws and other normative legal acts’.
The bonds of the SPO must be guaranteed by the state. This obligatory condition makes the project attractive to private investors, since their risks come to almost a zero. In fact, the state takes responsibility for the project, and receives private money and very efficient management, which can be provided by the business. Among the possible guarantee mechanisms there is property rights mortgage or mortgage of the shares of the SPO.
There are two procedures to provide the guarantees. According to the first one, the process moves upwards: an investor applies to a special state commission which examines his idea and decides whether to become a guarantor or not. The second procedure envisages that the process is initiated by the authorities: the state forms a project and announces a tender.
All important details of the process are regulated in the ‘project agreement’ (it can also be characterised as the passport of a contract).
The agreement envisages the period of construction and the time when it the object is to be put into operation, the obligations of the SPO, technical and economic figures, the cost of the project, the order of giving land plots to the SPO, tariffs on its services for customers, responsibilities of the state bodies etc. All in all, it is a sort of a manual defining the role of each participant.
‘The limitations for a SPO envisaged in the bill seem to be quite reasonable, targeted to distribute and reduce bond financing risks, to exclude the issuer’s credit reputation risks, the risks of third parties’ claims, the issuer’s discontinuation of activities before the infrastructure project is realised,’ considers Svetlana Torba, a partner of RightSol KSM legal firm, a member of the Expert Council for PPP at the State Duma.
‘As for the requirements to a project organisation, it would be reasonable to use the experience of Kazakhstan, where some PPP projects were financed using infrastructure bonds. Some concessionaires there passed through a default of their bond obligations, the reasons for which were insufficient financial and economic planning, and the lack of the issuer’s own capital,’ comments Ilya Skripnikov, Senior Associate at Magisters company, a member of the Expert Council for PPP at the State Duma.
Better good than early
The bill is still under discussion, however, the Expert Council for Legislation on Public-Private Partnership at the State Duma’s Committee for Economic Policy and Legislation has already formed a detailed opinion letter about it, which contains several principal remarks.
The authors of the document point at the fact that there are several large infrastructure projects in the RF nowadays and the contracts on them have already been concluded. Also, there are some projects which are to be carried out before the bill comes in force. Thus, there will be factitious limitations for these projects.
Also, the experience of the USA should be taken into consideration. There are two types of debt securities issued to attract finances into infrastructure objects in the country – secured by incomes and secured by the general obligations of the issuer. Thus, a SPO is free to choose the way to pay off its debts, including bank credits, for example. There may be a situation when a project is quite successful, but at some moment of time the revenue from it is too small to pay off the percents due to some objective reasons (e.g. an economic crisis). What shall the company do then? Is it worth to take money from the state budget if the company can borrow the necessary sum from a bank? Another suggestion is to put into the bill a direct instruction to the possible usage of IB as a refinancing document (i.e. to let the emitter issue new debt securities and pay off its debts for the old ones at their expense). In the opinion of experts, this will help to avoid risks at the initial stage of investing, when it is not clear whether the project will be a success, and to increase the interest of conservative investors such as the Pension Fund, for example.
Another important thing: there is no order of the project cost formation in the document, there is no explanation what the participants should do if it changes. This item is rather important for Russia, where the official inflation is usually exceeds 10%, and the inflation in industry is even more. By the way, the Western High Speed Diameter was initiated in early 2000s, and its cost has increased several-fold.
Finally, the opinion runs that ‘there is a risk to fail to define the moment when the new object is to be given to the state balance. Also, the order of the transfer is not clear if there appears the necessity to divide the property right between several levels of the authorities or municipal units.’ Mrs Torba adds that the correlation of the order of the tender on project conclusion envisaged by this bill and the current order of the tender envisaged by the federal law ‘On Concession Agreements’ is incomprehensible. ‘It is not clear how the project and concession agreements are correlated. It seems that there should be an instruction on the order to apply the norms of Chapter 3 of the bill for concession projects. Otherwise, it will be impossible to issue infrastructure bonds in the framework of concession projects, which is an absurd,’ says the expert.
In addition, the authors of the opinion suggest discussing the opportunity to receive guarantees from international financial organisations, whose long-term credit ranking level from the leading rating agencies is not lower than that of the long-term sovereign rating of the Russian Federation. Meanwhile, we should mention that the opinion on the bill was made before the events in Greece, which had the highest credit ranking from the leading agencies at the moment when it recognised its budget problems and asked for financial help.
Investors are not going to wait
Infrastructure bonds are already popular. Valery Izrailit, Chairman of the Board of Directors at Ust-Luga Company (a developer of a port in the Leningradskaya oblast), announced that they wanted to issue such debt securities. In his opinion, it is a proper form to finance a long-term and expensive project. The opinion of Mr Izrailit seems quite reasonable: there is a demand for the port capacities at the Baltic Sea, the income base from their exploitation is calculated, and if the market situation may impact the financial receipts negatively, it will happen only in a short-term. Risks are minimal for 15-20 year period. Moreover, several terminals will be constructed in the port of Ust-Luga, thus the possible problems with some objects may be compensated by the success of others. In the words of Russian Transport Minister Igor Levitin, North-Western Concession Company is also going to issue 20-year infrastructure bonds for the total sum of RUR 10 billion. The company constructs the section between the 15th km and the 58th km of the toll road Moscow – St Petersburg. In this case the calculations seem logical: our talks with players of the freight road transportation market show that companies are ready to pay for using the commercial motorway to save on the expenses on repair and accidents.
By Ivan Stupachenko
[~DETAIL_TEXT] => Looking for the ‘long’ rouble
The IBs used in many developed countries are practically similar to usual bonds: they are debt securities with a definite cost, for which a buyer (a bond holder) receives some definite reward (percents) in some definite period of time. Simultaneously, there are some differences. Thus, the money is spent on a definite project. The circulation period is similar to the term in which the project is supposed to be carried out or paid back. Obviously, it will hardly be less than 10 years for infrastructure objects. The loan and percents are returned at the expense of the revenue from the object’s exploitation.
As for usual debt securities, the issuer can issue them to reach any target for any time period and repay from any funds.
Last year, the Federal Service for Financial Markets developed and brought in the State Duma a bill “On Peculiarities of Investing in Infrastructure Using Infrastructure Bonds”. There is the definition of such debt securities (see our Reference), the list of sectors where they may be applied, the requirements to the issuer, and the procedures necessary to select the projects.
Nowadays, the bill is being adjusted in different committees of the Federation Council, the State Duma, and is discussed in the professional community. Also, its text is published in the Internet.
The document puts into operation such notion as ‘a specialised project organisation’ (SPO) – the company which is launched to fulfill a definite infrastructure target, to issue the debt securities, to get the revenue, i.e. which is ‘one window’ to interact with investors, authorities, and the society. The rights and the duties of the SPO is the key point for the IBs’ success in Russia – they set the frames for the company’s activities. When speaking about the prospects of the bond, investors appreciate the proper balance between the rights, which allow to reach the target, and the boundaries, which help to avoid resource abusing and other mistakes.
Practice shows that investors prefer to create special separate structure to carry out this or that project. In Russia, this way was chosen by the constructors of the motorway connecting Moscow and St Petersburg, the Marine Facade passenger port, Western High Speed Diameter in St Petersburg, and the participants of the consortium modernising the Pulkovo airport.
According to the bill, the issuer must:
1) be a Russian juridical person in the form of an open joint-stock company or a limited liability company where private capital prevails. The company must be launched to reach a definite target;
2) have a limited legal capacity, i.e. it cannot act outside the boundaries of the project;
3) conclude the project agreement.
Moreover, the project company must play the key role in financial flows distribution between the participants. Also, the guarantors’ and bond holders’ participation in the SPO managing process must be provided.
The funds earned from the bonds sale must be transferred to a separate account and used to pay for the construction materials, feasibility study, and construction services. This money cannot be collected in case there is a recovery for the SPO’s obligations.
The organisation has no right to alienate the property before the infrastructure object is put into operation, buy securities, act as a founder of companies, rent the property, mortgage it, or give to gratis use. Meanwhile, for some of the norms there is a proviso ‘except the cases envisaged in the federal laws’.
An SPO cannot be re-organised or liquidated voluntarily. Also, it cannot decide on the reduction of its authorised capital, including the purchase of a shareholding (a part in the company’s authorised capital) before the infrastructure object is put into operation.
The organisation is responsible for the real losses, and it is to compensate for them if it is proved juridically that ‘the losses emerged as a result of intentional or unwilled breaking the federal laws and other normative legal acts’.
The bonds of the SPO must be guaranteed by the state. This obligatory condition makes the project attractive to private investors, since their risks come to almost a zero. In fact, the state takes responsibility for the project, and receives private money and very efficient management, which can be provided by the business. Among the possible guarantee mechanisms there is property rights mortgage or mortgage of the shares of the SPO.
There are two procedures to provide the guarantees. According to the first one, the process moves upwards: an investor applies to a special state commission which examines his idea and decides whether to become a guarantor or not. The second procedure envisages that the process is initiated by the authorities: the state forms a project and announces a tender.
All important details of the process are regulated in the ‘project agreement’ (it can also be characterised as the passport of a contract).
The agreement envisages the period of construction and the time when it the object is to be put into operation, the obligations of the SPO, technical and economic figures, the cost of the project, the order of giving land plots to the SPO, tariffs on its services for customers, responsibilities of the state bodies etc. All in all, it is a sort of a manual defining the role of each participant.
‘The limitations for a SPO envisaged in the bill seem to be quite reasonable, targeted to distribute and reduce bond financing risks, to exclude the issuer’s credit reputation risks, the risks of third parties’ claims, the issuer’s discontinuation of activities before the infrastructure project is realised,’ considers Svetlana Torba, a partner of RightSol KSM legal firm, a member of the Expert Council for PPP at the State Duma.
‘As for the requirements to a project organisation, it would be reasonable to use the experience of Kazakhstan, where some PPP projects were financed using infrastructure bonds. Some concessionaires there passed through a default of their bond obligations, the reasons for which were insufficient financial and economic planning, and the lack of the issuer’s own capital,’ comments Ilya Skripnikov, Senior Associate at Magisters company, a member of the Expert Council for PPP at the State Duma.
Better good than early
The bill is still under discussion, however, the Expert Council for Legislation on Public-Private Partnership at the State Duma’s Committee for Economic Policy and Legislation has already formed a detailed opinion letter about it, which contains several principal remarks.
The authors of the document point at the fact that there are several large infrastructure projects in the RF nowadays and the contracts on them have already been concluded. Also, there are some projects which are to be carried out before the bill comes in force. Thus, there will be factitious limitations for these projects.
Also, the experience of the USA should be taken into consideration. There are two types of debt securities issued to attract finances into infrastructure objects in the country – secured by incomes and secured by the general obligations of the issuer. Thus, a SPO is free to choose the way to pay off its debts, including bank credits, for example. There may be a situation when a project is quite successful, but at some moment of time the revenue from it is too small to pay off the percents due to some objective reasons (e.g. an economic crisis). What shall the company do then? Is it worth to take money from the state budget if the company can borrow the necessary sum from a bank? Another suggestion is to put into the bill a direct instruction to the possible usage of IB as a refinancing document (i.e. to let the emitter issue new debt securities and pay off its debts for the old ones at their expense). In the opinion of experts, this will help to avoid risks at the initial stage of investing, when it is not clear whether the project will be a success, and to increase the interest of conservative investors such as the Pension Fund, for example.
Another important thing: there is no order of the project cost formation in the document, there is no explanation what the participants should do if it changes. This item is rather important for Russia, where the official inflation is usually exceeds 10%, and the inflation in industry is even more. By the way, the Western High Speed Diameter was initiated in early 2000s, and its cost has increased several-fold.
Finally, the opinion runs that ‘there is a risk to fail to define the moment when the new object is to be given to the state balance. Also, the order of the transfer is not clear if there appears the necessity to divide the property right between several levels of the authorities or municipal units.’ Mrs Torba adds that the correlation of the order of the tender on project conclusion envisaged by this bill and the current order of the tender envisaged by the federal law ‘On Concession Agreements’ is incomprehensible. ‘It is not clear how the project and concession agreements are correlated. It seems that there should be an instruction on the order to apply the norms of Chapter 3 of the bill for concession projects. Otherwise, it will be impossible to issue infrastructure bonds in the framework of concession projects, which is an absurd,’ says the expert.
In addition, the authors of the opinion suggest discussing the opportunity to receive guarantees from international financial organisations, whose long-term credit ranking level from the leading rating agencies is not lower than that of the long-term sovereign rating of the Russian Federation. Meanwhile, we should mention that the opinion on the bill was made before the events in Greece, which had the highest credit ranking from the leading agencies at the moment when it recognised its budget problems and asked for financial help.
Investors are not going to wait
Infrastructure bonds are already popular. Valery Izrailit, Chairman of the Board of Directors at Ust-Luga Company (a developer of a port in the Leningradskaya oblast), announced that they wanted to issue such debt securities. In his opinion, it is a proper form to finance a long-term and expensive project. The opinion of Mr Izrailit seems quite reasonable: there is a demand for the port capacities at the Baltic Sea, the income base from their exploitation is calculated, and if the market situation may impact the financial receipts negatively, it will happen only in a short-term. Risks are minimal for 15-20 year period. Moreover, several terminals will be constructed in the port of Ust-Luga, thus the possible problems with some objects may be compensated by the success of others. In the words of Russian Transport Minister Igor Levitin, North-Western Concession Company is also going to issue 20-year infrastructure bonds for the total sum of RUR 10 billion. The company constructs the section between the 15th km and the 58th km of the toll road Moscow – St Petersburg. In this case the calculations seem logical: our talks with players of the freight road transportation market show that companies are ready to pay for using the commercial motorway to save on the expenses on repair and accidents.
By Ivan Stupachenko
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According to the results of the first six months of 2010, freight railcar manufacturing increased 2.5-fold Array
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In the first half of the year, there was a rise in wagon building activity. It is possible to say, that the gondola cars manufacture level is getting closer to that of the summer of pre-crisis 2008. In the first six months of 2010, the sector enterprises produced over 22,000 freight railcars of all types, a 2.5-fold increase in comparison with the same period the previous year. “The production volume was growing during the first six months of the current year. 2,700 railcars were manufactured in January, and in June the figure amounted to 4,300 units. It is important to mention that the production volume in June overcame not only the figures of the crisis-hit 2009 but Russian wagon building sector’s best results of the pre-crisis period (July-August 2008), when 4,100-4,200 railcars were made a month,” says Andrey Shlensky, Commercial Director of Uralvagonzavod. In particular, Uralvagonzavod increased wagon manufacture more than twofold in comparison with the same period of 2009, and Altaivagon – sixfold (to 3,400 units).
The rolling stock production volume increase may be observed at the enterprises of Ukraine and other CIS countries, where wagon manufacture grew almost four-fold. In particular, Kryukov Wagon Building Plant produced 4,329 freight railcars in January-June 2010, a 4.9-fold increase in comparison with the same period the previous year. In the first seven months of 2010, Azovmash group of companies manufactured 6,370 cargo wagons, a 2.3-fold growth year-on-year. In January-May, Dneprvagonmash produced 1,660 cargo railcars, a 38.6-fold rise in comparison with the similar period of 2009, when only 43 wagons were made. Moreover, according to the company’s data, gondola cars, ordered by Russian operators, made the larger share of its production. In 2010, the company plans to produce 3,220 cargo wagons, 5.3-fold more than in the previous year (613 units). “The total volume of cargo wagons production on the 1520 area amounted to almost 40,000 in the first half of 2010. Of that, 7,800 units were manufactured in June,” emphasises Mr Shlensky. Market experts point to the fact that wagon building production volume is expected to grow more than two-fold this year, and the total number of new cargo wagons may amount to 80,000-100,000. “A rapid growth of cargo railcars production in the first half of 2010 took place after not only the figures of the previous year, when production reduced by more than 40%, but also the results of 2008 as well. In the first six months of 2008 (before the crisis) approximately 38,000 wagons were produced. In the same period of 2009, the CIS railcar manufacturers made not more than 6,000 units. Meanwhile, in the first half of this year, the sector produced 40,000 wagons. However, the market needs much more railcars, especially if we take into account how deteriorated the park has become and the further transportation increase forecasted by RZD,” concludes Maxim Kuzemchenko, Director of Tikhvin Wagon Building Plant Trading House.
A leap in prices
It is worth mentioning that prices for rolling stock changed significantly in this period as well. In July-August 2008, a gondola car cost approximately RUR 2.5 million, but in October the price fell to RUR 2 million, and according to the results of the first half of 2009, its average cost was RUR 1.1-1.2 million. To some degree, it was the reason for a number of contracts on rolling stock supply concluded by operators, which in turn helped the sector overcome the recession. In particular, production volumes of such enterprises as Uralvagonzavod and Altaivagon increased several times over from October 2009. A similar situation took place in Ukrainian plants. However, starting from 2010, prices began to grow again, and those for some types of rolling stock reached their pre-crisis level in June. For example, the cost of a universal boxcar increased by 22.6% to RUR 1.63 million in January-June 2010; that of a gondola car with unloading gates grew by 27.3% to RUR 1.6 million. “An acute shortage, especially that of new rolling stock, made prices grow. In early 2010, a gondola car with unloading gates cost approximately RUR 1.3 million, and now the average price has leapt to RUR 1.7 million (not taking VAT into consideration). Ukrainian manufacturers sell wagons at $61,000-62,000, which is even more expensive if we convert this sum into roubles. In August-September 2009, when the market reached the rock, it was possible to buy a gondola car for $34,000-35,000 on average,” states Mr Kuzemchenko.
The reason for the step growth is the metallurgical companies’ influence on the wagon building sector. A lot of them managed to receive preferential loans from the state during the crisis. Unlike machine building enterprises, they kept their capacities loaded only to 75-80% . Thus, the significant shortage for large railcar casting became even worse than before the crisis. Simultaneously, from the beginning of 2010, metallurgical companies began to increase the prices for transport roll metal products – they grew by 20-30% by May. It caused an increase in the components’ cost. And their price accounts for the lion’s share in the final cost of a wagon – at least 84-86%. It is no wonder that the cost of finished rolling stock started to grow again.
Financial analysts point to the fact that the metallurgical sector made no attempt to use the situational growth. Specialists of Uralsib say that the prices for the basic raw materials of the metallurgical sector have doubled since October 2009, and scrap metal became 50% more expensive. In April-May, the price for the basic types of raw materials of the metallurgical sector grew by another 17-20%. All these factors were the reason for the increase in prices for metallurgical companies’ production. However, the companies manufacturing rolling stock do not think that the cost of their production has grown significantly. “One of the key factors making for the increase in demand for rolling stock is its price. Despite the railcar production volume’s recovery to the pre-crisis level, its cost fells behind the highest figures of 2008. Last July, the average market price for a gondola with gates was RUR 1.6-1.7 million (excluding the VAT), but in July 2008 it amounted to RUR 2.3 million,” emphasises Mr Shlensky. In the words of the company’s top-managers, it is partly connected with Uralvagonzavod’s policy targeted at maintaining market potential and avoiding a speculative growth in prices for wagons. Meanwhile, specialists of the enterprise confess that the cost of metal, railcar casting, and other components are the major constituent in the prices for gondola cars as well as other types of rolling stock.
Band-Aid solutions for rolling stock park
To compensate for the increasing shortage of rolling stock, RZD decided to sell a part of the inventory park, which would not be given to Freight Two. 50,000 life-expired gondola cars will be sold. The company will offer for sale 10,000 railcars at a time. Either auction or competitive bidding will be used. An important condition of such bidding is that the buyer is to prolong the life-time period of the rolling stock by 5 years, which will require significant expenditure. This condition made the wagons unattractive for leasing companies. “Our strategy envisages the purchase of new wagons to use them for many years. And here they offer to prolong the life-time by 5 years only – and that’s all. Even a low price does not compensate for such a drawback,” say specialists at Brunswick Rail Leasing. An interesting fact: 10,000 of the 50,000 units have been already sold to Freight One without any auction. “In June, we purchased 10,000 life-expired gondola cars from RZD. Of that, approximately 7,000 units have already been repaired and put into operation. In September, the rest of the wagons will be repaired,” a source at Freight One says.
The first auction was held on July 5. There RZD sold 10,000 gondolas produced in 1983-1987. The company earned RUR 3.1 billion, however, the starting price was RUR 1.1 billion. The winner was Nezavisimaya Transportnaya Kompaniya (Independent Transport Company). The starting price increased 2.6-fold during the auction. In fact, Nezavisimaya Transportnaya Kompaniya purchased the wagons at the assessed value (RUR 300,000-600,000 for a gondola railcar produced in the 1980s). However, nobody knows how much money is to be spent to prolong their service life by 5 years.
The attitude of wagon building companies to the sale of such deteriorated rolling stock is negative. “One should understand that all of the 50,000 wagons are extremely deteriorated. That is why the starting price set by RZD can be compared with that for scrap metal,” says Mr Shlensky.
According to his forecast, such auctions will make for a worse shortage of large wagon casting in the market. “If these wagons are not utilised after they are bought by private operators, they will need a capital repair, envisaging replacement of cast parts of the running gears. As a result, their deficit on the market will become more acute,” emphasises the expert. Nikolay Bochkarev, Head of RZD Central Directorate for Freight Railcar Repair, has made an announcement on this already. He mentioned that the major problem that may arise in the rolling stock repair process is the lack of cast parts for the wagon bogies. “We feel it even considering the fact that we prolong their life time to 35 years. Until the end of the year, the deficit for cargo railcar repair may be 15,000 bolster springs and 25,000 solebars,” he says.
By Maria Shevchenko
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In the first half of the year, there was a rise in wagon building activity. It is possible to say, that the gondola cars manufacture level is getting closer to that of the summer of pre-crisis 2008. In the first six months of 2010, the sector enterprises produced over 22,000 freight railcars of all types, a 2.5-fold increase in comparison with the same period the previous year. “The production volume was growing during the first six months of the current year. 2,700 railcars were manufactured in January, and in June the figure amounted to 4,300 units. It is important to mention that the production volume in June overcame not only the figures of the crisis-hit 2009 but Russian wagon building sector’s best results of the pre-crisis period (July-August 2008), when 4,100-4,200 railcars were made a month,” says Andrey Shlensky, Commercial Director of Uralvagonzavod. In particular, Uralvagonzavod increased wagon manufacture more than twofold in comparison with the same period of 2009, and Altaivagon – sixfold (to 3,400 units).
The rolling stock production volume increase may be observed at the enterprises of Ukraine and other CIS countries, where wagon manufacture grew almost four-fold. In particular, Kryukov Wagon Building Plant produced 4,329 freight railcars in January-June 2010, a 4.9-fold increase in comparison with the same period the previous year. In the first seven months of 2010, Azovmash group of companies manufactured 6,370 cargo wagons, a 2.3-fold growth year-on-year. In January-May, Dneprvagonmash produced 1,660 cargo railcars, a 38.6-fold rise in comparison with the similar period of 2009, when only 43 wagons were made. Moreover, according to the company’s data, gondola cars, ordered by Russian operators, made the larger share of its production. In 2010, the company plans to produce 3,220 cargo wagons, 5.3-fold more than in the previous year (613 units). “The total volume of cargo wagons production on the 1520 area amounted to almost 40,000 in the first half of 2010. Of that, 7,800 units were manufactured in June,” emphasises Mr Shlensky. Market experts point to the fact that wagon building production volume is expected to grow more than two-fold this year, and the total number of new cargo wagons may amount to 80,000-100,000. “A rapid growth of cargo railcars production in the first half of 2010 took place after not only the figures of the previous year, when production reduced by more than 40%, but also the results of 2008 as well. In the first six months of 2008 (before the crisis) approximately 38,000 wagons were produced. In the same period of 2009, the CIS railcar manufacturers made not more than 6,000 units. Meanwhile, in the first half of this year, the sector produced 40,000 wagons. However, the market needs much more railcars, especially if we take into account how deteriorated the park has become and the further transportation increase forecasted by RZD,” concludes Maxim Kuzemchenko, Director of Tikhvin Wagon Building Plant Trading House.
A leap in prices
It is worth mentioning that prices for rolling stock changed significantly in this period as well. In July-August 2008, a gondola car cost approximately RUR 2.5 million, but in October the price fell to RUR 2 million, and according to the results of the first half of 2009, its average cost was RUR 1.1-1.2 million. To some degree, it was the reason for a number of contracts on rolling stock supply concluded by operators, which in turn helped the sector overcome the recession. In particular, production volumes of such enterprises as Uralvagonzavod and Altaivagon increased several times over from October 2009. A similar situation took place in Ukrainian plants. However, starting from 2010, prices began to grow again, and those for some types of rolling stock reached their pre-crisis level in June. For example, the cost of a universal boxcar increased by 22.6% to RUR 1.63 million in January-June 2010; that of a gondola car with unloading gates grew by 27.3% to RUR 1.6 million. “An acute shortage, especially that of new rolling stock, made prices grow. In early 2010, a gondola car with unloading gates cost approximately RUR 1.3 million, and now the average price has leapt to RUR 1.7 million (not taking VAT into consideration). Ukrainian manufacturers sell wagons at $61,000-62,000, which is even more expensive if we convert this sum into roubles. In August-September 2009, when the market reached the rock, it was possible to buy a gondola car for $34,000-35,000 on average,” states Mr Kuzemchenko.
The reason for the step growth is the metallurgical companies’ influence on the wagon building sector. A lot of them managed to receive preferential loans from the state during the crisis. Unlike machine building enterprises, they kept their capacities loaded only to 75-80% . Thus, the significant shortage for large railcar casting became even worse than before the crisis. Simultaneously, from the beginning of 2010, metallurgical companies began to increase the prices for transport roll metal products – they grew by 20-30% by May. It caused an increase in the components’ cost. And their price accounts for the lion’s share in the final cost of a wagon – at least 84-86%. It is no wonder that the cost of finished rolling stock started to grow again.
Financial analysts point to the fact that the metallurgical sector made no attempt to use the situational growth. Specialists of Uralsib say that the prices for the basic raw materials of the metallurgical sector have doubled since October 2009, and scrap metal became 50% more expensive. In April-May, the price for the basic types of raw materials of the metallurgical sector grew by another 17-20%. All these factors were the reason for the increase in prices for metallurgical companies’ production. However, the companies manufacturing rolling stock do not think that the cost of their production has grown significantly. “One of the key factors making for the increase in demand for rolling stock is its price. Despite the railcar production volume’s recovery to the pre-crisis level, its cost fells behind the highest figures of 2008. Last July, the average market price for a gondola with gates was RUR 1.6-1.7 million (excluding the VAT), but in July 2008 it amounted to RUR 2.3 million,” emphasises Mr Shlensky. In the words of the company’s top-managers, it is partly connected with Uralvagonzavod’s policy targeted at maintaining market potential and avoiding a speculative growth in prices for wagons. Meanwhile, specialists of the enterprise confess that the cost of metal, railcar casting, and other components are the major constituent in the prices for gondola cars as well as other types of rolling stock.
Band-Aid solutions for rolling stock park
To compensate for the increasing shortage of rolling stock, RZD decided to sell a part of the inventory park, which would not be given to Freight Two. 50,000 life-expired gondola cars will be sold. The company will offer for sale 10,000 railcars at a time. Either auction or competitive bidding will be used. An important condition of such bidding is that the buyer is to prolong the life-time period of the rolling stock by 5 years, which will require significant expenditure. This condition made the wagons unattractive for leasing companies. “Our strategy envisages the purchase of new wagons to use them for many years. And here they offer to prolong the life-time by 5 years only – and that’s all. Even a low price does not compensate for such a drawback,” say specialists at Brunswick Rail Leasing. An interesting fact: 10,000 of the 50,000 units have been already sold to Freight One without any auction. “In June, we purchased 10,000 life-expired gondola cars from RZD. Of that, approximately 7,000 units have already been repaired and put into operation. In September, the rest of the wagons will be repaired,” a source at Freight One says.
The first auction was held on July 5. There RZD sold 10,000 gondolas produced in 1983-1987. The company earned RUR 3.1 billion, however, the starting price was RUR 1.1 billion. The winner was Nezavisimaya Transportnaya Kompaniya (Independent Transport Company). The starting price increased 2.6-fold during the auction. In fact, Nezavisimaya Transportnaya Kompaniya purchased the wagons at the assessed value (RUR 300,000-600,000 for a gondola railcar produced in the 1980s). However, nobody knows how much money is to be spent to prolong their service life by 5 years.
The attitude of wagon building companies to the sale of such deteriorated rolling stock is negative. “One should understand that all of the 50,000 wagons are extremely deteriorated. That is why the starting price set by RZD can be compared with that for scrap metal,” says Mr Shlensky.
According to his forecast, such auctions will make for a worse shortage of large wagon casting in the market. “If these wagons are not utilised after they are bought by private operators, they will need a capital repair, envisaging replacement of cast parts of the running gears. As a result, their deficit on the market will become more acute,” emphasises the expert. Nikolay Bochkarev, Head of RZD Central Directorate for Freight Railcar Repair, has made an announcement on this already. He mentioned that the major problem that may arise in the rolling stock repair process is the lack of cast parts for the wagon bogies. “We feel it even considering the fact that we prolong their life time to 35 years. Until the end of the year, the deficit for cargo railcar repair may be 15,000 bolster springs and 25,000 solebars,” he says.
By Maria Shevchenko
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[DETAIL_TEXT] => Fast Growth
In the first half of the year, there was a rise in wagon building activity. It is possible to say, that the gondola cars manufacture level is getting closer to that of the summer of pre-crisis 2008. In the first six months of 2010, the sector enterprises produced over 22,000 freight railcars of all types, a 2.5-fold increase in comparison with the same period the previous year. “The production volume was growing during the first six months of the current year. 2,700 railcars were manufactured in January, and in June the figure amounted to 4,300 units. It is important to mention that the production volume in June overcame not only the figures of the crisis-hit 2009 but Russian wagon building sector’s best results of the pre-crisis period (July-August 2008), when 4,100-4,200 railcars were made a month,” says Andrey Shlensky, Commercial Director of Uralvagonzavod. In particular, Uralvagonzavod increased wagon manufacture more than twofold in comparison with the same period of 2009, and Altaivagon – sixfold (to 3,400 units).
The rolling stock production volume increase may be observed at the enterprises of Ukraine and other CIS countries, where wagon manufacture grew almost four-fold. In particular, Kryukov Wagon Building Plant produced 4,329 freight railcars in January-June 2010, a 4.9-fold increase in comparison with the same period the previous year. In the first seven months of 2010, Azovmash group of companies manufactured 6,370 cargo wagons, a 2.3-fold growth year-on-year. In January-May, Dneprvagonmash produced 1,660 cargo railcars, a 38.6-fold rise in comparison with the similar period of 2009, when only 43 wagons were made. Moreover, according to the company’s data, gondola cars, ordered by Russian operators, made the larger share of its production. In 2010, the company plans to produce 3,220 cargo wagons, 5.3-fold more than in the previous year (613 units). “The total volume of cargo wagons production on the 1520 area amounted to almost 40,000 in the first half of 2010. Of that, 7,800 units were manufactured in June,” emphasises Mr Shlensky. Market experts point to the fact that wagon building production volume is expected to grow more than two-fold this year, and the total number of new cargo wagons may amount to 80,000-100,000. “A rapid growth of cargo railcars production in the first half of 2010 took place after not only the figures of the previous year, when production reduced by more than 40%, but also the results of 2008 as well. In the first six months of 2008 (before the crisis) approximately 38,000 wagons were produced. In the same period of 2009, the CIS railcar manufacturers made not more than 6,000 units. Meanwhile, in the first half of this year, the sector produced 40,000 wagons. However, the market needs much more railcars, especially if we take into account how deteriorated the park has become and the further transportation increase forecasted by RZD,” concludes Maxim Kuzemchenko, Director of Tikhvin Wagon Building Plant Trading House.
A leap in prices
It is worth mentioning that prices for rolling stock changed significantly in this period as well. In July-August 2008, a gondola car cost approximately RUR 2.5 million, but in October the price fell to RUR 2 million, and according to the results of the first half of 2009, its average cost was RUR 1.1-1.2 million. To some degree, it was the reason for a number of contracts on rolling stock supply concluded by operators, which in turn helped the sector overcome the recession. In particular, production volumes of such enterprises as Uralvagonzavod and Altaivagon increased several times over from October 2009. A similar situation took place in Ukrainian plants. However, starting from 2010, prices began to grow again, and those for some types of rolling stock reached their pre-crisis level in June. For example, the cost of a universal boxcar increased by 22.6% to RUR 1.63 million in January-June 2010; that of a gondola car with unloading gates grew by 27.3% to RUR 1.6 million. “An acute shortage, especially that of new rolling stock, made prices grow. In early 2010, a gondola car with unloading gates cost approximately RUR 1.3 million, and now the average price has leapt to RUR 1.7 million (not taking VAT into consideration). Ukrainian manufacturers sell wagons at $61,000-62,000, which is even more expensive if we convert this sum into roubles. In August-September 2009, when the market reached the rock, it was possible to buy a gondola car for $34,000-35,000 on average,” states Mr Kuzemchenko.
The reason for the step growth is the metallurgical companies’ influence on the wagon building sector. A lot of them managed to receive preferential loans from the state during the crisis. Unlike machine building enterprises, they kept their capacities loaded only to 75-80% . Thus, the significant shortage for large railcar casting became even worse than before the crisis. Simultaneously, from the beginning of 2010, metallurgical companies began to increase the prices for transport roll metal products – they grew by 20-30% by May. It caused an increase in the components’ cost. And their price accounts for the lion’s share in the final cost of a wagon – at least 84-86%. It is no wonder that the cost of finished rolling stock started to grow again.
Financial analysts point to the fact that the metallurgical sector made no attempt to use the situational growth. Specialists of Uralsib say that the prices for the basic raw materials of the metallurgical sector have doubled since October 2009, and scrap metal became 50% more expensive. In April-May, the price for the basic types of raw materials of the metallurgical sector grew by another 17-20%. All these factors were the reason for the increase in prices for metallurgical companies’ production. However, the companies manufacturing rolling stock do not think that the cost of their production has grown significantly. “One of the key factors making for the increase in demand for rolling stock is its price. Despite the railcar production volume’s recovery to the pre-crisis level, its cost fells behind the highest figures of 2008. Last July, the average market price for a gondola with gates was RUR 1.6-1.7 million (excluding the VAT), but in July 2008 it amounted to RUR 2.3 million,” emphasises Mr Shlensky. In the words of the company’s top-managers, it is partly connected with Uralvagonzavod’s policy targeted at maintaining market potential and avoiding a speculative growth in prices for wagons. Meanwhile, specialists of the enterprise confess that the cost of metal, railcar casting, and other components are the major constituent in the prices for gondola cars as well as other types of rolling stock.
Band-Aid solutions for rolling stock park
To compensate for the increasing shortage of rolling stock, RZD decided to sell a part of the inventory park, which would not be given to Freight Two. 50,000 life-expired gondola cars will be sold. The company will offer for sale 10,000 railcars at a time. Either auction or competitive bidding will be used. An important condition of such bidding is that the buyer is to prolong the life-time period of the rolling stock by 5 years, which will require significant expenditure. This condition made the wagons unattractive for leasing companies. “Our strategy envisages the purchase of new wagons to use them for many years. And here they offer to prolong the life-time by 5 years only – and that’s all. Even a low price does not compensate for such a drawback,” say specialists at Brunswick Rail Leasing. An interesting fact: 10,000 of the 50,000 units have been already sold to Freight One without any auction. “In June, we purchased 10,000 life-expired gondola cars from RZD. Of that, approximately 7,000 units have already been repaired and put into operation. In September, the rest of the wagons will be repaired,” a source at Freight One says.
The first auction was held on July 5. There RZD sold 10,000 gondolas produced in 1983-1987. The company earned RUR 3.1 billion, however, the starting price was RUR 1.1 billion. The winner was Nezavisimaya Transportnaya Kompaniya (Independent Transport Company). The starting price increased 2.6-fold during the auction. In fact, Nezavisimaya Transportnaya Kompaniya purchased the wagons at the assessed value (RUR 300,000-600,000 for a gondola railcar produced in the 1980s). However, nobody knows how much money is to be spent to prolong their service life by 5 years.
The attitude of wagon building companies to the sale of such deteriorated rolling stock is negative. “One should understand that all of the 50,000 wagons are extremely deteriorated. That is why the starting price set by RZD can be compared with that for scrap metal,” says Mr Shlensky.
According to his forecast, such auctions will make for a worse shortage of large wagon casting in the market. “If these wagons are not utilised after they are bought by private operators, they will need a capital repair, envisaging replacement of cast parts of the running gears. As a result, their deficit on the market will become more acute,” emphasises the expert. Nikolay Bochkarev, Head of RZD Central Directorate for Freight Railcar Repair, has made an announcement on this already. He mentioned that the major problem that may arise in the rolling stock repair process is the lack of cast parts for the wagon bogies. “We feel it even considering the fact that we prolong their life time to 35 years. Until the end of the year, the deficit for cargo railcar repair may be 15,000 bolster springs and 25,000 solebars,” he says.
By Maria Shevchenko
[~DETAIL_TEXT] => Fast Growth
In the first half of the year, there was a rise in wagon building activity. It is possible to say, that the gondola cars manufacture level is getting closer to that of the summer of pre-crisis 2008. In the first six months of 2010, the sector enterprises produced over 22,000 freight railcars of all types, a 2.5-fold increase in comparison with the same period the previous year. “The production volume was growing during the first six months of the current year. 2,700 railcars were manufactured in January, and in June the figure amounted to 4,300 units. It is important to mention that the production volume in June overcame not only the figures of the crisis-hit 2009 but Russian wagon building sector’s best results of the pre-crisis period (July-August 2008), when 4,100-4,200 railcars were made a month,” says Andrey Shlensky, Commercial Director of Uralvagonzavod. In particular, Uralvagonzavod increased wagon manufacture more than twofold in comparison with the same period of 2009, and Altaivagon – sixfold (to 3,400 units).
The rolling stock production volume increase may be observed at the enterprises of Ukraine and other CIS countries, where wagon manufacture grew almost four-fold. In particular, Kryukov Wagon Building Plant produced 4,329 freight railcars in January-June 2010, a 4.9-fold increase in comparison with the same period the previous year. In the first seven months of 2010, Azovmash group of companies manufactured 6,370 cargo wagons, a 2.3-fold growth year-on-year. In January-May, Dneprvagonmash produced 1,660 cargo railcars, a 38.6-fold rise in comparison with the similar period of 2009, when only 43 wagons were made. Moreover, according to the company’s data, gondola cars, ordered by Russian operators, made the larger share of its production. In 2010, the company plans to produce 3,220 cargo wagons, 5.3-fold more than in the previous year (613 units). “The total volume of cargo wagons production on the 1520 area amounted to almost 40,000 in the first half of 2010. Of that, 7,800 units were manufactured in June,” emphasises Mr Shlensky. Market experts point to the fact that wagon building production volume is expected to grow more than two-fold this year, and the total number of new cargo wagons may amount to 80,000-100,000. “A rapid growth of cargo railcars production in the first half of 2010 took place after not only the figures of the previous year, when production reduced by more than 40%, but also the results of 2008 as well. In the first six months of 2008 (before the crisis) approximately 38,000 wagons were produced. In the same period of 2009, the CIS railcar manufacturers made not more than 6,000 units. Meanwhile, in the first half of this year, the sector produced 40,000 wagons. However, the market needs much more railcars, especially if we take into account how deteriorated the park has become and the further transportation increase forecasted by RZD,” concludes Maxim Kuzemchenko, Director of Tikhvin Wagon Building Plant Trading House.
A leap in prices
It is worth mentioning that prices for rolling stock changed significantly in this period as well. In July-August 2008, a gondola car cost approximately RUR 2.5 million, but in October the price fell to RUR 2 million, and according to the results of the first half of 2009, its average cost was RUR 1.1-1.2 million. To some degree, it was the reason for a number of contracts on rolling stock supply concluded by operators, which in turn helped the sector overcome the recession. In particular, production volumes of such enterprises as Uralvagonzavod and Altaivagon increased several times over from October 2009. A similar situation took place in Ukrainian plants. However, starting from 2010, prices began to grow again, and those for some types of rolling stock reached their pre-crisis level in June. For example, the cost of a universal boxcar increased by 22.6% to RUR 1.63 million in January-June 2010; that of a gondola car with unloading gates grew by 27.3% to RUR 1.6 million. “An acute shortage, especially that of new rolling stock, made prices grow. In early 2010, a gondola car with unloading gates cost approximately RUR 1.3 million, and now the average price has leapt to RUR 1.7 million (not taking VAT into consideration). Ukrainian manufacturers sell wagons at $61,000-62,000, which is even more expensive if we convert this sum into roubles. In August-September 2009, when the market reached the rock, it was possible to buy a gondola car for $34,000-35,000 on average,” states Mr Kuzemchenko.
The reason for the step growth is the metallurgical companies’ influence on the wagon building sector. A lot of them managed to receive preferential loans from the state during the crisis. Unlike machine building enterprises, they kept their capacities loaded only to 75-80% . Thus, the significant shortage for large railcar casting became even worse than before the crisis. Simultaneously, from the beginning of 2010, metallurgical companies began to increase the prices for transport roll metal products – they grew by 20-30% by May. It caused an increase in the components’ cost. And their price accounts for the lion’s share in the final cost of a wagon – at least 84-86%. It is no wonder that the cost of finished rolling stock started to grow again.
Financial analysts point to the fact that the metallurgical sector made no attempt to use the situational growth. Specialists of Uralsib say that the prices for the basic raw materials of the metallurgical sector have doubled since October 2009, and scrap metal became 50% more expensive. In April-May, the price for the basic types of raw materials of the metallurgical sector grew by another 17-20%. All these factors were the reason for the increase in prices for metallurgical companies’ production. However, the companies manufacturing rolling stock do not think that the cost of their production has grown significantly. “One of the key factors making for the increase in demand for rolling stock is its price. Despite the railcar production volume’s recovery to the pre-crisis level, its cost fells behind the highest figures of 2008. Last July, the average market price for a gondola with gates was RUR 1.6-1.7 million (excluding the VAT), but in July 2008 it amounted to RUR 2.3 million,” emphasises Mr Shlensky. In the words of the company’s top-managers, it is partly connected with Uralvagonzavod’s policy targeted at maintaining market potential and avoiding a speculative growth in prices for wagons. Meanwhile, specialists of the enterprise confess that the cost of metal, railcar casting, and other components are the major constituent in the prices for gondola cars as well as other types of rolling stock.
Band-Aid solutions for rolling stock park
To compensate for the increasing shortage of rolling stock, RZD decided to sell a part of the inventory park, which would not be given to Freight Two. 50,000 life-expired gondola cars will be sold. The company will offer for sale 10,000 railcars at a time. Either auction or competitive bidding will be used. An important condition of such bidding is that the buyer is to prolong the life-time period of the rolling stock by 5 years, which will require significant expenditure. This condition made the wagons unattractive for leasing companies. “Our strategy envisages the purchase of new wagons to use them for many years. And here they offer to prolong the life-time by 5 years only – and that’s all. Even a low price does not compensate for such a drawback,” say specialists at Brunswick Rail Leasing. An interesting fact: 10,000 of the 50,000 units have been already sold to Freight One without any auction. “In June, we purchased 10,000 life-expired gondola cars from RZD. Of that, approximately 7,000 units have already been repaired and put into operation. In September, the rest of the wagons will be repaired,” a source at Freight One says.
The first auction was held on July 5. There RZD sold 10,000 gondolas produced in 1983-1987. The company earned RUR 3.1 billion, however, the starting price was RUR 1.1 billion. The winner was Nezavisimaya Transportnaya Kompaniya (Independent Transport Company). The starting price increased 2.6-fold during the auction. In fact, Nezavisimaya Transportnaya Kompaniya purchased the wagons at the assessed value (RUR 300,000-600,000 for a gondola railcar produced in the 1980s). However, nobody knows how much money is to be spent to prolong their service life by 5 years.
The attitude of wagon building companies to the sale of such deteriorated rolling stock is negative. “One should understand that all of the 50,000 wagons are extremely deteriorated. That is why the starting price set by RZD can be compared with that for scrap metal,” says Mr Shlensky.
According to his forecast, such auctions will make for a worse shortage of large wagon casting in the market. “If these wagons are not utilised after they are bought by private operators, they will need a capital repair, envisaging replacement of cast parts of the running gears. As a result, their deficit on the market will become more acute,” emphasises the expert. Nikolay Bochkarev, Head of RZD Central Directorate for Freight Railcar Repair, has made an announcement on this already. He mentioned that the major problem that may arise in the rolling stock repair process is the lack of cast parts for the wagon bogies. “We feel it even considering the fact that we prolong their life time to 35 years. Until the end of the year, the deficit for cargo railcar repair may be 15,000 bolster springs and 25,000 solebars,” he says.
By Maria Shevchenko
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Transpoint International acquired in the summer Avain-Trans Oy which offers logistics and road transport services from Finland to Russia and other CIS countries and distribution services in Moscow and St. Petersburg areas. Transpoint International’s Managing Director Kari Voutilainen says that the acquisition was an important step in Transpoint’s expansion to Russia.Array
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[DETAIL_TEXT] => Avain-Trans started transports to Russia in the spring of 1993, immediately after the establishment of the company. Already the first lorry transported Valio’s products to Russia.
Business has grown strongly from the early days but the transports of foodstuffs and in particular transports of Valio’s products have continually been the largest single product group of Avain-Trans. Large quantities of machines, equipment and consumer goods are also taken to Russia.
The company’s own vehicles are primarily used in the transports. Approximately a quarter of the vehicles are owned by Russian subcontractors pulling Avain-Trans trailers.
Import transport volumes are low at present but construction materials, for instance, are imported from Russia to Finland.
”There are, however, clear indications that import transport volumes will increase”, says Avain-Trans Managing Director Juha Pulkkinen.
Most of Avain-Trans operations and staff is located in Russia. The administrative centre is in Vyborg. The company’s distribution centres in St. Petersburg and Moscow handle transports of foodstuffs to retailers. Transports to farther east are also handled from Moscow.
Pulkkinen looks forward with great confidence.
”The Russian economy is expected to grow. I believe the Finnish industry’s interest in expanding to Russia continues to increase. We have a very good opportunity to get to handle the transports of these companies.”
Pulkkinen bases his estimate on years of experience in the Russian market and conditions there.
”Understanding Russia is a long learning process. It cannot be acquired by attending courses or at school. The know-how has to be gained through practical experience”, Pulkkinen says.
[~DETAIL_TEXT] => Avain-Trans started transports to Russia in the spring of 1993, immediately after the establishment of the company. Already the first lorry transported Valio’s products to Russia.
Business has grown strongly from the early days but the transports of foodstuffs and in particular transports of Valio’s products have continually been the largest single product group of Avain-Trans. Large quantities of machines, equipment and consumer goods are also taken to Russia.
The company’s own vehicles are primarily used in the transports. Approximately a quarter of the vehicles are owned by Russian subcontractors pulling Avain-Trans trailers.
Import transport volumes are low at present but construction materials, for instance, are imported from Russia to Finland.
”There are, however, clear indications that import transport volumes will increase”, says Avain-Trans Managing Director Juha Pulkkinen.
Most of Avain-Trans operations and staff is located in Russia. The administrative centre is in Vyborg. The company’s distribution centres in St. Petersburg and Moscow handle transports of foodstuffs to retailers. Transports to farther east are also handled from Moscow.
Pulkkinen looks forward with great confidence.
”The Russian economy is expected to grow. I believe the Finnish industry’s interest in expanding to Russia continues to increase. We have a very good opportunity to get to handle the transports of these companies.”
Pulkkinen bases his estimate on years of experience in the Russian market and conditions there.
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[DETAIL_TEXT] => Avain-Trans started transports to Russia in the spring of 1993, immediately after the establishment of the company. Already the first lorry transported Valio’s products to Russia.
Business has grown strongly from the early days but the transports of foodstuffs and in particular transports of Valio’s products have continually been the largest single product group of Avain-Trans. Large quantities of machines, equipment and consumer goods are also taken to Russia.
The company’s own vehicles are primarily used in the transports. Approximately a quarter of the vehicles are owned by Russian subcontractors pulling Avain-Trans trailers.
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Pulkkinen looks forward with great confidence.
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Pulkkinen bases his estimate on years of experience in the Russian market and conditions there.
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Business has grown strongly from the early days but the transports of foodstuffs and in particular transports of Valio’s products have continually been the largest single product group of Avain-Trans. Large quantities of machines, equipment and consumer goods are also taken to Russia.
The company’s own vehicles are primarily used in the transports. Approximately a quarter of the vehicles are owned by Russian subcontractors pulling Avain-Trans trailers.
Import transport volumes are low at present but construction materials, for instance, are imported from Russia to Finland.
”There are, however, clear indications that import transport volumes will increase”, says Avain-Trans Managing Director Juha Pulkkinen.
Most of Avain-Trans operations and staff is located in Russia. The administrative centre is in Vyborg. The company’s distribution centres in St. Petersburg and Moscow handle transports of foodstuffs to retailers. Transports to farther east are also handled from Moscow.
Pulkkinen looks forward with great confidence.
”The Russian economy is expected to grow. I believe the Finnish industry’s interest in expanding to Russia continues to increase. We have a very good opportunity to get to handle the transports of these companies.”
Pulkkinen bases his estimate on years of experience in the Russian market and conditions there.
”Understanding Russia is a long learning process. It cannot be acquired by attending courses or at school. The know-how has to be gained through practical experience”, Pulkkinen says.
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[SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/inter/2010/4/21.jpg" border="1" alt=" " hspace="5" width="300" height="195" align="left" />Transpoint International acquired in the summer Avain-Trans Oy which offers logistics and road transport services from Finland to Russia and other CIS countries and distribution services in Moscow and St. Petersburg areas. Transpoint International’s Managing Director Kari Voutilainen says that the acquisition was an important step in Transpoint’s expansion to Russia.
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[DETAIL_TEXT] => Transporting Oil – Growing Opportunity
In the last ten years, Russia’s economic growth resulted mainly from the increased export of energy fuels. Since the end of the economic crisis in 1998, there has been an increase in production and export due to higher prices of oil, privatisation of oil companies and investments. Nowadays, Russian economy is still dependant on the export of oil and gas.
According to the World Bank data, export of oil and gas amounts to more than 70% of the overall export revenues in Russia. In March 2010, Russian companies produced 42.81 mln tons of oil, which is an all-time record of 10.12 barrels a day and makes Russia the world leader in oil extraction. The previous record was set in December, the new one is 0.4% higher. Russia is now the only country in the world that extracts more than 10 mln barrels a day: in the end of 2009, its oil production level exceeded the one of the previous world leader in oil production - Saudi Arabia. In 2009, oil production in Russia went up 1% and amounted to 494.2 mln tons. It is the highest number since the collapse of the Soviet Union, being mainly the result of OPEC’s decision to decrease extraction in order to stop the drop in prices. Despite OPEC’s request for similar action, Russia adopted a totally different approach. The Russian extraction was increased in order to make up for the drop in prices and increase revenues, by selling the cheaper Urals oil.
The record production results also from exploiting new reserves. Nevertheless, the growth in production will probably not continue for much longer, since the extraction in old, highly exploited reserves is decreasing and requires investments. This applies particularly to the fields in Western Siberia, supplying the Western and Central Europe.
Oil Supporting Investments
In recent years, there has been a strong, unabashed impact of Kremlin on the development of the energy fuels sector. Oil prices, increasing since 2002, fostered the implementation of expensive projects on transmission and export. It is most clearly evident in the development of sea transhipment terminals and transmission pipelines.
The Port of Primorsk, currently transhipping 75 mln tons of oil per annum, is constantly developing, and may soon increase its transhipment to 120 mln tons. The terminal has 4 transhipment piers and can handle ships with a capacity of 150,000 tons.
An oil terminal in Usti-Luga and oil pipeline, designed to deliver crude oil from the Druzhba system to the new Russian port, are currently under construction. Usti-Luga is to start transhipping in 2012 and its capacity in the first stage will be 30 mln tons per annum with the view to increasing it to 38 mln tons per annum. It will handle ships with a capacity of 100,000 tons. An oil depot will be also built near the marine transhipment terminal. Completing this investment will give Russians a sea alternative to the existing pipeline transport in supplying Poland and Germany. Most of the oil exported from the Western Siberia reserves is transported through the system of pipelines belonging in Russia to Transneft. In previous years, oil was exported mainly through the Druzhba pipeline, the Black Sea and the Baltic Sea, with the use of ports in Latvia and Lithuania, and through the Naftoport in Gdańsk linked to the Druzhba system of pipelines.
The Importance Of Railways
Railways play an important part in the balance of trade. They supply ports and refineries not connected to the pipeline system as well as those without pipeline supply, like Ventspils in Latvia and Butinge in Lithuania. The Lithuanian Butinge is used as an import oil terminal by the ORLEN Letuva refinery in Mazeikiu, Lithuania. Cutting off the supply through the pipeline resulted in ORLEN Letuva receiving oil both by sea through its terminal in Butinge and by rail. Ports with good standing are the Estonian Tallin, with the transit of Russian oil and oil products delivered by rail, and the Lithuanian Klaipeda, where over 30% of transhipment is of petroleum origin. The ESPO pipeline, providing Russia with direct access to the Far Eastern market, is another crucial Russian infrastructure investment. It has been designed to diversify export of Russian oil and allow Russia to enter Asian and Pacific markets, where oil demand is constantly increasing. ESPO allows Russia to choose the direction of export, providing independence and economical safety for the country, whose income depends on profits from oil and gas export. Russia is an active player in the European oil market, but used to have little to say in the Asia Pacific Region. ESPO should solve this problem. In the future, internationally distributed Russian oil is most likely going to be related mainly with ESPO.
Connected with ESPO by railway, oil terminal in Kozmino, Nakhodka located by the Pacific Ocean, is designed to annually handle around 500 tanker ships with a capacity from 80,000 to 150,000 tons each. It also has a branch going to China. Its construction began in May 2009 and is to be finished this year.
The growing acceptance of ESPO, which is now transporting nearly 600,000 barrels a day, is a clear sign that the Russian strategy to increase its share in sales to Asian importers at the expense of Middle East suppliers, is a success.
The Baltic’s Role
The Baltic Sea is one of the smallest seas in the world. It is difficult to navigate and its waters are filtered very slowly through the Danish Straits. Still, traffic in the Baltic Sea is one of the busiest in the world.
Around 500-700 mln tons of various cargo is being transported through the sea each year. At every time of day and night, there are around 2000 ships in our sea. The Danish Straits are, of course, the busiest. There are around 40 fuel terminals in the Baltic area.
Crucial for today Russian oil transport, the Baltic ports transhipped around ¼ of the overall Russian oil export and a great deal of oil products to international markets. The amount of cargo is to double by 2017. In recent years, fuel transport trends to dominate in the general balance. Since 1995, oil transportation doubled. In 2000 only, around 80 mln tons of oil was transported, and by 2015 the number should increase to 150 mln tons. The main reason for such growth is the construction of new fuel terminals in Russia.
During the first two months of 2010, the Russian Primorsk transhipped as much cargo as last year, whereas the Latvian Ventsipils and Lithuanian Kleipeda recorded substantial slides.
Changes in directions of oil transport according to Russia’s needs are to be expected, since Russia announced to take full control over oil export, together with oil transported by rail. This may painfully affect railway-supplied terminals, but cargo will still be reaching the seaways through Russian terminals.
The relatively good situation of the Baltic ports may change due to Russia’s aspiration to direct its oil and oil products export to Russian ports only. Russia is implementing its strategy to become independent from the transit countries. The search for new markets and buyers is the second essential component of the new strategy.
Numbers Speak For Themselves
Over 110 mln tons of liquid bulk cargo was transhipped in the Baltic ports in 2007. The number is to reach 137 mln tons in 2015 and increase even more to 165 mln tons in 2030. As was previously mentioned, one of the main assumptions of Russian transport strategy is to increase the share of its ports from 75% to 95%, to which end Russia is building new ports and upgrading the existing ones. Russia supports the strategy with its tariff policy and subsidizing transport by own ports, which encourages Russian exporters.
The share of transport costs in total production costs in Russia is relatively high and equals up to 20% of the end value, which is three times as much as in countries with developed markets. The underdeveloped transport system is one of the reasons of such high costs. It is no wonder that Russia tries to make up for the backlogs and develop its port and transmission infrastructure. If it is profitable, why not take over the transhipment and transmission of oil?
The pipeline infrastructure would ensure a long-term co-dependency of suppliers and buyers, provide continuing economic cooperation, as well as almost irreversibly change the geopolitical system of the region. The development of marine oil transhipment terminals connected with the pipeline system would in turn enable a flexible cooperation in the oil market and provide freedom of contracts. Such freedom, however, does not come without a price. The cost of pipeline transport is still lower than the sea transport. Time will show if the trend continues.
Making use of sea transport and expanding port infrastructure provides flexibility in acquiring oil and diversifying both buyers and suppliers. The market is being changed by the infrastructure, which is an opportunity for the Baltic ports and oil terminals. When planning for development, the issues of sustainable development should be taken into consideration, particularly the ecological danger connected with the increasing traffic in the Baltic Sea. It concerns the shipping, transhipping, fleet condition, safety regulations, as well as organising emergency action services for ships and providing shelter for ships posing a direct threat to the Baltic Sea environment.
Central East Europe’s reaction
The development of Russian oil transport by sea will drastically change the market situation for CEE countries. The market will have to become more flexible, partly due to the decreasing difference in prices of Russian and, for example, Brent oil. The importance of premium on oil imports from Russia, having repeatedly decreased in recent years, will further diminish. This new situation does not guarantee “saving” on the costly pipeline and storage infrastructure - quite the contrary. What is essential here is the advanced transmission infrastructure, switching from “the corridor” to “the network” type. The more connections between the corridors, the more possibilities of changing direction of shipping oil to end users from any port and any supplier. It is absolutely necessary to increase storage capacity of both oil and oil products in order to stock, as well as to enable the operator of the network system to distribute cargo to all buyers from various locations in the entire logistic system Sea transport development naturally diversifies both suppliers and the supply directions. Trying to increase its independence from transit countries, Russia directed its cargo to its own ports and so achieved a much better market position. Thus, the price discrepancy of various oil types is diminishing. By constructing pipelines which bypass the transit countries and lead to Russian ports, Russia is developing its infrastructure and increasing export revenues.
It is possible to keep supplying the existing buyers in CEE countries through pipelines, but on a smaller scale and with coexistent sea transport supply. However, the buyers would need to be more flexible in their oil transhipment terminals, transmission pipelines and storage tanks management. Marine transhipment terminals will thus function as transit terminals for Russia, as well as import terminals for the domestic market. Oil terminals in Estonia, Latvia, Lithuania and Poland have the advantage of not freezing in cold weather and so enable the Russian companies to meet obligations towards buyers all over the world even in case of severe winter. The development of new ways of oil export from Russian reserves opens new opportunities for the Polish oil terminal in Gdańsk, as well. Not only does it guarantee oil supply for Polish refineries but also provides a connection with neighbouring countries through a pipeline system. It is directly connected to the Grupa Lotos refinery in Gdańsk and PKN ORLEN in Płock. Its pipelines go as far as East Germany, to refineries in Schwedt, Leuna, and Belarus, to the oil refinery in Mozyr. For many years, it has been intended to connect Poland with Black Sea port of Odessa, all the way though Ukraine. Numerous factors prevent the project from coming to fruition, with the lack of ascertaining oil supply from the Caspian Sea being the main one. Therefore, Gdańsk has a lot of potential, which depends on developing and appropriate storage system and pipeline transmission possibilities.
Krzysztof Szymichowski,
Director at Security and Safety Research Institute Owner,
Director at IKS CONSULTING
[~DETAIL_TEXT] => Transporting Oil – Growing Opportunity
In the last ten years, Russia’s economic growth resulted mainly from the increased export of energy fuels. Since the end of the economic crisis in 1998, there has been an increase in production and export due to higher prices of oil, privatisation of oil companies and investments. Nowadays, Russian economy is still dependant on the export of oil and gas.
According to the World Bank data, export of oil and gas amounts to more than 70% of the overall export revenues in Russia. In March 2010, Russian companies produced 42.81 mln tons of oil, which is an all-time record of 10.12 barrels a day and makes Russia the world leader in oil extraction. The previous record was set in December, the new one is 0.4% higher. Russia is now the only country in the world that extracts more than 10 mln barrels a day: in the end of 2009, its oil production level exceeded the one of the previous world leader in oil production - Saudi Arabia. In 2009, oil production in Russia went up 1% and amounted to 494.2 mln tons. It is the highest number since the collapse of the Soviet Union, being mainly the result of OPEC’s decision to decrease extraction in order to stop the drop in prices. Despite OPEC’s request for similar action, Russia adopted a totally different approach. The Russian extraction was increased in order to make up for the drop in prices and increase revenues, by selling the cheaper Urals oil.
The record production results also from exploiting new reserves. Nevertheless, the growth in production will probably not continue for much longer, since the extraction in old, highly exploited reserves is decreasing and requires investments. This applies particularly to the fields in Western Siberia, supplying the Western and Central Europe.
Oil Supporting Investments
In recent years, there has been a strong, unabashed impact of Kremlin on the development of the energy fuels sector. Oil prices, increasing since 2002, fostered the implementation of expensive projects on transmission and export. It is most clearly evident in the development of sea transhipment terminals and transmission pipelines.
The Port of Primorsk, currently transhipping 75 mln tons of oil per annum, is constantly developing, and may soon increase its transhipment to 120 mln tons. The terminal has 4 transhipment piers and can handle ships with a capacity of 150,000 tons.
An oil terminal in Usti-Luga and oil pipeline, designed to deliver crude oil from the Druzhba system to the new Russian port, are currently under construction. Usti-Luga is to start transhipping in 2012 and its capacity in the first stage will be 30 mln tons per annum with the view to increasing it to 38 mln tons per annum. It will handle ships with a capacity of 100,000 tons. An oil depot will be also built near the marine transhipment terminal. Completing this investment will give Russians a sea alternative to the existing pipeline transport in supplying Poland and Germany. Most of the oil exported from the Western Siberia reserves is transported through the system of pipelines belonging in Russia to Transneft. In previous years, oil was exported mainly through the Druzhba pipeline, the Black Sea and the Baltic Sea, with the use of ports in Latvia and Lithuania, and through the Naftoport in Gdańsk linked to the Druzhba system of pipelines.
The Importance Of Railways
Railways play an important part in the balance of trade. They supply ports and refineries not connected to the pipeline system as well as those without pipeline supply, like Ventspils in Latvia and Butinge in Lithuania. The Lithuanian Butinge is used as an import oil terminal by the ORLEN Letuva refinery in Mazeikiu, Lithuania. Cutting off the supply through the pipeline resulted in ORLEN Letuva receiving oil both by sea through its terminal in Butinge and by rail. Ports with good standing are the Estonian Tallin, with the transit of Russian oil and oil products delivered by rail, and the Lithuanian Klaipeda, where over 30% of transhipment is of petroleum origin. The ESPO pipeline, providing Russia with direct access to the Far Eastern market, is another crucial Russian infrastructure investment. It has been designed to diversify export of Russian oil and allow Russia to enter Asian and Pacific markets, where oil demand is constantly increasing. ESPO allows Russia to choose the direction of export, providing independence and economical safety for the country, whose income depends on profits from oil and gas export. Russia is an active player in the European oil market, but used to have little to say in the Asia Pacific Region. ESPO should solve this problem. In the future, internationally distributed Russian oil is most likely going to be related mainly with ESPO.
Connected with ESPO by railway, oil terminal in Kozmino, Nakhodka located by the Pacific Ocean, is designed to annually handle around 500 tanker ships with a capacity from 80,000 to 150,000 tons each. It also has a branch going to China. Its construction began in May 2009 and is to be finished this year.
The growing acceptance of ESPO, which is now transporting nearly 600,000 barrels a day, is a clear sign that the Russian strategy to increase its share in sales to Asian importers at the expense of Middle East suppliers, is a success.
The Baltic’s Role
The Baltic Sea is one of the smallest seas in the world. It is difficult to navigate and its waters are filtered very slowly through the Danish Straits. Still, traffic in the Baltic Sea is one of the busiest in the world.
Around 500-700 mln tons of various cargo is being transported through the sea each year. At every time of day and night, there are around 2000 ships in our sea. The Danish Straits are, of course, the busiest. There are around 40 fuel terminals in the Baltic area.
Crucial for today Russian oil transport, the Baltic ports transhipped around ¼ of the overall Russian oil export and a great deal of oil products to international markets. The amount of cargo is to double by 2017. In recent years, fuel transport trends to dominate in the general balance. Since 1995, oil transportation doubled. In 2000 only, around 80 mln tons of oil was transported, and by 2015 the number should increase to 150 mln tons. The main reason for such growth is the construction of new fuel terminals in Russia.
During the first two months of 2010, the Russian Primorsk transhipped as much cargo as last year, whereas the Latvian Ventsipils and Lithuanian Kleipeda recorded substantial slides.
Changes in directions of oil transport according to Russia’s needs are to be expected, since Russia announced to take full control over oil export, together with oil transported by rail. This may painfully affect railway-supplied terminals, but cargo will still be reaching the seaways through Russian terminals.
The relatively good situation of the Baltic ports may change due to Russia’s aspiration to direct its oil and oil products export to Russian ports only. Russia is implementing its strategy to become independent from the transit countries. The search for new markets and buyers is the second essential component of the new strategy.
Numbers Speak For Themselves
Over 110 mln tons of liquid bulk cargo was transhipped in the Baltic ports in 2007. The number is to reach 137 mln tons in 2015 and increase even more to 165 mln tons in 2030. As was previously mentioned, one of the main assumptions of Russian transport strategy is to increase the share of its ports from 75% to 95%, to which end Russia is building new ports and upgrading the existing ones. Russia supports the strategy with its tariff policy and subsidizing transport by own ports, which encourages Russian exporters.
The share of transport costs in total production costs in Russia is relatively high and equals up to 20% of the end value, which is three times as much as in countries with developed markets. The underdeveloped transport system is one of the reasons of such high costs. It is no wonder that Russia tries to make up for the backlogs and develop its port and transmission infrastructure. If it is profitable, why not take over the transhipment and transmission of oil?
The pipeline infrastructure would ensure a long-term co-dependency of suppliers and buyers, provide continuing economic cooperation, as well as almost irreversibly change the geopolitical system of the region. The development of marine oil transhipment terminals connected with the pipeline system would in turn enable a flexible cooperation in the oil market and provide freedom of contracts. Such freedom, however, does not come without a price. The cost of pipeline transport is still lower than the sea transport. Time will show if the trend continues.
Making use of sea transport and expanding port infrastructure provides flexibility in acquiring oil and diversifying both buyers and suppliers. The market is being changed by the infrastructure, which is an opportunity for the Baltic ports and oil terminals. When planning for development, the issues of sustainable development should be taken into consideration, particularly the ecological danger connected with the increasing traffic in the Baltic Sea. It concerns the shipping, transhipping, fleet condition, safety regulations, as well as organising emergency action services for ships and providing shelter for ships posing a direct threat to the Baltic Sea environment.
Central East Europe’s reaction
The development of Russian oil transport by sea will drastically change the market situation for CEE countries. The market will have to become more flexible, partly due to the decreasing difference in prices of Russian and, for example, Brent oil. The importance of premium on oil imports from Russia, having repeatedly decreased in recent years, will further diminish. This new situation does not guarantee “saving” on the costly pipeline and storage infrastructure - quite the contrary. What is essential here is the advanced transmission infrastructure, switching from “the corridor” to “the network” type. The more connections between the corridors, the more possibilities of changing direction of shipping oil to end users from any port and any supplier. It is absolutely necessary to increase storage capacity of both oil and oil products in order to stock, as well as to enable the operator of the network system to distribute cargo to all buyers from various locations in the entire logistic system Sea transport development naturally diversifies both suppliers and the supply directions. Trying to increase its independence from transit countries, Russia directed its cargo to its own ports and so achieved a much better market position. Thus, the price discrepancy of various oil types is diminishing. By constructing pipelines which bypass the transit countries and lead to Russian ports, Russia is developing its infrastructure and increasing export revenues.
It is possible to keep supplying the existing buyers in CEE countries through pipelines, but on a smaller scale and with coexistent sea transport supply. However, the buyers would need to be more flexible in their oil transhipment terminals, transmission pipelines and storage tanks management. Marine transhipment terminals will thus function as transit terminals for Russia, as well as import terminals for the domestic market. Oil terminals in Estonia, Latvia, Lithuania and Poland have the advantage of not freezing in cold weather and so enable the Russian companies to meet obligations towards buyers all over the world even in case of severe winter. The development of new ways of oil export from Russian reserves opens new opportunities for the Polish oil terminal in Gdańsk, as well. Not only does it guarantee oil supply for Polish refineries but also provides a connection with neighbouring countries through a pipeline system. It is directly connected to the Grupa Lotos refinery in Gdańsk and PKN ORLEN in Płock. Its pipelines go as far as East Germany, to refineries in Schwedt, Leuna, and Belarus, to the oil refinery in Mozyr. For many years, it has been intended to connect Poland with Black Sea port of Odessa, all the way though Ukraine. Numerous factors prevent the project from coming to fruition, with the lack of ascertaining oil supply from the Caspian Sea being the main one. Therefore, Gdańsk has a lot of potential, which depends on developing and appropriate storage system and pipeline transmission possibilities.
Krzysztof Szymichowski,
Director at Security and Safety Research Institute Owner,
Director at IKS CONSULTING
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[DETAIL_TEXT] => Transporting Oil – Growing Opportunity
In the last ten years, Russia’s economic growth resulted mainly from the increased export of energy fuels. Since the end of the economic crisis in 1998, there has been an increase in production and export due to higher prices of oil, privatisation of oil companies and investments. Nowadays, Russian economy is still dependant on the export of oil and gas.
According to the World Bank data, export of oil and gas amounts to more than 70% of the overall export revenues in Russia. In March 2010, Russian companies produced 42.81 mln tons of oil, which is an all-time record of 10.12 barrels a day and makes Russia the world leader in oil extraction. The previous record was set in December, the new one is 0.4% higher. Russia is now the only country in the world that extracts more than 10 mln barrels a day: in the end of 2009, its oil production level exceeded the one of the previous world leader in oil production - Saudi Arabia. In 2009, oil production in Russia went up 1% and amounted to 494.2 mln tons. It is the highest number since the collapse of the Soviet Union, being mainly the result of OPEC’s decision to decrease extraction in order to stop the drop in prices. Despite OPEC’s request for similar action, Russia adopted a totally different approach. The Russian extraction was increased in order to make up for the drop in prices and increase revenues, by selling the cheaper Urals oil.
The record production results also from exploiting new reserves. Nevertheless, the growth in production will probably not continue for much longer, since the extraction in old, highly exploited reserves is decreasing and requires investments. This applies particularly to the fields in Western Siberia, supplying the Western and Central Europe.
Oil Supporting Investments
In recent years, there has been a strong, unabashed impact of Kremlin on the development of the energy fuels sector. Oil prices, increasing since 2002, fostered the implementation of expensive projects on transmission and export. It is most clearly evident in the development of sea transhipment terminals and transmission pipelines.
The Port of Primorsk, currently transhipping 75 mln tons of oil per annum, is constantly developing, and may soon increase its transhipment to 120 mln tons. The terminal has 4 transhipment piers and can handle ships with a capacity of 150,000 tons.
An oil terminal in Usti-Luga and oil pipeline, designed to deliver crude oil from the Druzhba system to the new Russian port, are currently under construction. Usti-Luga is to start transhipping in 2012 and its capacity in the first stage will be 30 mln tons per annum with the view to increasing it to 38 mln tons per annum. It will handle ships with a capacity of 100,000 tons. An oil depot will be also built near the marine transhipment terminal. Completing this investment will give Russians a sea alternative to the existing pipeline transport in supplying Poland and Germany. Most of the oil exported from the Western Siberia reserves is transported through the system of pipelines belonging in Russia to Transneft. In previous years, oil was exported mainly through the Druzhba pipeline, the Black Sea and the Baltic Sea, with the use of ports in Latvia and Lithuania, and through the Naftoport in Gdańsk linked to the Druzhba system of pipelines.
The Importance Of Railways
Railways play an important part in the balance of trade. They supply ports and refineries not connected to the pipeline system as well as those without pipeline supply, like Ventspils in Latvia and Butinge in Lithuania. The Lithuanian Butinge is used as an import oil terminal by the ORLEN Letuva refinery in Mazeikiu, Lithuania. Cutting off the supply through the pipeline resulted in ORLEN Letuva receiving oil both by sea through its terminal in Butinge and by rail. Ports with good standing are the Estonian Tallin, with the transit of Russian oil and oil products delivered by rail, and the Lithuanian Klaipeda, where over 30% of transhipment is of petroleum origin. The ESPO pipeline, providing Russia with direct access to the Far Eastern market, is another crucial Russian infrastructure investment. It has been designed to diversify export of Russian oil and allow Russia to enter Asian and Pacific markets, where oil demand is constantly increasing. ESPO allows Russia to choose the direction of export, providing independence and economical safety for the country, whose income depends on profits from oil and gas export. Russia is an active player in the European oil market, but used to have little to say in the Asia Pacific Region. ESPO should solve this problem. In the future, internationally distributed Russian oil is most likely going to be related mainly with ESPO.
Connected with ESPO by railway, oil terminal in Kozmino, Nakhodka located by the Pacific Ocean, is designed to annually handle around 500 tanker ships with a capacity from 80,000 to 150,000 tons each. It also has a branch going to China. Its construction began in May 2009 and is to be finished this year.
The growing acceptance of ESPO, which is now transporting nearly 600,000 barrels a day, is a clear sign that the Russian strategy to increase its share in sales to Asian importers at the expense of Middle East suppliers, is a success.
The Baltic’s Role
The Baltic Sea is one of the smallest seas in the world. It is difficult to navigate and its waters are filtered very slowly through the Danish Straits. Still, traffic in the Baltic Sea is one of the busiest in the world.
Around 500-700 mln tons of various cargo is being transported through the sea each year. At every time of day and night, there are around 2000 ships in our sea. The Danish Straits are, of course, the busiest. There are around 40 fuel terminals in the Baltic area.
Crucial for today Russian oil transport, the Baltic ports transhipped around ¼ of the overall Russian oil export and a great deal of oil products to international markets. The amount of cargo is to double by 2017. In recent years, fuel transport trends to dominate in the general balance. Since 1995, oil transportation doubled. In 2000 only, around 80 mln tons of oil was transported, and by 2015 the number should increase to 150 mln tons. The main reason for such growth is the construction of new fuel terminals in Russia.
During the first two months of 2010, the Russian Primorsk transhipped as much cargo as last year, whereas the Latvian Ventsipils and Lithuanian Kleipeda recorded substantial slides.
Changes in directions of oil transport according to Russia’s needs are to be expected, since Russia announced to take full control over oil export, together with oil transported by rail. This may painfully affect railway-supplied terminals, but cargo will still be reaching the seaways through Russian terminals.
The relatively good situation of the Baltic ports may change due to Russia’s aspiration to direct its oil and oil products export to Russian ports only. Russia is implementing its strategy to become independent from the transit countries. The search for new markets and buyers is the second essential component of the new strategy.
Numbers Speak For Themselves
Over 110 mln tons of liquid bulk cargo was transhipped in the Baltic ports in 2007. The number is to reach 137 mln tons in 2015 and increase even more to 165 mln tons in 2030. As was previously mentioned, one of the main assumptions of Russian transport strategy is to increase the share of its ports from 75% to 95%, to which end Russia is building new ports and upgrading the existing ones. Russia supports the strategy with its tariff policy and subsidizing transport by own ports, which encourages Russian exporters.
The share of transport costs in total production costs in Russia is relatively high and equals up to 20% of the end value, which is three times as much as in countries with developed markets. The underdeveloped transport system is one of the reasons of such high costs. It is no wonder that Russia tries to make up for the backlogs and develop its port and transmission infrastructure. If it is profitable, why not take over the transhipment and transmission of oil?
The pipeline infrastructure would ensure a long-term co-dependency of suppliers and buyers, provide continuing economic cooperation, as well as almost irreversibly change the geopolitical system of the region. The development of marine oil transhipment terminals connected with the pipeline system would in turn enable a flexible cooperation in the oil market and provide freedom of contracts. Such freedom, however, does not come without a price. The cost of pipeline transport is still lower than the sea transport. Time will show if the trend continues.
Making use of sea transport and expanding port infrastructure provides flexibility in acquiring oil and diversifying both buyers and suppliers. The market is being changed by the infrastructure, which is an opportunity for the Baltic ports and oil terminals. When planning for development, the issues of sustainable development should be taken into consideration, particularly the ecological danger connected with the increasing traffic in the Baltic Sea. It concerns the shipping, transhipping, fleet condition, safety regulations, as well as organising emergency action services for ships and providing shelter for ships posing a direct threat to the Baltic Sea environment.
Central East Europe’s reaction
The development of Russian oil transport by sea will drastically change the market situation for CEE countries. The market will have to become more flexible, partly due to the decreasing difference in prices of Russian and, for example, Brent oil. The importance of premium on oil imports from Russia, having repeatedly decreased in recent years, will further diminish. This new situation does not guarantee “saving” on the costly pipeline and storage infrastructure - quite the contrary. What is essential here is the advanced transmission infrastructure, switching from “the corridor” to “the network” type. The more connections between the corridors, the more possibilities of changing direction of shipping oil to end users from any port and any supplier. It is absolutely necessary to increase storage capacity of both oil and oil products in order to stock, as well as to enable the operator of the network system to distribute cargo to all buyers from various locations in the entire logistic system Sea transport development naturally diversifies both suppliers and the supply directions. Trying to increase its independence from transit countries, Russia directed its cargo to its own ports and so achieved a much better market position. Thus, the price discrepancy of various oil types is diminishing. By constructing pipelines which bypass the transit countries and lead to Russian ports, Russia is developing its infrastructure and increasing export revenues.
It is possible to keep supplying the existing buyers in CEE countries through pipelines, but on a smaller scale and with coexistent sea transport supply. However, the buyers would need to be more flexible in their oil transhipment terminals, transmission pipelines and storage tanks management. Marine transhipment terminals will thus function as transit terminals for Russia, as well as import terminals for the domestic market. Oil terminals in Estonia, Latvia, Lithuania and Poland have the advantage of not freezing in cold weather and so enable the Russian companies to meet obligations towards buyers all over the world even in case of severe winter. The development of new ways of oil export from Russian reserves opens new opportunities for the Polish oil terminal in Gdańsk, as well. Not only does it guarantee oil supply for Polish refineries but also provides a connection with neighbouring countries through a pipeline system. It is directly connected to the Grupa Lotos refinery in Gdańsk and PKN ORLEN in Płock. Its pipelines go as far as East Germany, to refineries in Schwedt, Leuna, and Belarus, to the oil refinery in Mozyr. For many years, it has been intended to connect Poland with Black Sea port of Odessa, all the way though Ukraine. Numerous factors prevent the project from coming to fruition, with the lack of ascertaining oil supply from the Caspian Sea being the main one. Therefore, Gdańsk has a lot of potential, which depends on developing and appropriate storage system and pipeline transmission possibilities.
Krzysztof Szymichowski,
Director at Security and Safety Research Institute Owner,
Director at IKS CONSULTING
[~DETAIL_TEXT] => Transporting Oil – Growing Opportunity
In the last ten years, Russia’s economic growth resulted mainly from the increased export of energy fuels. Since the end of the economic crisis in 1998, there has been an increase in production and export due to higher prices of oil, privatisation of oil companies and investments. Nowadays, Russian economy is still dependant on the export of oil and gas.
According to the World Bank data, export of oil and gas amounts to more than 70% of the overall export revenues in Russia. In March 2010, Russian companies produced 42.81 mln tons of oil, which is an all-time record of 10.12 barrels a day and makes Russia the world leader in oil extraction. The previous record was set in December, the new one is 0.4% higher. Russia is now the only country in the world that extracts more than 10 mln barrels a day: in the end of 2009, its oil production level exceeded the one of the previous world leader in oil production - Saudi Arabia. In 2009, oil production in Russia went up 1% and amounted to 494.2 mln tons. It is the highest number since the collapse of the Soviet Union, being mainly the result of OPEC’s decision to decrease extraction in order to stop the drop in prices. Despite OPEC’s request for similar action, Russia adopted a totally different approach. The Russian extraction was increased in order to make up for the drop in prices and increase revenues, by selling the cheaper Urals oil.
The record production results also from exploiting new reserves. Nevertheless, the growth in production will probably not continue for much longer, since the extraction in old, highly exploited reserves is decreasing and requires investments. This applies particularly to the fields in Western Siberia, supplying the Western and Central Europe.
Oil Supporting Investments
In recent years, there has been a strong, unabashed impact of Kremlin on the development of the energy fuels sector. Oil prices, increasing since 2002, fostered the implementation of expensive projects on transmission and export. It is most clearly evident in the development of sea transhipment terminals and transmission pipelines.
The Port of Primorsk, currently transhipping 75 mln tons of oil per annum, is constantly developing, and may soon increase its transhipment to 120 mln tons. The terminal has 4 transhipment piers and can handle ships with a capacity of 150,000 tons.
An oil terminal in Usti-Luga and oil pipeline, designed to deliver crude oil from the Druzhba system to the new Russian port, are currently under construction. Usti-Luga is to start transhipping in 2012 and its capacity in the first stage will be 30 mln tons per annum with the view to increasing it to 38 mln tons per annum. It will handle ships with a capacity of 100,000 tons. An oil depot will be also built near the marine transhipment terminal. Completing this investment will give Russians a sea alternative to the existing pipeline transport in supplying Poland and Germany. Most of the oil exported from the Western Siberia reserves is transported through the system of pipelines belonging in Russia to Transneft. In previous years, oil was exported mainly through the Druzhba pipeline, the Black Sea and the Baltic Sea, with the use of ports in Latvia and Lithuania, and through the Naftoport in Gdańsk linked to the Druzhba system of pipelines.
The Importance Of Railways
Railways play an important part in the balance of trade. They supply ports and refineries not connected to the pipeline system as well as those without pipeline supply, like Ventspils in Latvia and Butinge in Lithuania. The Lithuanian Butinge is used as an import oil terminal by the ORLEN Letuva refinery in Mazeikiu, Lithuania. Cutting off the supply through the pipeline resulted in ORLEN Letuva receiving oil both by sea through its terminal in Butinge and by rail. Ports with good standing are the Estonian Tallin, with the transit of Russian oil and oil products delivered by rail, and the Lithuanian Klaipeda, where over 30% of transhipment is of petroleum origin. The ESPO pipeline, providing Russia with direct access to the Far Eastern market, is another crucial Russian infrastructure investment. It has been designed to diversify export of Russian oil and allow Russia to enter Asian and Pacific markets, where oil demand is constantly increasing. ESPO allows Russia to choose the direction of export, providing independence and economical safety for the country, whose income depends on profits from oil and gas export. Russia is an active player in the European oil market, but used to have little to say in the Asia Pacific Region. ESPO should solve this problem. In the future, internationally distributed Russian oil is most likely going to be related mainly with ESPO.
Connected with ESPO by railway, oil terminal in Kozmino, Nakhodka located by the Pacific Ocean, is designed to annually handle around 500 tanker ships with a capacity from 80,000 to 150,000 tons each. It also has a branch going to China. Its construction began in May 2009 and is to be finished this year.
The growing acceptance of ESPO, which is now transporting nearly 600,000 barrels a day, is a clear sign that the Russian strategy to increase its share in sales to Asian importers at the expense of Middle East suppliers, is a success.
The Baltic’s Role
The Baltic Sea is one of the smallest seas in the world. It is difficult to navigate and its waters are filtered very slowly through the Danish Straits. Still, traffic in the Baltic Sea is one of the busiest in the world.
Around 500-700 mln tons of various cargo is being transported through the sea each year. At every time of day and night, there are around 2000 ships in our sea. The Danish Straits are, of course, the busiest. There are around 40 fuel terminals in the Baltic area.
Crucial for today Russian oil transport, the Baltic ports transhipped around ¼ of the overall Russian oil export and a great deal of oil products to international markets. The amount of cargo is to double by 2017. In recent years, fuel transport trends to dominate in the general balance. Since 1995, oil transportation doubled. In 2000 only, around 80 mln tons of oil was transported, and by 2015 the number should increase to 150 mln tons. The main reason for such growth is the construction of new fuel terminals in Russia.
During the first two months of 2010, the Russian Primorsk transhipped as much cargo as last year, whereas the Latvian Ventsipils and Lithuanian Kleipeda recorded substantial slides.
Changes in directions of oil transport according to Russia’s needs are to be expected, since Russia announced to take full control over oil export, together with oil transported by rail. This may painfully affect railway-supplied terminals, but cargo will still be reaching the seaways through Russian terminals.
The relatively good situation of the Baltic ports may change due to Russia’s aspiration to direct its oil and oil products export to Russian ports only. Russia is implementing its strategy to become independent from the transit countries. The search for new markets and buyers is the second essential component of the new strategy.
Numbers Speak For Themselves
Over 110 mln tons of liquid bulk cargo was transhipped in the Baltic ports in 2007. The number is to reach 137 mln tons in 2015 and increase even more to 165 mln tons in 2030. As was previously mentioned, one of the main assumptions of Russian transport strategy is to increase the share of its ports from 75% to 95%, to which end Russia is building new ports and upgrading the existing ones. Russia supports the strategy with its tariff policy and subsidizing transport by own ports, which encourages Russian exporters.
The share of transport costs in total production costs in Russia is relatively high and equals up to 20% of the end value, which is three times as much as in countries with developed markets. The underdeveloped transport system is one of the reasons of such high costs. It is no wonder that Russia tries to make up for the backlogs and develop its port and transmission infrastructure. If it is profitable, why not take over the transhipment and transmission of oil?
The pipeline infrastructure would ensure a long-term co-dependency of suppliers and buyers, provide continuing economic cooperation, as well as almost irreversibly change the geopolitical system of the region. The development of marine oil transhipment terminals connected with the pipeline system would in turn enable a flexible cooperation in the oil market and provide freedom of contracts. Such freedom, however, does not come without a price. The cost of pipeline transport is still lower than the sea transport. Time will show if the trend continues.
Making use of sea transport and expanding port infrastructure provides flexibility in acquiring oil and diversifying both buyers and suppliers. The market is being changed by the infrastructure, which is an opportunity for the Baltic ports and oil terminals. When planning for development, the issues of sustainable development should be taken into consideration, particularly the ecological danger connected with the increasing traffic in the Baltic Sea. It concerns the shipping, transhipping, fleet condition, safety regulations, as well as organising emergency action services for ships and providing shelter for ships posing a direct threat to the Baltic Sea environment.
Central East Europe’s reaction
The development of Russian oil transport by sea will drastically change the market situation for CEE countries. The market will have to become more flexible, partly due to the decreasing difference in prices of Russian and, for example, Brent oil. The importance of premium on oil imports from Russia, having repeatedly decreased in recent years, will further diminish. This new situation does not guarantee “saving” on the costly pipeline and storage infrastructure - quite the contrary. What is essential here is the advanced transmission infrastructure, switching from “the corridor” to “the network” type. The more connections between the corridors, the more possibilities of changing direction of shipping oil to end users from any port and any supplier. It is absolutely necessary to increase storage capacity of both oil and oil products in order to stock, as well as to enable the operator of the network system to distribute cargo to all buyers from various locations in the entire logistic system Sea transport development naturally diversifies both suppliers and the supply directions. Trying to increase its independence from transit countries, Russia directed its cargo to its own ports and so achieved a much better market position. Thus, the price discrepancy of various oil types is diminishing. By constructing pipelines which bypass the transit countries and lead to Russian ports, Russia is developing its infrastructure and increasing export revenues.
It is possible to keep supplying the existing buyers in CEE countries through pipelines, but on a smaller scale and with coexistent sea transport supply. However, the buyers would need to be more flexible in their oil transhipment terminals, transmission pipelines and storage tanks management. Marine transhipment terminals will thus function as transit terminals for Russia, as well as import terminals for the domestic market. Oil terminals in Estonia, Latvia, Lithuania and Poland have the advantage of not freezing in cold weather and so enable the Russian companies to meet obligations towards buyers all over the world even in case of severe winter. The development of new ways of oil export from Russian reserves opens new opportunities for the Polish oil terminal in Gdańsk, as well. Not only does it guarantee oil supply for Polish refineries but also provides a connection with neighbouring countries through a pipeline system. It is directly connected to the Grupa Lotos refinery in Gdańsk and PKN ORLEN in Płock. Its pipelines go as far as East Germany, to refineries in Schwedt, Leuna, and Belarus, to the oil refinery in Mozyr. For many years, it has been intended to connect Poland with Black Sea port of Odessa, all the way though Ukraine. Numerous factors prevent the project from coming to fruition, with the lack of ascertaining oil supply from the Caspian Sea being the main one. Therefore, Gdańsk has a lot of potential, which depends on developing and appropriate storage system and pipeline transmission possibilities.
Krzysztof Szymichowski,
Director at Security and Safety Research Institute Owner,
Director at IKS CONSULTING
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According to cargo owners, the price of the service is the main criteria they follow when choosing an operator. While the Second Freight Company is still being awaited, and cargo owners find it impossible to transport their products according to the rates Array
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[DETAIL_TEXT] => Operators Do Differ
Experts insist on separating such notions as an independent operator and a captive operator. Strictly speaking, the latest trend is to juxtapose these transport market entities. We try to find out why this trend has turned up right now.
At the very beginning of the operator movement railways suffered from a severe lack of rolling stock. The necessity to fill this vacuum as soon as possible was so obvious that it did not matter which companies invested in the replenishment of a common rolling stock fleet.
As a result, independent operator companies and transport companies, which were established by large cargo owners, i.e. captive operators, did not differ much in their activities. Captive operators fulfilled the same functions and transported the goods of their parent companies as well as those of other clients. At the same time independent operators often provided large cargo owners, which possessed their own transport companies, with transport services.
This mostly depended on the type of rolling stock available to the operator company. “Initially, the captive companies were established to provide services for their parent companies exclusively. A part of these companies had a specialized rolling stock (like, for instance, our company), which cannot be loaded anywhere other than at their parent company. Others, on the contrary, possessed all-purpose rolling stock fleet and were rather successful on the open market,” says Dmitry Ryabov, Leading Expert for Operational Activities at Railway Transportation Service at Uralchem-Trans.
According to Sergey Maltsev, CEO of Globaltrans Group, when captive companies appeared on the transport market at the beginning of the formation of the branch, their parent companies (mostly the companies which exported raw materials) were driven by different motives. However, they all wanted to secure their manufacturing process in terms of transportation of their products. When the railway branch reached a reform stage, market participants found it hard to predict the final market configuration. “Captive companies were established as a safety mechanism rather than as fully-fledged railway carriers. After all, even the largest industrial enterprises cannot provide enough cargo flow to develop a large-scale transport business. To enhance efficiency the company has to enter other markets, which by default transforms a captive enterprise into a professional market participant,” Mr Maltsev points out.
However, most operators state that given the inevitable tendency for merger as well as the consequences of the economic crisis, the number of rolling stock owners (mostly operators) has halved during the last two years. During the crisis nearly 200,000 wagons were idling and competition for cargo became real. These highlighted the difference between the independent operators, which had to look for cargo and clients, and the captive operators with their guaranteed workload. At the same time cargo owners fear a new growth of tariff rates, given that inventory rolling stock is now being turned over to private hands, and do their best to secure themselves by strengthening their operator companies and thus prepare for the times when carries will not possess their own rolling stock.
Struggling for a Less Transport Workload
According to our Annual Rating of Operators seven out of the twenty largest companies are captive. Among them are Gazpromtrans, YTS, Independent Transport Company (ITC), SIBUR-Trans, Metalloinvesttrans and etc.
Moreover, with respect to transportation volumes, several captive companies are in the top ten, even though, as a rule, independent operators are the leaders in terms of the amount of rolling stock in possession. Experts attribute this to the fact that the rolling stock fleet of a captive company is often on the balance of its parent company and is rented for a nominal fee to provide the latter with a transportation service.
The share of captive companies in the rolling stock fleet varies according to different estimates. Experts from the First Freight Company (FFC) say that captives possess nearly 15% of the rolling stock, which operates on the RZD network. Experts from other companies mention the share of 40-50%. The market share of captive operators in the traffic of goods in different kinds of rolling stock also varies; according to FFC, they occupy from 10 to 65% of the market. For instance, there is tough competition between captive and independent operators for transportation of mineral cargo with the former getting a share of 60-70%, bulk cement of 40%, transportation in rail tanks reaches nearly 21% and transportations in open wagons come up to nearly 10%. Whereas the major metallurgical holdings carry up to 40% of their products via their own transport companies: Magnitogorsk Iron and Steel Works (40%), Metalloinvest (35%), NLMK (24%). On the other hand, the already mentioned ITC, apart from other business activities, transports metal scrap from central regions of Russia. This is a relatively new business for the company, which comes from outside and is not provided by its parent company.
According to Mr Ryabov, during the economic crisis captive companies did not change their strategy. It is natural that they try to reduce expenses. However, with the client base, personnel and a system for tracking and controlling transportations, any changes are unreasonable. At the same time, experts in Uralchem-Trans state that at present not a single captive company is able to meet the demands of its parent company for all-purpose rolling stock, which again leads to the necessity to employ third-party wagons as well as develop efficient logistics schemes for their own rolling stock. “In 2010 some captive companies, on the contrary, started providing cargo owners other than their parent companies with rolling stock. This enables to enhance the efficiency of the rolling stock and reduce the transportation costs,” says Mr Ryabov.
On the other hand, most captive operators focused on servicing their holding companies. Furthermore, experts from the First Freight Company point out, that cargo owners actively establish their transport subsidiaries or joint ventures with wagon builders in order to lessen the infrastructure workload on each transported ton of cargo. In 2009, a new operator appeared on the market. Vostokneftetrans, which is a joint venture of Transneft and Uralwagonzavod, focuses on the transportation of bulk oil. ANK Bashneft intends to create its subsidiary and hand over all the tank wagons owned by Bashnefteproduct and the plants from Ufa group to a newly established company. United Grain Company also plans to establish an independent transport company to reduce the costs.
Globaltrans also admits that the strategy of captive companies did not change much before and after the crisis. The reforms are not over and consequently the market is not completely shaped. However, according to Mr Maltsev, in the near future, when the structural reform reaches it logical end, the strategies of captive companies may undergo significant changes.
The final model of the railway transportation market depends on the state. With a proper configurationl, the market will toss out the unfair parties. Only strong ones, which follow the principle of healthy competition, will stay on the market and that will guarantee the customers a stable and safe rail transportation process. “In this case the customers will benefit more from outsourcing to professional companies, both in terms of price and quality, than from using their own rolling stock. A crucial problem of ensuring the transportation safety can be solved not only by having a captive company on hand, but, for example, through a financial commitment of the operator, specified in an agreement. In this way the companies will be able to protect themselves from an unexpected failure to provide rolling stock by the operator. However this is a question of time. With a proper market configuration and without price pressure on economy on the part of the market participants, industrial enterprises will start thinking about how to get rid of their own rolling stock,” says Mr Maltsev.
Why Don’t They Buy a Share in the SFC?
However cargo owners are not eager to get rid of their own rolling stock. On the contrary, they try to enlarge it. The fact that 10,000 open wagons from RZD were auctioned and obtained by ITC speaks volumes. Apparently, with the Second Freight Company due to appear, it is high time the cargo owners remembered about such a safety measure as their own transport company.
According to Alexander Shindyapin, CEO of YTS, with this purchase ITC tries to secure it risks and avoid dependence on the rolling stock of a large operator. “Resource holders will continue trying to acquire the shares in the independent operator companies and/or their own rolling stock. In my opinion, they can lessen their transportation costs and consequently the final price of their goods by extending their rolling stock fleet and participating in the management of the FFC and the SFC,” adds Mr Shindyapin. Mr Ryabov, in turn, considers that the purchase of FFC and SFC shares by captive companies can be seen only as an option for investment unless they can guarantee to meet the need for rolling stock of their parent companies.
Globaltrans adheres to another point of view. Sergey Maltsev finds it unacceptable for the captive companies to buy shares in the FFC and the SFC. From his point of view, it is important to maintain a balance of interests between the customers on the transport market. While it is reasonable when large industrial groups buy shares in transport companies on a public market, it is unacceptable when they obtain unrestricted access to their management.
“In this case a metallurgist is able to tell a coaler: “Either you sell me coal for three roubles or you are left without a wagon tomorrow.” Another conversation is also possible when the same metallurgist tells the partner: “Now you carry metal only to the west, because we transport it to the east.” I am convinced, we cannot allow this to happen,” says Maltsev firmly.
They Are Not Happy with the Price
Independent operators, on the contrary, are interested in acquiring captive companies. In the First Freight Company they told us that captive structures are very attractive to large operators, including the FFC, in terms of mergers or creation of joint ventures as they are provided with a stable cargo flow.
Indeed, every large and successful operator company tries to maintain a long-term partnership with one or several cargo owners; however they tend to avoid strict contractual obligations regarding the transportation of finished goods.
One should not forget that captive companies, unlike their partners, are obliged to provide a transportation service, get the rolling stock ready for loading, and sometimes to work out and submit for approval the plans and the terms of cargo transportations. According to Mr Ryabov, those factors make it unreasonable for an operator to acquire a captive company as they are rather different in terms of their goals and the specific features of their activities. Moreover, this purchase could hardly be approved by a parent company, which otherwise loses its security mechanism in the event of any changes on the transport market and runs the risk of failing to deliver its products.
However, independent operators are ready to buy captive companies along with their cargo base. According to Mr Maltsev, these deals can be attractive. Several industrial companies show that they are willing to sell their captive businesses. “They cannot agree upon the price of the deal between a seller and a buyer. The price of any business is formed according to its ability to generate revenue streams. Meanwhile, a captive company performs in the hothouse rather than market conditions. A parent company offers its captive subsidiary certain preferences, in terms of price in particular,” says Mr Malstev. From his point of view, market price for such a company is reasonable only if the cargo base is included (at least for a more or less long period of time). It is reasonable to buy the rolling stock exclusively with a significant discount, which the sellers are not ready to offer.
Are You Going to Buy? We Are Not Going to Sell
Contrary to Mr Maltsev’s opinion, representatives of the large industrial companies note that they are not going to sell their captive operators. For instance, Mechel group employs Mechel-Trans as its main forwarding company, which transports goods by using its own rolling stock as well as the rolling stock of other operators. The company regulates the balance between its own and rented rolling stock on the basis of economic and transportation efficiency. Mechel-Trans shows stable development, and the parent company does not plan to sell it.
Almost the same situation exists in SIBUR. Here, SIBUR-Trans is assigned to deliver raw materials and transport the company’s products. The company provides 99% of the transportation volumes of petrochemicals for the holding. As the company’s representatives said, the operator mostly uses its own rolling stock as well as rented and engaged fleet.
According to Rashid Nureev, Head of the Department for Information Policy at SIBUR, the company’s own rolling stock makes transportation economically more viable. Moreover, as Mr Nureev points out, apart from the direct economic effect, having its own rolling stock has another advantage. Under the specific market conditions, when transportation plans are constantly adjusted, having your rolling stock at hand guarantees faultless deliveries. “Transportations in SIBUR are the part of technological process and the logistical element in the sales system,” says Mr Nureev.
During the last few years SIBUR has been heavily investing in the creation of its own transport enterprise to ensure reliable transportation of raw materials and products. This transport enterprise guarantees undisturbed cargo flow in a specific market sector, and thus the holding is not going to sell it.
The Magnitogorsk Iron and Steel Works (MMK) shares the same opinion. According to Michael Scherbinin, Head of Transport Office, MMK finds it beneficial to have its own transport company for many reasons and the idea of selling it is even not discussed.
Opinions Vary
When we asked the representatives of independent and captive operators to describe the future of the railway transportation market, it turned out that they made quite opposite predictions.
Independent operators believe that tomorrow is with them, i.e. in a few years only large companies along with RZD subsidiaries and private operators, which will either merge with the transport companies of cargo owners or provide them with outsourcing services, will stay on the market. Captive companies, on the contrary, expect the cargo owners to establish their own operators, which will occupy an increasing share of the market and perform as regular carries.
Time will show who is right. It is clear now that both parties are looking for a safety measure, either in the form of a guaranteed cargo base or sustainable and affordable tariff rates. Even if a cargo owner is ready to sell its captive company, the terms of agreement will obviously be tough.
by Nadezhda Vtorushina
viewpoint
Dmitry Ryabov,
Leading Manager for Operational Activities at Railway Transportation Service at Uralchem-Trans:
– We already see large operators on the market such as the FFC, NPK, ITC and others. However it is difficult to predict the size of market shares of RZD subsidiaries, independent operators and captive companies. What is even more unclear is the total number of freight wagons available in Russia, given that that RZD rolling stock is heavily worn.
The Second Freight Company, which is another major market player, has been established and soon small-scale owners will be forced to leave the market, which will be occupied by large companies. At the same time, captive companies will keep or even extend the share of their rolling stock, since this is the only way for the parent companies to secure the delivery of raw materials and transportation of final goods. Apparently, the captive companies will have up to 50% of the rolling stock fleet, but they will have to perform as operator companies to lessen their logistical costs.
Sergey Maltsev,
CEO Globaltrans:
– The price of a captive company will be adequate to its real market price only if the conditions under which it operates do not change after the company is sold. It should be legally guaranteed that the buyer will be supplied with a cargo base for a period of, say, five years. In this case the deal implies the purchase of a fully-fledged business. Otherwise if I buy just a rolling stock fleet, which I cannot use immediately on the market, there should be a reasonable discount. However, the seller is not ready for this.
Russian legislation lacks the safety mechanisms that would allow the buyer of a captive company to keep the cargo base after a purchase. In my opinion, it is possible only if the money is paid out, say, during the following five years. However the seller is not motivated to spread payment terms.
Michael Scherbinin,
Head of Transport Office at the Magnitogorsk Iron and Steel Works:
– The reasons why MMK chooses in favour of a captive operator are obvious as long as there are certain requirements for a transport company which are imposed by a manufacturing technology.
Firstly, versatile rolling stock enables us to use the private fleet to deliver cargo to different consignees. In other words, any wagon can be used on any direction, as long as all the rolling stock is depersonalised. This approach excludes rolling stock congestion while waiting for upload as well as additional shunting serviced and, consequently, does not cause a rise in charges for the use of wagons. Secondly, a captive operator is forced to take into consideration the cargo owner’s opinion even if it involves commercial losses. Thirdly, our company has no additional expenses as we do not have to administer contracts with operators or control traffic.
At the same time, MMK employs independent operators to transport metal goods, which are always available at the warehouses. If the operator delivers the wagons, they will be uploaded shortly. With the absence of the inventory rolling stock our transport service engages operators to transport finished goods, because one of the key objectives is a reduction of transportation costs in the price of products. We are not going to sell our captive operator.
[~DETAIL_TEXT] => Operators Do Differ
Experts insist on separating such notions as an independent operator and a captive operator. Strictly speaking, the latest trend is to juxtapose these transport market entities. We try to find out why this trend has turned up right now.
At the very beginning of the operator movement railways suffered from a severe lack of rolling stock. The necessity to fill this vacuum as soon as possible was so obvious that it did not matter which companies invested in the replenishment of a common rolling stock fleet.
As a result, independent operator companies and transport companies, which were established by large cargo owners, i.e. captive operators, did not differ much in their activities. Captive operators fulfilled the same functions and transported the goods of their parent companies as well as those of other clients. At the same time independent operators often provided large cargo owners, which possessed their own transport companies, with transport services.
This mostly depended on the type of rolling stock available to the operator company. “Initially, the captive companies were established to provide services for their parent companies exclusively. A part of these companies had a specialized rolling stock (like, for instance, our company), which cannot be loaded anywhere other than at their parent company. Others, on the contrary, possessed all-purpose rolling stock fleet and were rather successful on the open market,” says Dmitry Ryabov, Leading Expert for Operational Activities at Railway Transportation Service at Uralchem-Trans.
According to Sergey Maltsev, CEO of Globaltrans Group, when captive companies appeared on the transport market at the beginning of the formation of the branch, their parent companies (mostly the companies which exported raw materials) were driven by different motives. However, they all wanted to secure their manufacturing process in terms of transportation of their products. When the railway branch reached a reform stage, market participants found it hard to predict the final market configuration. “Captive companies were established as a safety mechanism rather than as fully-fledged railway carriers. After all, even the largest industrial enterprises cannot provide enough cargo flow to develop a large-scale transport business. To enhance efficiency the company has to enter other markets, which by default transforms a captive enterprise into a professional market participant,” Mr Maltsev points out.
However, most operators state that given the inevitable tendency for merger as well as the consequences of the economic crisis, the number of rolling stock owners (mostly operators) has halved during the last two years. During the crisis nearly 200,000 wagons were idling and competition for cargo became real. These highlighted the difference between the independent operators, which had to look for cargo and clients, and the captive operators with their guaranteed workload. At the same time cargo owners fear a new growth of tariff rates, given that inventory rolling stock is now being turned over to private hands, and do their best to secure themselves by strengthening their operator companies and thus prepare for the times when carries will not possess their own rolling stock.
Struggling for a Less Transport Workload
According to our Annual Rating of Operators seven out of the twenty largest companies are captive. Among them are Gazpromtrans, YTS, Independent Transport Company (ITC), SIBUR-Trans, Metalloinvesttrans and etc.
Moreover, with respect to transportation volumes, several captive companies are in the top ten, even though, as a rule, independent operators are the leaders in terms of the amount of rolling stock in possession. Experts attribute this to the fact that the rolling stock fleet of a captive company is often on the balance of its parent company and is rented for a nominal fee to provide the latter with a transportation service.
The share of captive companies in the rolling stock fleet varies according to different estimates. Experts from the First Freight Company (FFC) say that captives possess nearly 15% of the rolling stock, which operates on the RZD network. Experts from other companies mention the share of 40-50%. The market share of captive operators in the traffic of goods in different kinds of rolling stock also varies; according to FFC, they occupy from 10 to 65% of the market. For instance, there is tough competition between captive and independent operators for transportation of mineral cargo with the former getting a share of 60-70%, bulk cement of 40%, transportation in rail tanks reaches nearly 21% and transportations in open wagons come up to nearly 10%. Whereas the major metallurgical holdings carry up to 40% of their products via their own transport companies: Magnitogorsk Iron and Steel Works (40%), Metalloinvest (35%), NLMK (24%). On the other hand, the already mentioned ITC, apart from other business activities, transports metal scrap from central regions of Russia. This is a relatively new business for the company, which comes from outside and is not provided by its parent company.
According to Mr Ryabov, during the economic crisis captive companies did not change their strategy. It is natural that they try to reduce expenses. However, with the client base, personnel and a system for tracking and controlling transportations, any changes are unreasonable. At the same time, experts in Uralchem-Trans state that at present not a single captive company is able to meet the demands of its parent company for all-purpose rolling stock, which again leads to the necessity to employ third-party wagons as well as develop efficient logistics schemes for their own rolling stock. “In 2010 some captive companies, on the contrary, started providing cargo owners other than their parent companies with rolling stock. This enables to enhance the efficiency of the rolling stock and reduce the transportation costs,” says Mr Ryabov.
On the other hand, most captive operators focused on servicing their holding companies. Furthermore, experts from the First Freight Company point out, that cargo owners actively establish their transport subsidiaries or joint ventures with wagon builders in order to lessen the infrastructure workload on each transported ton of cargo. In 2009, a new operator appeared on the market. Vostokneftetrans, which is a joint venture of Transneft and Uralwagonzavod, focuses on the transportation of bulk oil. ANK Bashneft intends to create its subsidiary and hand over all the tank wagons owned by Bashnefteproduct and the plants from Ufa group to a newly established company. United Grain Company also plans to establish an independent transport company to reduce the costs.
Globaltrans also admits that the strategy of captive companies did not change much before and after the crisis. The reforms are not over and consequently the market is not completely shaped. However, according to Mr Maltsev, in the near future, when the structural reform reaches it logical end, the strategies of captive companies may undergo significant changes.
The final model of the railway transportation market depends on the state. With a proper configurationl, the market will toss out the unfair parties. Only strong ones, which follow the principle of healthy competition, will stay on the market and that will guarantee the customers a stable and safe rail transportation process. “In this case the customers will benefit more from outsourcing to professional companies, both in terms of price and quality, than from using their own rolling stock. A crucial problem of ensuring the transportation safety can be solved not only by having a captive company on hand, but, for example, through a financial commitment of the operator, specified in an agreement. In this way the companies will be able to protect themselves from an unexpected failure to provide rolling stock by the operator. However this is a question of time. With a proper market configuration and without price pressure on economy on the part of the market participants, industrial enterprises will start thinking about how to get rid of their own rolling stock,” says Mr Maltsev.
Why Don’t They Buy a Share in the SFC?
However cargo owners are not eager to get rid of their own rolling stock. On the contrary, they try to enlarge it. The fact that 10,000 open wagons from RZD were auctioned and obtained by ITC speaks volumes. Apparently, with the Second Freight Company due to appear, it is high time the cargo owners remembered about such a safety measure as their own transport company.
According to Alexander Shindyapin, CEO of YTS, with this purchase ITC tries to secure it risks and avoid dependence on the rolling stock of a large operator. “Resource holders will continue trying to acquire the shares in the independent operator companies and/or their own rolling stock. In my opinion, they can lessen their transportation costs and consequently the final price of their goods by extending their rolling stock fleet and participating in the management of the FFC and the SFC,” adds Mr Shindyapin. Mr Ryabov, in turn, considers that the purchase of FFC and SFC shares by captive companies can be seen only as an option for investment unless they can guarantee to meet the need for rolling stock of their parent companies.
Globaltrans adheres to another point of view. Sergey Maltsev finds it unacceptable for the captive companies to buy shares in the FFC and the SFC. From his point of view, it is important to maintain a balance of interests between the customers on the transport market. While it is reasonable when large industrial groups buy shares in transport companies on a public market, it is unacceptable when they obtain unrestricted access to their management.
“In this case a metallurgist is able to tell a coaler: “Either you sell me coal for three roubles or you are left without a wagon tomorrow.” Another conversation is also possible when the same metallurgist tells the partner: “Now you carry metal only to the west, because we transport it to the east.” I am convinced, we cannot allow this to happen,” says Maltsev firmly.
They Are Not Happy with the Price
Independent operators, on the contrary, are interested in acquiring captive companies. In the First Freight Company they told us that captive structures are very attractive to large operators, including the FFC, in terms of mergers or creation of joint ventures as they are provided with a stable cargo flow.
Indeed, every large and successful operator company tries to maintain a long-term partnership with one or several cargo owners; however they tend to avoid strict contractual obligations regarding the transportation of finished goods.
One should not forget that captive companies, unlike their partners, are obliged to provide a transportation service, get the rolling stock ready for loading, and sometimes to work out and submit for approval the plans and the terms of cargo transportations. According to Mr Ryabov, those factors make it unreasonable for an operator to acquire a captive company as they are rather different in terms of their goals and the specific features of their activities. Moreover, this purchase could hardly be approved by a parent company, which otherwise loses its security mechanism in the event of any changes on the transport market and runs the risk of failing to deliver its products.
However, independent operators are ready to buy captive companies along with their cargo base. According to Mr Maltsev, these deals can be attractive. Several industrial companies show that they are willing to sell their captive businesses. “They cannot agree upon the price of the deal between a seller and a buyer. The price of any business is formed according to its ability to generate revenue streams. Meanwhile, a captive company performs in the hothouse rather than market conditions. A parent company offers its captive subsidiary certain preferences, in terms of price in particular,” says Mr Malstev. From his point of view, market price for such a company is reasonable only if the cargo base is included (at least for a more or less long period of time). It is reasonable to buy the rolling stock exclusively with a significant discount, which the sellers are not ready to offer.
Are You Going to Buy? We Are Not Going to Sell
Contrary to Mr Maltsev’s opinion, representatives of the large industrial companies note that they are not going to sell their captive operators. For instance, Mechel group employs Mechel-Trans as its main forwarding company, which transports goods by using its own rolling stock as well as the rolling stock of other operators. The company regulates the balance between its own and rented rolling stock on the basis of economic and transportation efficiency. Mechel-Trans shows stable development, and the parent company does not plan to sell it.
Almost the same situation exists in SIBUR. Here, SIBUR-Trans is assigned to deliver raw materials and transport the company’s products. The company provides 99% of the transportation volumes of petrochemicals for the holding. As the company’s representatives said, the operator mostly uses its own rolling stock as well as rented and engaged fleet.
According to Rashid Nureev, Head of the Department for Information Policy at SIBUR, the company’s own rolling stock makes transportation economically more viable. Moreover, as Mr Nureev points out, apart from the direct economic effect, having its own rolling stock has another advantage. Under the specific market conditions, when transportation plans are constantly adjusted, having your rolling stock at hand guarantees faultless deliveries. “Transportations in SIBUR are the part of technological process and the logistical element in the sales system,” says Mr Nureev.
During the last few years SIBUR has been heavily investing in the creation of its own transport enterprise to ensure reliable transportation of raw materials and products. This transport enterprise guarantees undisturbed cargo flow in a specific market sector, and thus the holding is not going to sell it.
The Magnitogorsk Iron and Steel Works (MMK) shares the same opinion. According to Michael Scherbinin, Head of Transport Office, MMK finds it beneficial to have its own transport company for many reasons and the idea of selling it is even not discussed.
Opinions Vary
When we asked the representatives of independent and captive operators to describe the future of the railway transportation market, it turned out that they made quite opposite predictions.
Independent operators believe that tomorrow is with them, i.e. in a few years only large companies along with RZD subsidiaries and private operators, which will either merge with the transport companies of cargo owners or provide them with outsourcing services, will stay on the market. Captive companies, on the contrary, expect the cargo owners to establish their own operators, which will occupy an increasing share of the market and perform as regular carries.
Time will show who is right. It is clear now that both parties are looking for a safety measure, either in the form of a guaranteed cargo base or sustainable and affordable tariff rates. Even if a cargo owner is ready to sell its captive company, the terms of agreement will obviously be tough.
by Nadezhda Vtorushina
viewpoint
Dmitry Ryabov,
Leading Manager for Operational Activities at Railway Transportation Service at Uralchem-Trans:
– We already see large operators on the market such as the FFC, NPK, ITC and others. However it is difficult to predict the size of market shares of RZD subsidiaries, independent operators and captive companies. What is even more unclear is the total number of freight wagons available in Russia, given that that RZD rolling stock is heavily worn.
The Second Freight Company, which is another major market player, has been established and soon small-scale owners will be forced to leave the market, which will be occupied by large companies. At the same time, captive companies will keep or even extend the share of their rolling stock, since this is the only way for the parent companies to secure the delivery of raw materials and transportation of final goods. Apparently, the captive companies will have up to 50% of the rolling stock fleet, but they will have to perform as operator companies to lessen their logistical costs.
Sergey Maltsev,
CEO Globaltrans:
– The price of a captive company will be adequate to its real market price only if the conditions under which it operates do not change after the company is sold. It should be legally guaranteed that the buyer will be supplied with a cargo base for a period of, say, five years. In this case the deal implies the purchase of a fully-fledged business. Otherwise if I buy just a rolling stock fleet, which I cannot use immediately on the market, there should be a reasonable discount. However, the seller is not ready for this.
Russian legislation lacks the safety mechanisms that would allow the buyer of a captive company to keep the cargo base after a purchase. In my opinion, it is possible only if the money is paid out, say, during the following five years. However the seller is not motivated to spread payment terms.
Michael Scherbinin,
Head of Transport Office at the Magnitogorsk Iron and Steel Works:
– The reasons why MMK chooses in favour of a captive operator are obvious as long as there are certain requirements for a transport company which are imposed by a manufacturing technology.
Firstly, versatile rolling stock enables us to use the private fleet to deliver cargo to different consignees. In other words, any wagon can be used on any direction, as long as all the rolling stock is depersonalised. This approach excludes rolling stock congestion while waiting for upload as well as additional shunting serviced and, consequently, does not cause a rise in charges for the use of wagons. Secondly, a captive operator is forced to take into consideration the cargo owner’s opinion even if it involves commercial losses. Thirdly, our company has no additional expenses as we do not have to administer contracts with operators or control traffic.
At the same time, MMK employs independent operators to transport metal goods, which are always available at the warehouses. If the operator delivers the wagons, they will be uploaded shortly. With the absence of the inventory rolling stock our transport service engages operators to transport finished goods, because one of the key objectives is a reduction of transportation costs in the price of products. We are not going to sell our captive operator.
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[DETAIL_TEXT] => Operators Do Differ
Experts insist on separating such notions as an independent operator and a captive operator. Strictly speaking, the latest trend is to juxtapose these transport market entities. We try to find out why this trend has turned up right now.
At the very beginning of the operator movement railways suffered from a severe lack of rolling stock. The necessity to fill this vacuum as soon as possible was so obvious that it did not matter which companies invested in the replenishment of a common rolling stock fleet.
As a result, independent operator companies and transport companies, which were established by large cargo owners, i.e. captive operators, did not differ much in their activities. Captive operators fulfilled the same functions and transported the goods of their parent companies as well as those of other clients. At the same time independent operators often provided large cargo owners, which possessed their own transport companies, with transport services.
This mostly depended on the type of rolling stock available to the operator company. “Initially, the captive companies were established to provide services for their parent companies exclusively. A part of these companies had a specialized rolling stock (like, for instance, our company), which cannot be loaded anywhere other than at their parent company. Others, on the contrary, possessed all-purpose rolling stock fleet and were rather successful on the open market,” says Dmitry Ryabov, Leading Expert for Operational Activities at Railway Transportation Service at Uralchem-Trans.
According to Sergey Maltsev, CEO of Globaltrans Group, when captive companies appeared on the transport market at the beginning of the formation of the branch, their parent companies (mostly the companies which exported raw materials) were driven by different motives. However, they all wanted to secure their manufacturing process in terms of transportation of their products. When the railway branch reached a reform stage, market participants found it hard to predict the final market configuration. “Captive companies were established as a safety mechanism rather than as fully-fledged railway carriers. After all, even the largest industrial enterprises cannot provide enough cargo flow to develop a large-scale transport business. To enhance efficiency the company has to enter other markets, which by default transforms a captive enterprise into a professional market participant,” Mr Maltsev points out.
However, most operators state that given the inevitable tendency for merger as well as the consequences of the economic crisis, the number of rolling stock owners (mostly operators) has halved during the last two years. During the crisis nearly 200,000 wagons were idling and competition for cargo became real. These highlighted the difference between the independent operators, which had to look for cargo and clients, and the captive operators with their guaranteed workload. At the same time cargo owners fear a new growth of tariff rates, given that inventory rolling stock is now being turned over to private hands, and do their best to secure themselves by strengthening their operator companies and thus prepare for the times when carries will not possess their own rolling stock.
Struggling for a Less Transport Workload
According to our Annual Rating of Operators seven out of the twenty largest companies are captive. Among them are Gazpromtrans, YTS, Independent Transport Company (ITC), SIBUR-Trans, Metalloinvesttrans and etc.
Moreover, with respect to transportation volumes, several captive companies are in the top ten, even though, as a rule, independent operators are the leaders in terms of the amount of rolling stock in possession. Experts attribute this to the fact that the rolling stock fleet of a captive company is often on the balance of its parent company and is rented for a nominal fee to provide the latter with a transportation service.
The share of captive companies in the rolling stock fleet varies according to different estimates. Experts from the First Freight Company (FFC) say that captives possess nearly 15% of the rolling stock, which operates on the RZD network. Experts from other companies mention the share of 40-50%. The market share of captive operators in the traffic of goods in different kinds of rolling stock also varies; according to FFC, they occupy from 10 to 65% of the market. For instance, there is tough competition between captive and independent operators for transportation of mineral cargo with the former getting a share of 60-70%, bulk cement of 40%, transportation in rail tanks reaches nearly 21% and transportations in open wagons come up to nearly 10%. Whereas the major metallurgical holdings carry up to 40% of their products via their own transport companies: Magnitogorsk Iron and Steel Works (40%), Metalloinvest (35%), NLMK (24%). On the other hand, the already mentioned ITC, apart from other business activities, transports metal scrap from central regions of Russia. This is a relatively new business for the company, which comes from outside and is not provided by its parent company.
According to Mr Ryabov, during the economic crisis captive companies did not change their strategy. It is natural that they try to reduce expenses. However, with the client base, personnel and a system for tracking and controlling transportations, any changes are unreasonable. At the same time, experts in Uralchem-Trans state that at present not a single captive company is able to meet the demands of its parent company for all-purpose rolling stock, which again leads to the necessity to employ third-party wagons as well as develop efficient logistics schemes for their own rolling stock. “In 2010 some captive companies, on the contrary, started providing cargo owners other than their parent companies with rolling stock. This enables to enhance the efficiency of the rolling stock and reduce the transportation costs,” says Mr Ryabov.
On the other hand, most captive operators focused on servicing their holding companies. Furthermore, experts from the First Freight Company point out, that cargo owners actively establish their transport subsidiaries or joint ventures with wagon builders in order to lessen the infrastructure workload on each transported ton of cargo. In 2009, a new operator appeared on the market. Vostokneftetrans, which is a joint venture of Transneft and Uralwagonzavod, focuses on the transportation of bulk oil. ANK Bashneft intends to create its subsidiary and hand over all the tank wagons owned by Bashnefteproduct and the plants from Ufa group to a newly established company. United Grain Company also plans to establish an independent transport company to reduce the costs.
Globaltrans also admits that the strategy of captive companies did not change much before and after the crisis. The reforms are not over and consequently the market is not completely shaped. However, according to Mr Maltsev, in the near future, when the structural reform reaches it logical end, the strategies of captive companies may undergo significant changes.
The final model of the railway transportation market depends on the state. With a proper configurationl, the market will toss out the unfair parties. Only strong ones, which follow the principle of healthy competition, will stay on the market and that will guarantee the customers a stable and safe rail transportation process. “In this case the customers will benefit more from outsourcing to professional companies, both in terms of price and quality, than from using their own rolling stock. A crucial problem of ensuring the transportation safety can be solved not only by having a captive company on hand, but, for example, through a financial commitment of the operator, specified in an agreement. In this way the companies will be able to protect themselves from an unexpected failure to provide rolling stock by the operator. However this is a question of time. With a proper market configuration and without price pressure on economy on the part of the market participants, industrial enterprises will start thinking about how to get rid of their own rolling stock,” says Mr Maltsev.
Why Don’t They Buy a Share in the SFC?
However cargo owners are not eager to get rid of their own rolling stock. On the contrary, they try to enlarge it. The fact that 10,000 open wagons from RZD were auctioned and obtained by ITC speaks volumes. Apparently, with the Second Freight Company due to appear, it is high time the cargo owners remembered about such a safety measure as their own transport company.
According to Alexander Shindyapin, CEO of YTS, with this purchase ITC tries to secure it risks and avoid dependence on the rolling stock of a large operator. “Resource holders will continue trying to acquire the shares in the independent operator companies and/or their own rolling stock. In my opinion, they can lessen their transportation costs and consequently the final price of their goods by extending their rolling stock fleet and participating in the management of the FFC and the SFC,” adds Mr Shindyapin. Mr Ryabov, in turn, considers that the purchase of FFC and SFC shares by captive companies can be seen only as an option for investment unless they can guarantee to meet the need for rolling stock of their parent companies.
Globaltrans adheres to another point of view. Sergey Maltsev finds it unacceptable for the captive companies to buy shares in the FFC and the SFC. From his point of view, it is important to maintain a balance of interests between the customers on the transport market. While it is reasonable when large industrial groups buy shares in transport companies on a public market, it is unacceptable when they obtain unrestricted access to their management.
“In this case a metallurgist is able to tell a coaler: “Either you sell me coal for three roubles or you are left without a wagon tomorrow.” Another conversation is also possible when the same metallurgist tells the partner: “Now you carry metal only to the west, because we transport it to the east.” I am convinced, we cannot allow this to happen,” says Maltsev firmly.
They Are Not Happy with the Price
Independent operators, on the contrary, are interested in acquiring captive companies. In the First Freight Company they told us that captive structures are very attractive to large operators, including the FFC, in terms of mergers or creation of joint ventures as they are provided with a stable cargo flow.
Indeed, every large and successful operator company tries to maintain a long-term partnership with one or several cargo owners; however they tend to avoid strict contractual obligations regarding the transportation of finished goods.
One should not forget that captive companies, unlike their partners, are obliged to provide a transportation service, get the rolling stock ready for loading, and sometimes to work out and submit for approval the plans and the terms of cargo transportations. According to Mr Ryabov, those factors make it unreasonable for an operator to acquire a captive company as they are rather different in terms of their goals and the specific features of their activities. Moreover, this purchase could hardly be approved by a parent company, which otherwise loses its security mechanism in the event of any changes on the transport market and runs the risk of failing to deliver its products.
However, independent operators are ready to buy captive companies along with their cargo base. According to Mr Maltsev, these deals can be attractive. Several industrial companies show that they are willing to sell their captive businesses. “They cannot agree upon the price of the deal between a seller and a buyer. The price of any business is formed according to its ability to generate revenue streams. Meanwhile, a captive company performs in the hothouse rather than market conditions. A parent company offers its captive subsidiary certain preferences, in terms of price in particular,” says Mr Malstev. From his point of view, market price for such a company is reasonable only if the cargo base is included (at least for a more or less long period of time). It is reasonable to buy the rolling stock exclusively with a significant discount, which the sellers are not ready to offer.
Are You Going to Buy? We Are Not Going to Sell
Contrary to Mr Maltsev’s opinion, representatives of the large industrial companies note that they are not going to sell their captive operators. For instance, Mechel group employs Mechel-Trans as its main forwarding company, which transports goods by using its own rolling stock as well as the rolling stock of other operators. The company regulates the balance between its own and rented rolling stock on the basis of economic and transportation efficiency. Mechel-Trans shows stable development, and the parent company does not plan to sell it.
Almost the same situation exists in SIBUR. Here, SIBUR-Trans is assigned to deliver raw materials and transport the company’s products. The company provides 99% of the transportation volumes of petrochemicals for the holding. As the company’s representatives said, the operator mostly uses its own rolling stock as well as rented and engaged fleet.
According to Rashid Nureev, Head of the Department for Information Policy at SIBUR, the company’s own rolling stock makes transportation economically more viable. Moreover, as Mr Nureev points out, apart from the direct economic effect, having its own rolling stock has another advantage. Under the specific market conditions, when transportation plans are constantly adjusted, having your rolling stock at hand guarantees faultless deliveries. “Transportations in SIBUR are the part of technological process and the logistical element in the sales system,” says Mr Nureev.
During the last few years SIBUR has been heavily investing in the creation of its own transport enterprise to ensure reliable transportation of raw materials and products. This transport enterprise guarantees undisturbed cargo flow in a specific market sector, and thus the holding is not going to sell it.
The Magnitogorsk Iron and Steel Works (MMK) shares the same opinion. According to Michael Scherbinin, Head of Transport Office, MMK finds it beneficial to have its own transport company for many reasons and the idea of selling it is even not discussed.
Opinions Vary
When we asked the representatives of independent and captive operators to describe the future of the railway transportation market, it turned out that they made quite opposite predictions.
Independent operators believe that tomorrow is with them, i.e. in a few years only large companies along with RZD subsidiaries and private operators, which will either merge with the transport companies of cargo owners or provide them with outsourcing services, will stay on the market. Captive companies, on the contrary, expect the cargo owners to establish their own operators, which will occupy an increasing share of the market and perform as regular carries.
Time will show who is right. It is clear now that both parties are looking for a safety measure, either in the form of a guaranteed cargo base or sustainable and affordable tariff rates. Even if a cargo owner is ready to sell its captive company, the terms of agreement will obviously be tough.
by Nadezhda Vtorushina
viewpoint
Dmitry Ryabov,
Leading Manager for Operational Activities at Railway Transportation Service at Uralchem-Trans:
– We already see large operators on the market such as the FFC, NPK, ITC and others. However it is difficult to predict the size of market shares of RZD subsidiaries, independent operators and captive companies. What is even more unclear is the total number of freight wagons available in Russia, given that that RZD rolling stock is heavily worn.
The Second Freight Company, which is another major market player, has been established and soon small-scale owners will be forced to leave the market, which will be occupied by large companies. At the same time, captive companies will keep or even extend the share of their rolling stock, since this is the only way for the parent companies to secure the delivery of raw materials and transportation of final goods. Apparently, the captive companies will have up to 50% of the rolling stock fleet, but they will have to perform as operator companies to lessen their logistical costs.
Sergey Maltsev,
CEO Globaltrans:
– The price of a captive company will be adequate to its real market price only if the conditions under which it operates do not change after the company is sold. It should be legally guaranteed that the buyer will be supplied with a cargo base for a period of, say, five years. In this case the deal implies the purchase of a fully-fledged business. Otherwise if I buy just a rolling stock fleet, which I cannot use immediately on the market, there should be a reasonable discount. However, the seller is not ready for this.
Russian legislation lacks the safety mechanisms that would allow the buyer of a captive company to keep the cargo base after a purchase. In my opinion, it is possible only if the money is paid out, say, during the following five years. However the seller is not motivated to spread payment terms.
Michael Scherbinin,
Head of Transport Office at the Magnitogorsk Iron and Steel Works:
– The reasons why MMK chooses in favour of a captive operator are obvious as long as there are certain requirements for a transport company which are imposed by a manufacturing technology.
Firstly, versatile rolling stock enables us to use the private fleet to deliver cargo to different consignees. In other words, any wagon can be used on any direction, as long as all the rolling stock is depersonalised. This approach excludes rolling stock congestion while waiting for upload as well as additional shunting serviced and, consequently, does not cause a rise in charges for the use of wagons. Secondly, a captive operator is forced to take into consideration the cargo owner’s opinion even if it involves commercial losses. Thirdly, our company has no additional expenses as we do not have to administer contracts with operators or control traffic.
At the same time, MMK employs independent operators to transport metal goods, which are always available at the warehouses. If the operator delivers the wagons, they will be uploaded shortly. With the absence of the inventory rolling stock our transport service engages operators to transport finished goods, because one of the key objectives is a reduction of transportation costs in the price of products. We are not going to sell our captive operator.
[~DETAIL_TEXT] => Operators Do Differ
Experts insist on separating such notions as an independent operator and a captive operator. Strictly speaking, the latest trend is to juxtapose these transport market entities. We try to find out why this trend has turned up right now.
At the very beginning of the operator movement railways suffered from a severe lack of rolling stock. The necessity to fill this vacuum as soon as possible was so obvious that it did not matter which companies invested in the replenishment of a common rolling stock fleet.
As a result, independent operator companies and transport companies, which were established by large cargo owners, i.e. captive operators, did not differ much in their activities. Captive operators fulfilled the same functions and transported the goods of their parent companies as well as those of other clients. At the same time independent operators often provided large cargo owners, which possessed their own transport companies, with transport services.
This mostly depended on the type of rolling stock available to the operator company. “Initially, the captive companies were established to provide services for their parent companies exclusively. A part of these companies had a specialized rolling stock (like, for instance, our company), which cannot be loaded anywhere other than at their parent company. Others, on the contrary, possessed all-purpose rolling stock fleet and were rather successful on the open market,” says Dmitry Ryabov, Leading Expert for Operational Activities at Railway Transportation Service at Uralchem-Trans.
According to Sergey Maltsev, CEO of Globaltrans Group, when captive companies appeared on the transport market at the beginning of the formation of the branch, their parent companies (mostly the companies which exported raw materials) were driven by different motives. However, they all wanted to secure their manufacturing process in terms of transportation of their products. When the railway branch reached a reform stage, market participants found it hard to predict the final market configuration. “Captive companies were established as a safety mechanism rather than as fully-fledged railway carriers. After all, even the largest industrial enterprises cannot provide enough cargo flow to develop a large-scale transport business. To enhance efficiency the company has to enter other markets, which by default transforms a captive enterprise into a professional market participant,” Mr Maltsev points out.
However, most operators state that given the inevitable tendency for merger as well as the consequences of the economic crisis, the number of rolling stock owners (mostly operators) has halved during the last two years. During the crisis nearly 200,000 wagons were idling and competition for cargo became real. These highlighted the difference between the independent operators, which had to look for cargo and clients, and the captive operators with their guaranteed workload. At the same time cargo owners fear a new growth of tariff rates, given that inventory rolling stock is now being turned over to private hands, and do their best to secure themselves by strengthening their operator companies and thus prepare for the times when carries will not possess their own rolling stock.
Struggling for a Less Transport Workload
According to our Annual Rating of Operators seven out of the twenty largest companies are captive. Among them are Gazpromtrans, YTS, Independent Transport Company (ITC), SIBUR-Trans, Metalloinvesttrans and etc.
Moreover, with respect to transportation volumes, several captive companies are in the top ten, even though, as a rule, independent operators are the leaders in terms of the amount of rolling stock in possession. Experts attribute this to the fact that the rolling stock fleet of a captive company is often on the balance of its parent company and is rented for a nominal fee to provide the latter with a transportation service.
The share of captive companies in the rolling stock fleet varies according to different estimates. Experts from the First Freight Company (FFC) say that captives possess nearly 15% of the rolling stock, which operates on the RZD network. Experts from other companies mention the share of 40-50%. The market share of captive operators in the traffic of goods in different kinds of rolling stock also varies; according to FFC, they occupy from 10 to 65% of the market. For instance, there is tough competition between captive and independent operators for transportation of mineral cargo with the former getting a share of 60-70%, bulk cement of 40%, transportation in rail tanks reaches nearly 21% and transportations in open wagons come up to nearly 10%. Whereas the major metallurgical holdings carry up to 40% of their products via their own transport companies: Magnitogorsk Iron and Steel Works (40%), Metalloinvest (35%), NLMK (24%). On the other hand, the already mentioned ITC, apart from other business activities, transports metal scrap from central regions of Russia. This is a relatively new business for the company, which comes from outside and is not provided by its parent company.
According to Mr Ryabov, during the economic crisis captive companies did not change their strategy. It is natural that they try to reduce expenses. However, with the client base, personnel and a system for tracking and controlling transportations, any changes are unreasonable. At the same time, experts in Uralchem-Trans state that at present not a single captive company is able to meet the demands of its parent company for all-purpose rolling stock, which again leads to the necessity to employ third-party wagons as well as develop efficient logistics schemes for their own rolling stock. “In 2010 some captive companies, on the contrary, started providing cargo owners other than their parent companies with rolling stock. This enables to enhance the efficiency of the rolling stock and reduce the transportation costs,” says Mr Ryabov.
On the other hand, most captive operators focused on servicing their holding companies. Furthermore, experts from the First Freight Company point out, that cargo owners actively establish their transport subsidiaries or joint ventures with wagon builders in order to lessen the infrastructure workload on each transported ton of cargo. In 2009, a new operator appeared on the market. Vostokneftetrans, which is a joint venture of Transneft and Uralwagonzavod, focuses on the transportation of bulk oil. ANK Bashneft intends to create its subsidiary and hand over all the tank wagons owned by Bashnefteproduct and the plants from Ufa group to a newly established company. United Grain Company also plans to establish an independent transport company to reduce the costs.
Globaltrans also admits that the strategy of captive companies did not change much before and after the crisis. The reforms are not over and consequently the market is not completely shaped. However, according to Mr Maltsev, in the near future, when the structural reform reaches it logical end, the strategies of captive companies may undergo significant changes.
The final model of the railway transportation market depends on the state. With a proper configurationl, the market will toss out the unfair parties. Only strong ones, which follow the principle of healthy competition, will stay on the market and that will guarantee the customers a stable and safe rail transportation process. “In this case the customers will benefit more from outsourcing to professional companies, both in terms of price and quality, than from using their own rolling stock. A crucial problem of ensuring the transportation safety can be solved not only by having a captive company on hand, but, for example, through a financial commitment of the operator, specified in an agreement. In this way the companies will be able to protect themselves from an unexpected failure to provide rolling stock by the operator. However this is a question of time. With a proper market configuration and without price pressure on economy on the part of the market participants, industrial enterprises will start thinking about how to get rid of their own rolling stock,” says Mr Maltsev.
Why Don’t They Buy a Share in the SFC?
However cargo owners are not eager to get rid of their own rolling stock. On the contrary, they try to enlarge it. The fact that 10,000 open wagons from RZD were auctioned and obtained by ITC speaks volumes. Apparently, with the Second Freight Company due to appear, it is high time the cargo owners remembered about such a safety measure as their own transport company.
According to Alexander Shindyapin, CEO of YTS, with this purchase ITC tries to secure it risks and avoid dependence on the rolling stock of a large operator. “Resource holders will continue trying to acquire the shares in the independent operator companies and/or their own rolling stock. In my opinion, they can lessen their transportation costs and consequently the final price of their goods by extending their rolling stock fleet and participating in the management of the FFC and the SFC,” adds Mr Shindyapin. Mr Ryabov, in turn, considers that the purchase of FFC and SFC shares by captive companies can be seen only as an option for investment unless they can guarantee to meet the need for rolling stock of their parent companies.
Globaltrans adheres to another point of view. Sergey Maltsev finds it unacceptable for the captive companies to buy shares in the FFC and the SFC. From his point of view, it is important to maintain a balance of interests between the customers on the transport market. While it is reasonable when large industrial groups buy shares in transport companies on a public market, it is unacceptable when they obtain unrestricted access to their management.
“In this case a metallurgist is able to tell a coaler: “Either you sell me coal for three roubles or you are left without a wagon tomorrow.” Another conversation is also possible when the same metallurgist tells the partner: “Now you carry metal only to the west, because we transport it to the east.” I am convinced, we cannot allow this to happen,” says Maltsev firmly.
They Are Not Happy with the Price
Independent operators, on the contrary, are interested in acquiring captive companies. In the First Freight Company they told us that captive structures are very attractive to large operators, including the FFC, in terms of mergers or creation of joint ventures as they are provided with a stable cargo flow.
Indeed, every large and successful operator company tries to maintain a long-term partnership with one or several cargo owners; however they tend to avoid strict contractual obligations regarding the transportation of finished goods.
One should not forget that captive companies, unlike their partners, are obliged to provide a transportation service, get the rolling stock ready for loading, and sometimes to work out and submit for approval the plans and the terms of cargo transportations. According to Mr Ryabov, those factors make it unreasonable for an operator to acquire a captive company as they are rather different in terms of their goals and the specific features of their activities. Moreover, this purchase could hardly be approved by a parent company, which otherwise loses its security mechanism in the event of any changes on the transport market and runs the risk of failing to deliver its products.
However, independent operators are ready to buy captive companies along with their cargo base. According to Mr Maltsev, these deals can be attractive. Several industrial companies show that they are willing to sell their captive businesses. “They cannot agree upon the price of the deal between a seller and a buyer. The price of any business is formed according to its ability to generate revenue streams. Meanwhile, a captive company performs in the hothouse rather than market conditions. A parent company offers its captive subsidiary certain preferences, in terms of price in particular,” says Mr Malstev. From his point of view, market price for such a company is reasonable only if the cargo base is included (at least for a more or less long period of time). It is reasonable to buy the rolling stock exclusively with a significant discount, which the sellers are not ready to offer.
Are You Going to Buy? We Are Not Going to Sell
Contrary to Mr Maltsev’s opinion, representatives of the large industrial companies note that they are not going to sell their captive operators. For instance, Mechel group employs Mechel-Trans as its main forwarding company, which transports goods by using its own rolling stock as well as the rolling stock of other operators. The company regulates the balance between its own and rented rolling stock on the basis of economic and transportation efficiency. Mechel-Trans shows stable development, and the parent company does not plan to sell it.
Almost the same situation exists in SIBUR. Here, SIBUR-Trans is assigned to deliver raw materials and transport the company’s products. The company provides 99% of the transportation volumes of petrochemicals for the holding. As the company’s representatives said, the operator mostly uses its own rolling stock as well as rented and engaged fleet.
According to Rashid Nureev, Head of the Department for Information Policy at SIBUR, the company’s own rolling stock makes transportation economically more viable. Moreover, as Mr Nureev points out, apart from the direct economic effect, having its own rolling stock has another advantage. Under the specific market conditions, when transportation plans are constantly adjusted, having your rolling stock at hand guarantees faultless deliveries. “Transportations in SIBUR are the part of technological process and the logistical element in the sales system,” says Mr Nureev.
During the last few years SIBUR has been heavily investing in the creation of its own transport enterprise to ensure reliable transportation of raw materials and products. This transport enterprise guarantees undisturbed cargo flow in a specific market sector, and thus the holding is not going to sell it.
The Magnitogorsk Iron and Steel Works (MMK) shares the same opinion. According to Michael Scherbinin, Head of Transport Office, MMK finds it beneficial to have its own transport company for many reasons and the idea of selling it is even not discussed.
Opinions Vary
When we asked the representatives of independent and captive operators to describe the future of the railway transportation market, it turned out that they made quite opposite predictions.
Independent operators believe that tomorrow is with them, i.e. in a few years only large companies along with RZD subsidiaries and private operators, which will either merge with the transport companies of cargo owners or provide them with outsourcing services, will stay on the market. Captive companies, on the contrary, expect the cargo owners to establish their own operators, which will occupy an increasing share of the market and perform as regular carries.
Time will show who is right. It is clear now that both parties are looking for a safety measure, either in the form of a guaranteed cargo base or sustainable and affordable tariff rates. Even if a cargo owner is ready to sell its captive company, the terms of agreement will obviously be tough.
by Nadezhda Vtorushina
viewpoint
Dmitry Ryabov,
Leading Manager for Operational Activities at Railway Transportation Service at Uralchem-Trans:
– We already see large operators on the market such as the FFC, NPK, ITC and others. However it is difficult to predict the size of market shares of RZD subsidiaries, independent operators and captive companies. What is even more unclear is the total number of freight wagons available in Russia, given that that RZD rolling stock is heavily worn.
The Second Freight Company, which is another major market player, has been established and soon small-scale owners will be forced to leave the market, which will be occupied by large companies. At the same time, captive companies will keep or even extend the share of their rolling stock, since this is the only way for the parent companies to secure the delivery of raw materials and transportation of final goods. Apparently, the captive companies will have up to 50% of the rolling stock fleet, but they will have to perform as operator companies to lessen their logistical costs.
Sergey Maltsev,
CEO Globaltrans:
– The price of a captive company will be adequate to its real market price only if the conditions under which it operates do not change after the company is sold. It should be legally guaranteed that the buyer will be supplied with a cargo base for a period of, say, five years. In this case the deal implies the purchase of a fully-fledged business. Otherwise if I buy just a rolling stock fleet, which I cannot use immediately on the market, there should be a reasonable discount. However, the seller is not ready for this.
Russian legislation lacks the safety mechanisms that would allow the buyer of a captive company to keep the cargo base after a purchase. In my opinion, it is possible only if the money is paid out, say, during the following five years. However the seller is not motivated to spread payment terms.
Michael Scherbinin,
Head of Transport Office at the Magnitogorsk Iron and Steel Works:
– The reasons why MMK chooses in favour of a captive operator are obvious as long as there are certain requirements for a transport company which are imposed by a manufacturing technology.
Firstly, versatile rolling stock enables us to use the private fleet to deliver cargo to different consignees. In other words, any wagon can be used on any direction, as long as all the rolling stock is depersonalised. This approach excludes rolling stock congestion while waiting for upload as well as additional shunting serviced and, consequently, does not cause a rise in charges for the use of wagons. Secondly, a captive operator is forced to take into consideration the cargo owner’s opinion even if it involves commercial losses. Thirdly, our company has no additional expenses as we do not have to administer contracts with operators or control traffic.
At the same time, MMK employs independent operators to transport metal goods, which are always available at the warehouses. If the operator delivers the wagons, they will be uploaded shortly. With the absence of the inventory rolling stock our transport service engages operators to transport finished goods, because one of the key objectives is a reduction of transportation costs in the price of products. We are not going to sell our captive operator.
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[SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/inter/2010/4/17.jpg" border="1" alt=" " hspace="5" width="200" height="222" align="left" />According to cargo owners, the price of the service is the main criteria they follow when choosing an operator. While the Second Freight Company is still being awaited, and cargo owners find it impossible to transport their products according to the rates <br />of the Tariff Regulation, they try to cut their transportation costs by strengthening their own captive operator companies. Independent operators are also interested in such companies.
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[DETAIL_TEXT] => Fitch Assigns Freight One ‘BBB-’ rating; Outlook Stable
Fitch Ratings has assigned Russia-based Freight One Long-term foreign and local currency Issuer Default Ratings (IDR) of ‘BBB-’, and a National Long-term rating of ‘AA+(rus)’. The Outlook is Stable. Fitch has also assigned Freight One Short-term foreign and local currency IDRs of ‘F3’.
The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable). Although there are no direct guarantees by RZD, Freight One represents over 10% of RZD’s consolidated revenues and is therefore a principal subsidiary (as defined in RZD’s Loan Participation Notes). Freight One’s default (among other events) could be an Event of Default for RZD. This factor, together with Fitch’s assessment of the operational and strategic links between Freight One and its parent enables the Long-term IDRs of Freight One to be notched down by one notch from the Long-term IDRs of RZD.
Fitch views Freight One’s standalone business and financial profile commensurate with a Long-term IDR of ‘BB+’.
You may not know ...
Railway rates for moving freight across the territory of the former USSR will now be possible to calculate to the last cent in Europe. This becomes possible thanks to the fact that the St Petersburg company CTM has entered the EU market with its English version of the RAIL-Tariff software.
No doubt that operators working with Russian partners in CIS Baltic countries will get interested in it. Many European firms are choosing partners in Russia not knowing how their service prices are formed. It is not well-known that the price for transportation is common for everybody. Although, availability of such knowledge allows for clear orientation in transportation prices.
Previously, an independent calculation of railway tariff had been rather problematic for European companies for several reasons. For example, rates are changed quite often, and it may happen that the information which has just been updated suddenly becomes outdated. Also, it is necessary to consider a lot of regulatory documents, in order to make calculations accurate. This all is time-consuming and open to errors.
When the English-language version of the RAIL-Tariff software is launched, all companies working with Russian partners will be able to make the most accurate calculation of rail freight prices charged to them on the territory of the former USSR based on the information about current rates and ratios. The software is regularly and automatically updated through the Internet, which guarantees relevance of the information and correct calculations.
St Petersburg company CTM, the developer of the RAIL-Tariff software, gives an opportunity to install English- language software Rail-Tariff from its web-site www.railctm.com and use it for free for two weeks, in order to allow European businesses to fully assess its merits.
Knorr-Bremse Rail Vehicle Systems prepares for brake equipment production in Russia
In the course of September 2010, Knorr-Bremse Rail Vehicle Systems completed the preparations for the production of disc brakes and compressors in Voronezh, Russia. The brake equipment assembly facilities were set up in collaboration with Vagonremmash, a wholly-owned subsidiary of Russian Railways.
The start of production is a significant milestone in cooperation between the two companies. Joint activities were triggered at the 2008 InnoTrans fair, where Knorr-Bremse and RZD signed a memorandum of understanding governing the establishment of a joint venture.
The bogie equipment produced in Voronezh is initially destined for use in Russian passenger coaches built by TVZ, although the equipment can also be used in other types of vehicle. The oil-free compressors assembled in Voronezh can in future be installed in electric multiple units or locomotives, for example. Plans already envisage the expansion of these activities and the establishment of a joint venture company.
Vostochny Port closed its representative office in the USA
Vostochny Port OJSC (Primorsk region) closed its representative office in the USA.
According to the company’s materials, Vostochny Port (U.S.A.) Inc. was closed down on September 27, 2010.
Representatives of the port’s press-service told that the representative office was established in late 1990-s, and it did not carried on any business after 2002. “Nowadays, all the legal formalities to liquidate the representative office are completed,” said the source.
TMKH Vagonostroenie and Tatravagonka intend to set up JV
TMKH Vagonostroenie (included into Transmashholding) and Tatravagonka (Slovakia) signed a memorandum on strategic partnership and foundation of JV at the end of September .
The vice president of RZD, V.Reshetnikov, participated in the talks. The production of the new wagons will be founded on the Transmash site (Saratovsky region). The components will be produced at Bezhitsky Steel Making Plant (Bryansk). The agreement between the above companies was signed in April 2010.
RZD signs deal with Siemens to produce 16 electric trains in Russia
On 21 September at the international InnoTrans 2010 exhibition in Berlin, Russian Railways, Siemens AG, and Siemens Russia signed a contract for the supply of 16 electric trains for suburban passenger transport, with the start of localized production in Russia.
The contract was signed by Russian Railways President Vladimir Yakunin, Siemens Mobility CEO Hans-Jorg Grundmann, and Siemens Russia President Dietrich Möller. The contract follows pre-existing agreements between the companies. Under the contract, 16 electric trains will be supplied.
Their production will be partially localized in Russia (at least 20%). The new rolling stock will be used for suburban services in central and southern Russia. In December 2009, Russian Railways ordered 54 suburban trains from Siemens AG. A contract was later signed for 38 Desiro-class trains, which will be produced at the Siemens plant in Krefeld (Germany).
[~DETAIL_TEXT] => Fitch Assigns Freight One ‘BBB-’ rating; Outlook Stable
Fitch Ratings has assigned Russia-based Freight One Long-term foreign and local currency Issuer Default Ratings (IDR) of ‘BBB-’, and a National Long-term rating of ‘AA+(rus)’. The Outlook is Stable. Fitch has also assigned Freight One Short-term foreign and local currency IDRs of ‘F3’.
The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable). Although there are no direct guarantees by RZD, Freight One represents over 10% of RZD’s consolidated revenues and is therefore a principal subsidiary (as defined in RZD’s Loan Participation Notes). Freight One’s default (among other events) could be an Event of Default for RZD. This factor, together with Fitch’s assessment of the operational and strategic links between Freight One and its parent enables the Long-term IDRs of Freight One to be notched down by one notch from the Long-term IDRs of RZD.
Fitch views Freight One’s standalone business and financial profile commensurate with a Long-term IDR of ‘BB+’.
You may not know ...
Railway rates for moving freight across the territory of the former USSR will now be possible to calculate to the last cent in Europe. This becomes possible thanks to the fact that the St Petersburg company CTM has entered the EU market with its English version of the RAIL-Tariff software.
No doubt that operators working with Russian partners in CIS Baltic countries will get interested in it. Many European firms are choosing partners in Russia not knowing how their service prices are formed. It is not well-known that the price for transportation is common for everybody. Although, availability of such knowledge allows for clear orientation in transportation prices.
Previously, an independent calculation of railway tariff had been rather problematic for European companies for several reasons. For example, rates are changed quite often, and it may happen that the information which has just been updated suddenly becomes outdated. Also, it is necessary to consider a lot of regulatory documents, in order to make calculations accurate. This all is time-consuming and open to errors.
When the English-language version of the RAIL-Tariff software is launched, all companies working with Russian partners will be able to make the most accurate calculation of rail freight prices charged to them on the territory of the former USSR based on the information about current rates and ratios. The software is regularly and automatically updated through the Internet, which guarantees relevance of the information and correct calculations.
St Petersburg company CTM, the developer of the RAIL-Tariff software, gives an opportunity to install English- language software Rail-Tariff from its web-site www.railctm.com and use it for free for two weeks, in order to allow European businesses to fully assess its merits.
Knorr-Bremse Rail Vehicle Systems prepares for brake equipment production in Russia
In the course of September 2010, Knorr-Bremse Rail Vehicle Systems completed the preparations for the production of disc brakes and compressors in Voronezh, Russia. The brake equipment assembly facilities were set up in collaboration with Vagonremmash, a wholly-owned subsidiary of Russian Railways.
The start of production is a significant milestone in cooperation between the two companies. Joint activities were triggered at the 2008 InnoTrans fair, where Knorr-Bremse and RZD signed a memorandum of understanding governing the establishment of a joint venture.
The bogie equipment produced in Voronezh is initially destined for use in Russian passenger coaches built by TVZ, although the equipment can also be used in other types of vehicle. The oil-free compressors assembled in Voronezh can in future be installed in electric multiple units or locomotives, for example. Plans already envisage the expansion of these activities and the establishment of a joint venture company.
Vostochny Port closed its representative office in the USA
Vostochny Port OJSC (Primorsk region) closed its representative office in the USA.
According to the company’s materials, Vostochny Port (U.S.A.) Inc. was closed down on September 27, 2010.
Representatives of the port’s press-service told that the representative office was established in late 1990-s, and it did not carried on any business after 2002. “Nowadays, all the legal formalities to liquidate the representative office are completed,” said the source.
TMKH Vagonostroenie and Tatravagonka intend to set up JV
TMKH Vagonostroenie (included into Transmashholding) and Tatravagonka (Slovakia) signed a memorandum on strategic partnership and foundation of JV at the end of September .
The vice president of RZD, V.Reshetnikov, participated in the talks. The production of the new wagons will be founded on the Transmash site (Saratovsky region). The components will be produced at Bezhitsky Steel Making Plant (Bryansk). The agreement between the above companies was signed in April 2010.
RZD signs deal with Siemens to produce 16 electric trains in Russia
On 21 September at the international InnoTrans 2010 exhibition in Berlin, Russian Railways, Siemens AG, and Siemens Russia signed a contract for the supply of 16 electric trains for suburban passenger transport, with the start of localized production in Russia.
The contract was signed by Russian Railways President Vladimir Yakunin, Siemens Mobility CEO Hans-Jorg Grundmann, and Siemens Russia President Dietrich Möller. The contract follows pre-existing agreements between the companies. Under the contract, 16 electric trains will be supplied.
Their production will be partially localized in Russia (at least 20%). The new rolling stock will be used for suburban services in central and southern Russia. In December 2009, Russian Railways ordered 54 suburban trains from Siemens AG. A contract was later signed for 38 Desiro-class trains, which will be produced at the Siemens plant in Krefeld (Germany).
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[PREVIEW_TEXT] => Fitch Ratings has assigned Russia-based Freight One Long-term foreign and local currency Issuer Default Ratings (IDR) of ‘BBB-’, and a National Long-term rating of ‘AA+(rus)’. The Outlook is Stable. Fitch has also assigned Freight One Short-term foreign and local currency IDRs of ‘F3’.
The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
[~PREVIEW_TEXT] => Fitch Ratings has assigned Russia-based Freight One Long-term foreign and local currency Issuer Default Ratings (IDR) of ‘BBB-’, and a National Long-term rating of ‘AA+(rus)’. The Outlook is Stable. Fitch has also assigned Freight One Short-term foreign and local currency IDRs of ‘F3’.
The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
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The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
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The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
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[DETAIL_TEXT] => Fitch Assigns Freight One ‘BBB-’ rating; Outlook Stable
Fitch Ratings has assigned Russia-based Freight One Long-term foreign and local currency Issuer Default Ratings (IDR) of ‘BBB-’, and a National Long-term rating of ‘AA+(rus)’. The Outlook is Stable. Fitch has also assigned Freight One Short-term foreign and local currency IDRs of ‘F3’.
The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable). Although there are no direct guarantees by RZD, Freight One represents over 10% of RZD’s consolidated revenues and is therefore a principal subsidiary (as defined in RZD’s Loan Participation Notes). Freight One’s default (among other events) could be an Event of Default for RZD. This factor, together with Fitch’s assessment of the operational and strategic links between Freight One and its parent enables the Long-term IDRs of Freight One to be notched down by one notch from the Long-term IDRs of RZD.
Fitch views Freight One’s standalone business and financial profile commensurate with a Long-term IDR of ‘BB+’.
You may not know ...
Railway rates for moving freight across the territory of the former USSR will now be possible to calculate to the last cent in Europe. This becomes possible thanks to the fact that the St Petersburg company CTM has entered the EU market with its English version of the RAIL-Tariff software.
No doubt that operators working with Russian partners in CIS Baltic countries will get interested in it. Many European firms are choosing partners in Russia not knowing how their service prices are formed. It is not well-known that the price for transportation is common for everybody. Although, availability of such knowledge allows for clear orientation in transportation prices.
Previously, an independent calculation of railway tariff had been rather problematic for European companies for several reasons. For example, rates are changed quite often, and it may happen that the information which has just been updated suddenly becomes outdated. Also, it is necessary to consider a lot of regulatory documents, in order to make calculations accurate. This all is time-consuming and open to errors.
When the English-language version of the RAIL-Tariff software is launched, all companies working with Russian partners will be able to make the most accurate calculation of rail freight prices charged to them on the territory of the former USSR based on the information about current rates and ratios. The software is regularly and automatically updated through the Internet, which guarantees relevance of the information and correct calculations.
St Petersburg company CTM, the developer of the RAIL-Tariff software, gives an opportunity to install English- language software Rail-Tariff from its web-site www.railctm.com and use it for free for two weeks, in order to allow European businesses to fully assess its merits.
Knorr-Bremse Rail Vehicle Systems prepares for brake equipment production in Russia
In the course of September 2010, Knorr-Bremse Rail Vehicle Systems completed the preparations for the production of disc brakes and compressors in Voronezh, Russia. The brake equipment assembly facilities were set up in collaboration with Vagonremmash, a wholly-owned subsidiary of Russian Railways.
The start of production is a significant milestone in cooperation between the two companies. Joint activities were triggered at the 2008 InnoTrans fair, where Knorr-Bremse and RZD signed a memorandum of understanding governing the establishment of a joint venture.
The bogie equipment produced in Voronezh is initially destined for use in Russian passenger coaches built by TVZ, although the equipment can also be used in other types of vehicle. The oil-free compressors assembled in Voronezh can in future be installed in electric multiple units or locomotives, for example. Plans already envisage the expansion of these activities and the establishment of a joint venture company.
Vostochny Port closed its representative office in the USA
Vostochny Port OJSC (Primorsk region) closed its representative office in the USA.
According to the company’s materials, Vostochny Port (U.S.A.) Inc. was closed down on September 27, 2010.
Representatives of the port’s press-service told that the representative office was established in late 1990-s, and it did not carried on any business after 2002. “Nowadays, all the legal formalities to liquidate the representative office are completed,” said the source.
TMKH Vagonostroenie and Tatravagonka intend to set up JV
TMKH Vagonostroenie (included into Transmashholding) and Tatravagonka (Slovakia) signed a memorandum on strategic partnership and foundation of JV at the end of September .
The vice president of RZD, V.Reshetnikov, participated in the talks. The production of the new wagons will be founded on the Transmash site (Saratovsky region). The components will be produced at Bezhitsky Steel Making Plant (Bryansk). The agreement between the above companies was signed in April 2010.
RZD signs deal with Siemens to produce 16 electric trains in Russia
On 21 September at the international InnoTrans 2010 exhibition in Berlin, Russian Railways, Siemens AG, and Siemens Russia signed a contract for the supply of 16 electric trains for suburban passenger transport, with the start of localized production in Russia.
The contract was signed by Russian Railways President Vladimir Yakunin, Siemens Mobility CEO Hans-Jorg Grundmann, and Siemens Russia President Dietrich Möller. The contract follows pre-existing agreements between the companies. Under the contract, 16 electric trains will be supplied.
Their production will be partially localized in Russia (at least 20%). The new rolling stock will be used for suburban services in central and southern Russia. In December 2009, Russian Railways ordered 54 suburban trains from Siemens AG. A contract was later signed for 38 Desiro-class trains, which will be produced at the Siemens plant in Krefeld (Germany).
[~DETAIL_TEXT] => Fitch Assigns Freight One ‘BBB-’ rating; Outlook Stable
Fitch Ratings has assigned Russia-based Freight One Long-term foreign and local currency Issuer Default Ratings (IDR) of ‘BBB-’, and a National Long-term rating of ‘AA+(rus)’. The Outlook is Stable. Fitch has also assigned Freight One Short-term foreign and local currency IDRs of ‘F3’.
The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable). Although there are no direct guarantees by RZD, Freight One represents over 10% of RZD’s consolidated revenues and is therefore a principal subsidiary (as defined in RZD’s Loan Participation Notes). Freight One’s default (among other events) could be an Event of Default for RZD. This factor, together with Fitch’s assessment of the operational and strategic links between Freight One and its parent enables the Long-term IDRs of Freight One to be notched down by one notch from the Long-term IDRs of RZD.
Fitch views Freight One’s standalone business and financial profile commensurate with a Long-term IDR of ‘BB+’.
You may not know ...
Railway rates for moving freight across the territory of the former USSR will now be possible to calculate to the last cent in Europe. This becomes possible thanks to the fact that the St Petersburg company CTM has entered the EU market with its English version of the RAIL-Tariff software.
No doubt that operators working with Russian partners in CIS Baltic countries will get interested in it. Many European firms are choosing partners in Russia not knowing how their service prices are formed. It is not well-known that the price for transportation is common for everybody. Although, availability of such knowledge allows for clear orientation in transportation prices.
Previously, an independent calculation of railway tariff had been rather problematic for European companies for several reasons. For example, rates are changed quite often, and it may happen that the information which has just been updated suddenly becomes outdated. Also, it is necessary to consider a lot of regulatory documents, in order to make calculations accurate. This all is time-consuming and open to errors.
When the English-language version of the RAIL-Tariff software is launched, all companies working with Russian partners will be able to make the most accurate calculation of rail freight prices charged to them on the territory of the former USSR based on the information about current rates and ratios. The software is regularly and automatically updated through the Internet, which guarantees relevance of the information and correct calculations.
St Petersburg company CTM, the developer of the RAIL-Tariff software, gives an opportunity to install English- language software Rail-Tariff from its web-site www.railctm.com and use it for free for two weeks, in order to allow European businesses to fully assess its merits.
Knorr-Bremse Rail Vehicle Systems prepares for brake equipment production in Russia
In the course of September 2010, Knorr-Bremse Rail Vehicle Systems completed the preparations for the production of disc brakes and compressors in Voronezh, Russia. The brake equipment assembly facilities were set up in collaboration with Vagonremmash, a wholly-owned subsidiary of Russian Railways.
The start of production is a significant milestone in cooperation between the two companies. Joint activities were triggered at the 2008 InnoTrans fair, where Knorr-Bremse and RZD signed a memorandum of understanding governing the establishment of a joint venture.
The bogie equipment produced in Voronezh is initially destined for use in Russian passenger coaches built by TVZ, although the equipment can also be used in other types of vehicle. The oil-free compressors assembled in Voronezh can in future be installed in electric multiple units or locomotives, for example. Plans already envisage the expansion of these activities and the establishment of a joint venture company.
Vostochny Port closed its representative office in the USA
Vostochny Port OJSC (Primorsk region) closed its representative office in the USA.
According to the company’s materials, Vostochny Port (U.S.A.) Inc. was closed down on September 27, 2010.
Representatives of the port’s press-service told that the representative office was established in late 1990-s, and it did not carried on any business after 2002. “Nowadays, all the legal formalities to liquidate the representative office are completed,” said the source.
TMKH Vagonostroenie and Tatravagonka intend to set up JV
TMKH Vagonostroenie (included into Transmashholding) and Tatravagonka (Slovakia) signed a memorandum on strategic partnership and foundation of JV at the end of September .
The vice president of RZD, V.Reshetnikov, participated in the talks. The production of the new wagons will be founded on the Transmash site (Saratovsky region). The components will be produced at Bezhitsky Steel Making Plant (Bryansk). The agreement between the above companies was signed in April 2010.
RZD signs deal with Siemens to produce 16 electric trains in Russia
On 21 September at the international InnoTrans 2010 exhibition in Berlin, Russian Railways, Siemens AG, and Siemens Russia signed a contract for the supply of 16 electric trains for suburban passenger transport, with the start of localized production in Russia.
The contract was signed by Russian Railways President Vladimir Yakunin, Siemens Mobility CEO Hans-Jorg Grundmann, and Siemens Russia President Dietrich Möller. The contract follows pre-existing agreements between the companies. Under the contract, 16 electric trains will be supplied.
Their production will be partially localized in Russia (at least 20%). The new rolling stock will be used for suburban services in central and southern Russia. In December 2009, Russian Railways ordered 54 suburban trains from Siemens AG. A contract was later signed for 38 Desiro-class trains, which will be produced at the Siemens plant in Krefeld (Germany).
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The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
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The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
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[SECTION_META_DESCRIPTION] => Fitch Ratings has assigned Russia-based Freight One Long-term foreign and local currency Issuer Default Ratings (IDR) of ‘BBB-’, and a National Long-term rating of ‘AA+(rus)’. The Outlook is Stable. Fitch has also assigned Freight One Short-term foreign and local currency IDRs of ‘F3’.
The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
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The ratings are primarily driven by the existing legal, and strong operational and strategic relationship between Freight One and its 100% shareholder Russian Railways (RZD; ‘BBB’/Stable).
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Investments into port infrastructure in 2010 reduced in comparison with the previous year. As before, private companies participated in its development actively: the state invested just 1 rouble for each 2.6 roubles of private investments.Array
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[NAME] => Handling Volume in Ports Increased but Investments Fell
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[DETAIL_TEXT] => The state worries about its prestige
In the last five years, the peak of private investments into Russian sea ports was in 2009, when investments exceeded RUR 88.6 billion. It happened because Russian stevedores failed to slow down the modernisation programmes.
Even in 2009, the throughput of Russian terminals continued to grow. However, the revenue of stevedores fell. And in 2010, private business reduced investments into the projects more than twice in comparison with the previous year. Nevertheless, the sum invested this year is to exceed that of 2008.
There has been a decline in state investments to RUR 15.4 billion in 2010 (-8.9% compared with 2009). However, the state continues to finance most important projects –construction of a new passenger port in St Petersburg, development of sea approaches and water areas, construction of special terminals in the port of Ust-Luga, reconstruction of the infrastructure in the ports of Vysotsk, Novorossiysk, Kaliningrad, Olya, Shakhtersk, and – naturally – the construction of the on-land Olympic infrastructure in Sochi and that of facilities for Asia-Pacific Economic Cooperation Forum to be held in 2012 in Vladivostok.
A special programme is connected with the port of Petropavlovsk-Kamchatsky, where the seismic resistance of berthing facilities should be improved. Also, the state participates in development of railway approaches to the port of Makhachkala. The majority of investments made by private companies are connected with the modernisation programmes started earlier in the ports of the North-West, South, and Far East.
North-West Plays for High Stakes
A number of investment projects, in which private capital participates, are to be carried out in the Ust-Luga port in the near future. Nowadays, there are 6 terminals in operation: a complex for coal handling, a universal handling complex, a brimstone handling terminal, an automobile and railway ferry terminal, a multi-profile handling complex “Yug-2” and a timber terminal “Factor”.
At the beginning of 2010, the RF Ministry of Transport set a target to increase the daily capacity of the railway approaches to the Ust-Luga port to 36 train pairs before the end of 2010. To reach the target, it is necessary to build 6 sections of secondary main track, complete the reconstruction of the railway stations they join, and strengthen the traction sub-stations system. Also, a new station “Neftyanaya” is to be constructed. Railwaymen are fulfilling the targets according to the schedule.
Igor Levitin, Russian Transport Minister, said recently that the development of railway facilities is synchronised with the works aimed at enlarging port infrastructure capacity. In the opinion of Mr Levitin, the most important achievement is putting the new oil terminal into operation. In 2011, it must be connected with a line of BTS-2 pipeline. By that time, the dredging of berths to 17.5 metres is to be completed.
“Yug-2” terminal grows – its third stage is to be put into operation in 2010. According to the forecast of Alexander Goloviznin, Deputy CEO of Ust-Luga Company, about 60,000 automobiles are to be handled at the ro-ro berths, and their number will double in 2011.
There is railway-automobile ferry communication between Ust-Luga, Baltiysk, and German ports. According to Rosmorport, the complex can reach the projected capacity of 2.9 million tons per annum at the end of 2010.
The second stage of Rosterminalugol’s terminal is being constructed. New capacities are to be put into operation in 2010, which will allow it to handle up to 12.4 million tons of coal annually.
The construction of the terminal, the investor in which is the National Container Company, falls behind schedule. One of the reasons for it was the conflict between the company’s shareholders (Fesco and First Quantum) in 2009. However, experts believe that the major problems were based on the instability of the container market during the crisis.
In 2012, NOVATEK is going to launch the 1st stage of the complex to handle gas condensate and light oil products. Its capacity will be three million tons. The capital investment into the project is estimated at RUR 9.6 billion.
EuroChem holding company plans to build a bulk terminal before 2015. Its capacity will be five million tons annually.
The second sea canal is to be built in the Ust-Luga port in 2011. Its width will be 205 metres, and depth – 18 metres. Dredging works are financed in the framework of the federal target programme “Russian Transport System Development in 2010-2015”. It is supposed that, later, one canal will be an entrance, and the second an exit for vessels. The more projects are carried out in the port, the more severe the problem of personnel is.
That is why in late August, the draft plan of the first stage of the settlement for the port workers was developed. 34,500 people will be able to live there in 2025. Moreover, it will be necessary to develop land approaches to Ust-Luga, and logistics projects as well (off-dock terminals construction).
In the opinion of Valery Serdyukov, Governor of the Leningrad region, the port of Vistino is interesting to investors. Nowadays, there is an operating oil terminal in the port. At the end of 2010, Russian Transport Lines group of companies is going to complete the ro-ro terminal located not far away.
In July 2010, the Board of Directors of Murmansk Commercial Sea Port approved the basic technical and economic criteria of the Programme of Port’s Development to 2020. In the framework of this programme, the decision was made to reconstruct the 1st cargo sector in 2010 to service Panamax and Capesize vessels and to enlarge the warehouse area. The reconstruction is to be completed in 2011-2014. By then, coal handling volume is to double – to 12.9 million tons per annum.
The possibility of functional conversion of berths so that general cargoes or containers could be handled there is being discussed. The construction in this case is estimated to cost RUR 7 billion. The specialisation of the berths depends on the process of construction of a new port on the opposite shore of the Kola Bay. The project has been discussed for a long time, but there is no finance yet to carry it out.
Recently, a move to construct a new port at the White Sea was announced. Its planned annual capacity is 8 million tons of coal and 1 million tons of forest and general cargo. The project is estimated at RUR 16.6 billion, but there are no real investors yet.
South pulls budget money
Most capital-intensive projects in the RF are concentrated in the port of Sochi. State money will be spent there to build an international centre of sea passenger transportation, to create the shore infrastructure for sea transportation, a cargo district at the mouth of the Mzymta river (with further functional conversion into yachting centre), and 8 terminals (Imeretinka, Adler, Kurgorodok, Khosta, Matsesta, Dagomys, Loo, Lazarevskoye). Earlier, there was a special target programme for Sochi’s development. It envisaged the participation of private business. Now, the main investor is the state.
Basic Element’s participation in the port construction projects is known. In spring 2010, the first stage of the cargo district started its work (2 berths with a total capacity of 2 million tons of construction materials and general cargo per annum). In December 2010, the district’s capacity is to grow to 5 million tons. Nowadays, the berths are equipped with 4 Liebherr mobile cranes.
In 2010, some activity was reported in the Olya port. In the middle of the year, the base of the port fleet was constructed there at the expense of the state. And the first stage of the Olya port is to be put into operation in 2012, said Viktor Olersky, Deputy Transport Minister at the 3rd international conference “St Petersburg – the Sea Capital of Russia. Transport and Transit Potential”. It was planned to make the port a basic junction of the North-South corridor in the early 1990s. In 10 years, the handling volume there grew to 1.1 million tons.
Another 12 years are needed to increase it to 4 million tons. In the words of Mr Olersky, putting the 2nd stage into operation and the growth of the throughput to 8 million tons is connected with the appearance of real cargo flows there.
The port of Taman seems to become a new large project in the South. In March 2010, the RF Ministry of Transport discussed where the best place was to construct deep-water berths able to handle 60-70 million tons per annum. They mentioned that the most difficult thing was to adjust the project with the development of the Novorossiysk transport junction. The new port will have to share a railway line with three other ports – Novorossiysk, Tuapse, and Kavkaz. The problem may be solved by giving different functions to the terminals. To cope with peak loading, an off-dock terminal is to be constructed where the railway from the port crosses the railway line from Novorossiysk.
Nowadays, there are three operating terminals in the Taman port: Tamanneftegas (hydrocarbons), Tolyattiazot (mineral fertilisers) and Food Ingredients (liquid bulk). The latter was opened for export and import operations on September 23. Grain Terminal Complex Taman is going to become the fourth investor. This year the company announced its intention to build a grain terminal there.
The projects in the Taman are difficult because their cost for investors is very high. Also, the state will have to invest a lot into the land and sea infrastructure.
A grain terminal in the Novorossiysk sea port is being developed. The project envisages supplies of additional equipment for grain handling, the increase of the grain warehouse’s capacity to 160,000 tons, strengthening of the approaches (railway– from 2.9 million tons to 4 million tons; road– from 700,000 tons to 1.8 million tons per annum). New capacities are to be put into operation in 2011.
Another large project is being carried out in Tuapse. There, EuroChem promised to put into operation a terminal for exporting mineral fertilisers before the end of 2010. The planned annual capacity of the terminal is 2-2.3 million tons. The fertilisers are supposed to be exported mainly to Europe. The 1st stage of the customs station reconstruction was completed in August 2010. Last September, the investors restated their intention to build a universal terminal in the port of Temryuk – the project has undergone environmental study. However, the problem of power supply should be solved first: now the port operates on diesel power.
More exports in the Far East
The number of private investments in the Far East region is rather small in 2010. The brightest project is the construction of a new complex designed by the Far Eastern Sea Fleet Research Institute. This project was ordered by the Transport Ministry. According to the department, in 2030, the project capacity of Vostochny – Nakhodka transport junction may grow to 128 million tons of cargo. A container, grain and coal terminals are to be built there.
Their construction is closely connected with the railway infrastructure development and an entrance to the Transsib. RZD participates in the project. Representatives of the Primorsky Krai Administration said that port and customs infrastructure as well as approaches to the complex are to be built and reconstructed at the expense of the federal budget. Private investments will be made into cargo handling and warehousing.
In 2010, rail track were lengthened to 3.33 km to receive block trains at Vladivostok container terminal. A new RTG crane produced by TCM (Japan) was installed at the berth. Its lifting capacity is 41 tons. All these works were fulfilled in the framework of the complex programme of railway infrastructure modernisation and transit dispatches maintenance.
Mechel-Trans is going to build new capacities in Primorsky Krai. It will increase the throughput of the Posyet Commercial Port to 7 million tons and deepen the berths to service 70,000 ton dwt vessels in 2012. A contract to supply handling equipment produced by ThyssenKrupp was realised in 2010.
The basic risk for the private investors in the Far East is insufficient capacity on railways, on which all the stevedoring companies depend.
On the whole, the Far East took third place in 2010 in terms of the investment programmes with private capital participation. The North-Western ports are the leaders. And the Southern ones took second position. Private businesses invested most of all into special terminals, and less into universal complexes.
By Andrey Lazarev
viewpoint
Alexander Davydenko,
Head of Rosmorrechflot:
– In 2009, over 32 million tons of handling capacities were put into operation in Russian ports, including Ust-Luga, Baltiysk, Kavkaz, Taman, Novorossiysk, Olya, Vladivostok, Vostochny (Kozmina bay), Vanino (Muchke bay), Shakhtersk, and Prigorodny. In 2010, handling capacities are to grow by 30 million tons. It is planned that over 770 million tons of cargo could be handled in 2016. This number includes a 15% reserve in the sea ports’ capacity, which will allow the re-orientation of Russian foreign trade cargoes to Russian ports, which leave for the terminals of neighbour states when there is a period of peak loading on the transport network.
Igor Polchenko,
President of Transit-DV Group:
– Nowadays, investors are interested in the Eurasian direction. Russian companies are interested in the increase of their production exports to Europe and the Asian and Pacific region countries. These are the reasons behind the investment into the sea ports. Also, Russia is eager to create its own port hubs.
[~DETAIL_TEXT] => The state worries about its prestige
In the last five years, the peak of private investments into Russian sea ports was in 2009, when investments exceeded RUR 88.6 billion. It happened because Russian stevedores failed to slow down the modernisation programmes.
Even in 2009, the throughput of Russian terminals continued to grow. However, the revenue of stevedores fell. And in 2010, private business reduced investments into the projects more than twice in comparison with the previous year. Nevertheless, the sum invested this year is to exceed that of 2008.
There has been a decline in state investments to RUR 15.4 billion in 2010 (-8.9% compared with 2009). However, the state continues to finance most important projects –construction of a new passenger port in St Petersburg, development of sea approaches and water areas, construction of special terminals in the port of Ust-Luga, reconstruction of the infrastructure in the ports of Vysotsk, Novorossiysk, Kaliningrad, Olya, Shakhtersk, and – naturally – the construction of the on-land Olympic infrastructure in Sochi and that of facilities for Asia-Pacific Economic Cooperation Forum to be held in 2012 in Vladivostok.
A special programme is connected with the port of Petropavlovsk-Kamchatsky, where the seismic resistance of berthing facilities should be improved. Also, the state participates in development of railway approaches to the port of Makhachkala. The majority of investments made by private companies are connected with the modernisation programmes started earlier in the ports of the North-West, South, and Far East.
North-West Plays for High Stakes
A number of investment projects, in which private capital participates, are to be carried out in the Ust-Luga port in the near future. Nowadays, there are 6 terminals in operation: a complex for coal handling, a universal handling complex, a brimstone handling terminal, an automobile and railway ferry terminal, a multi-profile handling complex “Yug-2” and a timber terminal “Factor”.
At the beginning of 2010, the RF Ministry of Transport set a target to increase the daily capacity of the railway approaches to the Ust-Luga port to 36 train pairs before the end of 2010. To reach the target, it is necessary to build 6 sections of secondary main track, complete the reconstruction of the railway stations they join, and strengthen the traction sub-stations system. Also, a new station “Neftyanaya” is to be constructed. Railwaymen are fulfilling the targets according to the schedule.
Igor Levitin, Russian Transport Minister, said recently that the development of railway facilities is synchronised with the works aimed at enlarging port infrastructure capacity. In the opinion of Mr Levitin, the most important achievement is putting the new oil terminal into operation. In 2011, it must be connected with a line of BTS-2 pipeline. By that time, the dredging of berths to 17.5 metres is to be completed.
“Yug-2” terminal grows – its third stage is to be put into operation in 2010. According to the forecast of Alexander Goloviznin, Deputy CEO of Ust-Luga Company, about 60,000 automobiles are to be handled at the ro-ro berths, and their number will double in 2011.
There is railway-automobile ferry communication between Ust-Luga, Baltiysk, and German ports. According to Rosmorport, the complex can reach the projected capacity of 2.9 million tons per annum at the end of 2010.
The second stage of Rosterminalugol’s terminal is being constructed. New capacities are to be put into operation in 2010, which will allow it to handle up to 12.4 million tons of coal annually.
The construction of the terminal, the investor in which is the National Container Company, falls behind schedule. One of the reasons for it was the conflict between the company’s shareholders (Fesco and First Quantum) in 2009. However, experts believe that the major problems were based on the instability of the container market during the crisis.
In 2012, NOVATEK is going to launch the 1st stage of the complex to handle gas condensate and light oil products. Its capacity will be three million tons. The capital investment into the project is estimated at RUR 9.6 billion.
EuroChem holding company plans to build a bulk terminal before 2015. Its capacity will be five million tons annually.
The second sea canal is to be built in the Ust-Luga port in 2011. Its width will be 205 metres, and depth – 18 metres. Dredging works are financed in the framework of the federal target programme “Russian Transport System Development in 2010-2015”. It is supposed that, later, one canal will be an entrance, and the second an exit for vessels. The more projects are carried out in the port, the more severe the problem of personnel is.
That is why in late August, the draft plan of the first stage of the settlement for the port workers was developed. 34,500 people will be able to live there in 2025. Moreover, it will be necessary to develop land approaches to Ust-Luga, and logistics projects as well (off-dock terminals construction).
In the opinion of Valery Serdyukov, Governor of the Leningrad region, the port of Vistino is interesting to investors. Nowadays, there is an operating oil terminal in the port. At the end of 2010, Russian Transport Lines group of companies is going to complete the ro-ro terminal located not far away.
In July 2010, the Board of Directors of Murmansk Commercial Sea Port approved the basic technical and economic criteria of the Programme of Port’s Development to 2020. In the framework of this programme, the decision was made to reconstruct the 1st cargo sector in 2010 to service Panamax and Capesize vessels and to enlarge the warehouse area. The reconstruction is to be completed in 2011-2014. By then, coal handling volume is to double – to 12.9 million tons per annum.
The possibility of functional conversion of berths so that general cargoes or containers could be handled there is being discussed. The construction in this case is estimated to cost RUR 7 billion. The specialisation of the berths depends on the process of construction of a new port on the opposite shore of the Kola Bay. The project has been discussed for a long time, but there is no finance yet to carry it out.
Recently, a move to construct a new port at the White Sea was announced. Its planned annual capacity is 8 million tons of coal and 1 million tons of forest and general cargo. The project is estimated at RUR 16.6 billion, but there are no real investors yet.
South pulls budget money
Most capital-intensive projects in the RF are concentrated in the port of Sochi. State money will be spent there to build an international centre of sea passenger transportation, to create the shore infrastructure for sea transportation, a cargo district at the mouth of the Mzymta river (with further functional conversion into yachting centre), and 8 terminals (Imeretinka, Adler, Kurgorodok, Khosta, Matsesta, Dagomys, Loo, Lazarevskoye). Earlier, there was a special target programme for Sochi’s development. It envisaged the participation of private business. Now, the main investor is the state.
Basic Element’s participation in the port construction projects is known. In spring 2010, the first stage of the cargo district started its work (2 berths with a total capacity of 2 million tons of construction materials and general cargo per annum). In December 2010, the district’s capacity is to grow to 5 million tons. Nowadays, the berths are equipped with 4 Liebherr mobile cranes.
In 2010, some activity was reported in the Olya port. In the middle of the year, the base of the port fleet was constructed there at the expense of the state. And the first stage of the Olya port is to be put into operation in 2012, said Viktor Olersky, Deputy Transport Minister at the 3rd international conference “St Petersburg – the Sea Capital of Russia. Transport and Transit Potential”. It was planned to make the port a basic junction of the North-South corridor in the early 1990s. In 10 years, the handling volume there grew to 1.1 million tons.
Another 12 years are needed to increase it to 4 million tons. In the words of Mr Olersky, putting the 2nd stage into operation and the growth of the throughput to 8 million tons is connected with the appearance of real cargo flows there.
The port of Taman seems to become a new large project in the South. In March 2010, the RF Ministry of Transport discussed where the best place was to construct deep-water berths able to handle 60-70 million tons per annum. They mentioned that the most difficult thing was to adjust the project with the development of the Novorossiysk transport junction. The new port will have to share a railway line with three other ports – Novorossiysk, Tuapse, and Kavkaz. The problem may be solved by giving different functions to the terminals. To cope with peak loading, an off-dock terminal is to be constructed where the railway from the port crosses the railway line from Novorossiysk.
Nowadays, there are three operating terminals in the Taman port: Tamanneftegas (hydrocarbons), Tolyattiazot (mineral fertilisers) and Food Ingredients (liquid bulk). The latter was opened for export and import operations on September 23. Grain Terminal Complex Taman is going to become the fourth investor. This year the company announced its intention to build a grain terminal there.
The projects in the Taman are difficult because their cost for investors is very high. Also, the state will have to invest a lot into the land and sea infrastructure.
A grain terminal in the Novorossiysk sea port is being developed. The project envisages supplies of additional equipment for grain handling, the increase of the grain warehouse’s capacity to 160,000 tons, strengthening of the approaches (railway– from 2.9 million tons to 4 million tons; road– from 700,000 tons to 1.8 million tons per annum). New capacities are to be put into operation in 2011.
Another large project is being carried out in Tuapse. There, EuroChem promised to put into operation a terminal for exporting mineral fertilisers before the end of 2010. The planned annual capacity of the terminal is 2-2.3 million tons. The fertilisers are supposed to be exported mainly to Europe. The 1st stage of the customs station reconstruction was completed in August 2010. Last September, the investors restated their intention to build a universal terminal in the port of Temryuk – the project has undergone environmental study. However, the problem of power supply should be solved first: now the port operates on diesel power.
More exports in the Far East
The number of private investments in the Far East region is rather small in 2010. The brightest project is the construction of a new complex designed by the Far Eastern Sea Fleet Research Institute. This project was ordered by the Transport Ministry. According to the department, in 2030, the project capacity of Vostochny – Nakhodka transport junction may grow to 128 million tons of cargo. A container, grain and coal terminals are to be built there.
Their construction is closely connected with the railway infrastructure development and an entrance to the Transsib. RZD participates in the project. Representatives of the Primorsky Krai Administration said that port and customs infrastructure as well as approaches to the complex are to be built and reconstructed at the expense of the federal budget. Private investments will be made into cargo handling and warehousing.
In 2010, rail track were lengthened to 3.33 km to receive block trains at Vladivostok container terminal. A new RTG crane produced by TCM (Japan) was installed at the berth. Its lifting capacity is 41 tons. All these works were fulfilled in the framework of the complex programme of railway infrastructure modernisation and transit dispatches maintenance.
Mechel-Trans is going to build new capacities in Primorsky Krai. It will increase the throughput of the Posyet Commercial Port to 7 million tons and deepen the berths to service 70,000 ton dwt vessels in 2012. A contract to supply handling equipment produced by ThyssenKrupp was realised in 2010.
The basic risk for the private investors in the Far East is insufficient capacity on railways, on which all the stevedoring companies depend.
On the whole, the Far East took third place in 2010 in terms of the investment programmes with private capital participation. The North-Western ports are the leaders. And the Southern ones took second position. Private businesses invested most of all into special terminals, and less into universal complexes.
By Andrey Lazarev
viewpoint
Alexander Davydenko,
Head of Rosmorrechflot:
– In 2009, over 32 million tons of handling capacities were put into operation in Russian ports, including Ust-Luga, Baltiysk, Kavkaz, Taman, Novorossiysk, Olya, Vladivostok, Vostochny (Kozmina bay), Vanino (Muchke bay), Shakhtersk, and Prigorodny. In 2010, handling capacities are to grow by 30 million tons. It is planned that over 770 million tons of cargo could be handled in 2016. This number includes a 15% reserve in the sea ports’ capacity, which will allow the re-orientation of Russian foreign trade cargoes to Russian ports, which leave for the terminals of neighbour states when there is a period of peak loading on the transport network.
Igor Polchenko,
President of Transit-DV Group:
– Nowadays, investors are interested in the Eurasian direction. Russian companies are interested in the increase of their production exports to Europe and the Asian and Pacific region countries. These are the reasons behind the investment into the sea ports. Also, Russia is eager to create its own port hubs.
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[PREVIEW_TEXT] => Investments into port infrastructure in 2010 reduced in comparison with the previous year. As before, private companies participated in its development actively: the state invested just 1 rouble for each 2.6 roubles of private investments.
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[DETAIL_TEXT] => The state worries about its prestige
In the last five years, the peak of private investments into Russian sea ports was in 2009, when investments exceeded RUR 88.6 billion. It happened because Russian stevedores failed to slow down the modernisation programmes.
Even in 2009, the throughput of Russian terminals continued to grow. However, the revenue of stevedores fell. And in 2010, private business reduced investments into the projects more than twice in comparison with the previous year. Nevertheless, the sum invested this year is to exceed that of 2008.
There has been a decline in state investments to RUR 15.4 billion in 2010 (-8.9% compared with 2009). However, the state continues to finance most important projects –construction of a new passenger port in St Petersburg, development of sea approaches and water areas, construction of special terminals in the port of Ust-Luga, reconstruction of the infrastructure in the ports of Vysotsk, Novorossiysk, Kaliningrad, Olya, Shakhtersk, and – naturally – the construction of the on-land Olympic infrastructure in Sochi and that of facilities for Asia-Pacific Economic Cooperation Forum to be held in 2012 in Vladivostok.
A special programme is connected with the port of Petropavlovsk-Kamchatsky, where the seismic resistance of berthing facilities should be improved. Also, the state participates in development of railway approaches to the port of Makhachkala. The majority of investments made by private companies are connected with the modernisation programmes started earlier in the ports of the North-West, South, and Far East.
North-West Plays for High Stakes
A number of investment projects, in which private capital participates, are to be carried out in the Ust-Luga port in the near future. Nowadays, there are 6 terminals in operation: a complex for coal handling, a universal handling complex, a brimstone handling terminal, an automobile and railway ferry terminal, a multi-profile handling complex “Yug-2” and a timber terminal “Factor”.
At the beginning of 2010, the RF Ministry of Transport set a target to increase the daily capacity of the railway approaches to the Ust-Luga port to 36 train pairs before the end of 2010. To reach the target, it is necessary to build 6 sections of secondary main track, complete the reconstruction of the railway stations they join, and strengthen the traction sub-stations system. Also, a new station “Neftyanaya” is to be constructed. Railwaymen are fulfilling the targets according to the schedule.
Igor Levitin, Russian Transport Minister, said recently that the development of railway facilities is synchronised with the works aimed at enlarging port infrastructure capacity. In the opinion of Mr Levitin, the most important achievement is putting the new oil terminal into operation. In 2011, it must be connected with a line of BTS-2 pipeline. By that time, the dredging of berths to 17.5 metres is to be completed.
“Yug-2” terminal grows – its third stage is to be put into operation in 2010. According to the forecast of Alexander Goloviznin, Deputy CEO of Ust-Luga Company, about 60,000 automobiles are to be handled at the ro-ro berths, and their number will double in 2011.
There is railway-automobile ferry communication between Ust-Luga, Baltiysk, and German ports. According to Rosmorport, the complex can reach the projected capacity of 2.9 million tons per annum at the end of 2010.
The second stage of Rosterminalugol’s terminal is being constructed. New capacities are to be put into operation in 2010, which will allow it to handle up to 12.4 million tons of coal annually.
The construction of the terminal, the investor in which is the National Container Company, falls behind schedule. One of the reasons for it was the conflict between the company’s shareholders (Fesco and First Quantum) in 2009. However, experts believe that the major problems were based on the instability of the container market during the crisis.
In 2012, NOVATEK is going to launch the 1st stage of the complex to handle gas condensate and light oil products. Its capacity will be three million tons. The capital investment into the project is estimated at RUR 9.6 billion.
EuroChem holding company plans to build a bulk terminal before 2015. Its capacity will be five million tons annually.
The second sea canal is to be built in the Ust-Luga port in 2011. Its width will be 205 metres, and depth – 18 metres. Dredging works are financed in the framework of the federal target programme “Russian Transport System Development in 2010-2015”. It is supposed that, later, one canal will be an entrance, and the second an exit for vessels. The more projects are carried out in the port, the more severe the problem of personnel is.
That is why in late August, the draft plan of the first stage of the settlement for the port workers was developed. 34,500 people will be able to live there in 2025. Moreover, it will be necessary to develop land approaches to Ust-Luga, and logistics projects as well (off-dock terminals construction).
In the opinion of Valery Serdyukov, Governor of the Leningrad region, the port of Vistino is interesting to investors. Nowadays, there is an operating oil terminal in the port. At the end of 2010, Russian Transport Lines group of companies is going to complete the ro-ro terminal located not far away.
In July 2010, the Board of Directors of Murmansk Commercial Sea Port approved the basic technical and economic criteria of the Programme of Port’s Development to 2020. In the framework of this programme, the decision was made to reconstruct the 1st cargo sector in 2010 to service Panamax and Capesize vessels and to enlarge the warehouse area. The reconstruction is to be completed in 2011-2014. By then, coal handling volume is to double – to 12.9 million tons per annum.
The possibility of functional conversion of berths so that general cargoes or containers could be handled there is being discussed. The construction in this case is estimated to cost RUR 7 billion. The specialisation of the berths depends on the process of construction of a new port on the opposite shore of the Kola Bay. The project has been discussed for a long time, but there is no finance yet to carry it out.
Recently, a move to construct a new port at the White Sea was announced. Its planned annual capacity is 8 million tons of coal and 1 million tons of forest and general cargo. The project is estimated at RUR 16.6 billion, but there are no real investors yet.
South pulls budget money
Most capital-intensive projects in the RF are concentrated in the port of Sochi. State money will be spent there to build an international centre of sea passenger transportation, to create the shore infrastructure for sea transportation, a cargo district at the mouth of the Mzymta river (with further functional conversion into yachting centre), and 8 terminals (Imeretinka, Adler, Kurgorodok, Khosta, Matsesta, Dagomys, Loo, Lazarevskoye). Earlier, there was a special target programme for Sochi’s development. It envisaged the participation of private business. Now, the main investor is the state.
Basic Element’s participation in the port construction projects is known. In spring 2010, the first stage of the cargo district started its work (2 berths with a total capacity of 2 million tons of construction materials and general cargo per annum). In December 2010, the district’s capacity is to grow to 5 million tons. Nowadays, the berths are equipped with 4 Liebherr mobile cranes.
In 2010, some activity was reported in the Olya port. In the middle of the year, the base of the port fleet was constructed there at the expense of the state. And the first stage of the Olya port is to be put into operation in 2012, said Viktor Olersky, Deputy Transport Minister at the 3rd international conference “St Petersburg – the Sea Capital of Russia. Transport and Transit Potential”. It was planned to make the port a basic junction of the North-South corridor in the early 1990s. In 10 years, the handling volume there grew to 1.1 million tons.
Another 12 years are needed to increase it to 4 million tons. In the words of Mr Olersky, putting the 2nd stage into operation and the growth of the throughput to 8 million tons is connected with the appearance of real cargo flows there.
The port of Taman seems to become a new large project in the South. In March 2010, the RF Ministry of Transport discussed where the best place was to construct deep-water berths able to handle 60-70 million tons per annum. They mentioned that the most difficult thing was to adjust the project with the development of the Novorossiysk transport junction. The new port will have to share a railway line with three other ports – Novorossiysk, Tuapse, and Kavkaz. The problem may be solved by giving different functions to the terminals. To cope with peak loading, an off-dock terminal is to be constructed where the railway from the port crosses the railway line from Novorossiysk.
Nowadays, there are three operating terminals in the Taman port: Tamanneftegas (hydrocarbons), Tolyattiazot (mineral fertilisers) and Food Ingredients (liquid bulk). The latter was opened for export and import operations on September 23. Grain Terminal Complex Taman is going to become the fourth investor. This year the company announced its intention to build a grain terminal there.
The projects in the Taman are difficult because their cost for investors is very high. Also, the state will have to invest a lot into the land and sea infrastructure.
A grain terminal in the Novorossiysk sea port is being developed. The project envisages supplies of additional equipment for grain handling, the increase of the grain warehouse’s capacity to 160,000 tons, strengthening of the approaches (railway– from 2.9 million tons to 4 million tons; road– from 700,000 tons to 1.8 million tons per annum). New capacities are to be put into operation in 2011.
Another large project is being carried out in Tuapse. There, EuroChem promised to put into operation a terminal for exporting mineral fertilisers before the end of 2010. The planned annual capacity of the terminal is 2-2.3 million tons. The fertilisers are supposed to be exported mainly to Europe. The 1st stage of the customs station reconstruction was completed in August 2010. Last September, the investors restated their intention to build a universal terminal in the port of Temryuk – the project has undergone environmental study. However, the problem of power supply should be solved first: now the port operates on diesel power.
More exports in the Far East
The number of private investments in the Far East region is rather small in 2010. The brightest project is the construction of a new complex designed by the Far Eastern Sea Fleet Research Institute. This project was ordered by the Transport Ministry. According to the department, in 2030, the project capacity of Vostochny – Nakhodka transport junction may grow to 128 million tons of cargo. A container, grain and coal terminals are to be built there.
Their construction is closely connected with the railway infrastructure development and an entrance to the Transsib. RZD participates in the project. Representatives of the Primorsky Krai Administration said that port and customs infrastructure as well as approaches to the complex are to be built and reconstructed at the expense of the federal budget. Private investments will be made into cargo handling and warehousing.
In 2010, rail track were lengthened to 3.33 km to receive block trains at Vladivostok container terminal. A new RTG crane produced by TCM (Japan) was installed at the berth. Its lifting capacity is 41 tons. All these works were fulfilled in the framework of the complex programme of railway infrastructure modernisation and transit dispatches maintenance.
Mechel-Trans is going to build new capacities in Primorsky Krai. It will increase the throughput of the Posyet Commercial Port to 7 million tons and deepen the berths to service 70,000 ton dwt vessels in 2012. A contract to supply handling equipment produced by ThyssenKrupp was realised in 2010.
The basic risk for the private investors in the Far East is insufficient capacity on railways, on which all the stevedoring companies depend.
On the whole, the Far East took third place in 2010 in terms of the investment programmes with private capital participation. The North-Western ports are the leaders. And the Southern ones took second position. Private businesses invested most of all into special terminals, and less into universal complexes.
By Andrey Lazarev
viewpoint
Alexander Davydenko,
Head of Rosmorrechflot:
– In 2009, over 32 million tons of handling capacities were put into operation in Russian ports, including Ust-Luga, Baltiysk, Kavkaz, Taman, Novorossiysk, Olya, Vladivostok, Vostochny (Kozmina bay), Vanino (Muchke bay), Shakhtersk, and Prigorodny. In 2010, handling capacities are to grow by 30 million tons. It is planned that over 770 million tons of cargo could be handled in 2016. This number includes a 15% reserve in the sea ports’ capacity, which will allow the re-orientation of Russian foreign trade cargoes to Russian ports, which leave for the terminals of neighbour states when there is a period of peak loading on the transport network.
Igor Polchenko,
President of Transit-DV Group:
– Nowadays, investors are interested in the Eurasian direction. Russian companies are interested in the increase of their production exports to Europe and the Asian and Pacific region countries. These are the reasons behind the investment into the sea ports. Also, Russia is eager to create its own port hubs.
[~DETAIL_TEXT] => The state worries about its prestige
In the last five years, the peak of private investments into Russian sea ports was in 2009, when investments exceeded RUR 88.6 billion. It happened because Russian stevedores failed to slow down the modernisation programmes.
Even in 2009, the throughput of Russian terminals continued to grow. However, the revenue of stevedores fell. And in 2010, private business reduced investments into the projects more than twice in comparison with the previous year. Nevertheless, the sum invested this year is to exceed that of 2008.
There has been a decline in state investments to RUR 15.4 billion in 2010 (-8.9% compared with 2009). However, the state continues to finance most important projects –construction of a new passenger port in St Petersburg, development of sea approaches and water areas, construction of special terminals in the port of Ust-Luga, reconstruction of the infrastructure in the ports of Vysotsk, Novorossiysk, Kaliningrad, Olya, Shakhtersk, and – naturally – the construction of the on-land Olympic infrastructure in Sochi and that of facilities for Asia-Pacific Economic Cooperation Forum to be held in 2012 in Vladivostok.
A special programme is connected with the port of Petropavlovsk-Kamchatsky, where the seismic resistance of berthing facilities should be improved. Also, the state participates in development of railway approaches to the port of Makhachkala. The majority of investments made by private companies are connected with the modernisation programmes started earlier in the ports of the North-West, South, and Far East.
North-West Plays for High Stakes
A number of investment projects, in which private capital participates, are to be carried out in the Ust-Luga port in the near future. Nowadays, there are 6 terminals in operation: a complex for coal handling, a universal handling complex, a brimstone handling terminal, an automobile and railway ferry terminal, a multi-profile handling complex “Yug-2” and a timber terminal “Factor”.
At the beginning of 2010, the RF Ministry of Transport set a target to increase the daily capacity of the railway approaches to the Ust-Luga port to 36 train pairs before the end of 2010. To reach the target, it is necessary to build 6 sections of secondary main track, complete the reconstruction of the railway stations they join, and strengthen the traction sub-stations system. Also, a new station “Neftyanaya” is to be constructed. Railwaymen are fulfilling the targets according to the schedule.
Igor Levitin, Russian Transport Minister, said recently that the development of railway facilities is synchronised with the works aimed at enlarging port infrastructure capacity. In the opinion of Mr Levitin, the most important achievement is putting the new oil terminal into operation. In 2011, it must be connected with a line of BTS-2 pipeline. By that time, the dredging of berths to 17.5 metres is to be completed.
“Yug-2” terminal grows – its third stage is to be put into operation in 2010. According to the forecast of Alexander Goloviznin, Deputy CEO of Ust-Luga Company, about 60,000 automobiles are to be handled at the ro-ro berths, and their number will double in 2011.
There is railway-automobile ferry communication between Ust-Luga, Baltiysk, and German ports. According to Rosmorport, the complex can reach the projected capacity of 2.9 million tons per annum at the end of 2010.
The second stage of Rosterminalugol’s terminal is being constructed. New capacities are to be put into operation in 2010, which will allow it to handle up to 12.4 million tons of coal annually.
The construction of the terminal, the investor in which is the National Container Company, falls behind schedule. One of the reasons for it was the conflict between the company’s shareholders (Fesco and First Quantum) in 2009. However, experts believe that the major problems were based on the instability of the container market during the crisis.
In 2012, NOVATEK is going to launch the 1st stage of the complex to handle gas condensate and light oil products. Its capacity will be three million tons. The capital investment into the project is estimated at RUR 9.6 billion.
EuroChem holding company plans to build a bulk terminal before 2015. Its capacity will be five million tons annually.
The second sea canal is to be built in the Ust-Luga port in 2011. Its width will be 205 metres, and depth – 18 metres. Dredging works are financed in the framework of the federal target programme “Russian Transport System Development in 2010-2015”. It is supposed that, later, one canal will be an entrance, and the second an exit for vessels. The more projects are carried out in the port, the more severe the problem of personnel is.
That is why in late August, the draft plan of the first stage of the settlement for the port workers was developed. 34,500 people will be able to live there in 2025. Moreover, it will be necessary to develop land approaches to Ust-Luga, and logistics projects as well (off-dock terminals construction).
In the opinion of Valery Serdyukov, Governor of the Leningrad region, the port of Vistino is interesting to investors. Nowadays, there is an operating oil terminal in the port. At the end of 2010, Russian Transport Lines group of companies is going to complete the ro-ro terminal located not far away.
In July 2010, the Board of Directors of Murmansk Commercial Sea Port approved the basic technical and economic criteria of the Programme of Port’s Development to 2020. In the framework of this programme, the decision was made to reconstruct the 1st cargo sector in 2010 to service Panamax and Capesize vessels and to enlarge the warehouse area. The reconstruction is to be completed in 2011-2014. By then, coal handling volume is to double – to 12.9 million tons per annum.
The possibility of functional conversion of berths so that general cargoes or containers could be handled there is being discussed. The construction in this case is estimated to cost RUR 7 billion. The specialisation of the berths depends on the process of construction of a new port on the opposite shore of the Kola Bay. The project has been discussed for a long time, but there is no finance yet to carry it out.
Recently, a move to construct a new port at the White Sea was announced. Its planned annual capacity is 8 million tons of coal and 1 million tons of forest and general cargo. The project is estimated at RUR 16.6 billion, but there are no real investors yet.
South pulls budget money
Most capital-intensive projects in the RF are concentrated in the port of Sochi. State money will be spent there to build an international centre of sea passenger transportation, to create the shore infrastructure for sea transportation, a cargo district at the mouth of the Mzymta river (with further functional conversion into yachting centre), and 8 terminals (Imeretinka, Adler, Kurgorodok, Khosta, Matsesta, Dagomys, Loo, Lazarevskoye). Earlier, there was a special target programme for Sochi’s development. It envisaged the participation of private business. Now, the main investor is the state.
Basic Element’s participation in the port construction projects is known. In spring 2010, the first stage of the cargo district started its work (2 berths with a total capacity of 2 million tons of construction materials and general cargo per annum). In December 2010, the district’s capacity is to grow to 5 million tons. Nowadays, the berths are equipped with 4 Liebherr mobile cranes.
In 2010, some activity was reported in the Olya port. In the middle of the year, the base of the port fleet was constructed there at the expense of the state. And the first stage of the Olya port is to be put into operation in 2012, said Viktor Olersky, Deputy Transport Minister at the 3rd international conference “St Petersburg – the Sea Capital of Russia. Transport and Transit Potential”. It was planned to make the port a basic junction of the North-South corridor in the early 1990s. In 10 years, the handling volume there grew to 1.1 million tons.
Another 12 years are needed to increase it to 4 million tons. In the words of Mr Olersky, putting the 2nd stage into operation and the growth of the throughput to 8 million tons is connected with the appearance of real cargo flows there.
The port of Taman seems to become a new large project in the South. In March 2010, the RF Ministry of Transport discussed where the best place was to construct deep-water berths able to handle 60-70 million tons per annum. They mentioned that the most difficult thing was to adjust the project with the development of the Novorossiysk transport junction. The new port will have to share a railway line with three other ports – Novorossiysk, Tuapse, and Kavkaz. The problem may be solved by giving different functions to the terminals. To cope with peak loading, an off-dock terminal is to be constructed where the railway from the port crosses the railway line from Novorossiysk.
Nowadays, there are three operating terminals in the Taman port: Tamanneftegas (hydrocarbons), Tolyattiazot (mineral fertilisers) and Food Ingredients (liquid bulk). The latter was opened for export and import operations on September 23. Grain Terminal Complex Taman is going to become the fourth investor. This year the company announced its intention to build a grain terminal there.
The projects in the Taman are difficult because their cost for investors is very high. Also, the state will have to invest a lot into the land and sea infrastructure.
A grain terminal in the Novorossiysk sea port is being developed. The project envisages supplies of additional equipment for grain handling, the increase of the grain warehouse’s capacity to 160,000 tons, strengthening of the approaches (railway– from 2.9 million tons to 4 million tons; road– from 700,000 tons to 1.8 million tons per annum). New capacities are to be put into operation in 2011.
Another large project is being carried out in Tuapse. There, EuroChem promised to put into operation a terminal for exporting mineral fertilisers before the end of 2010. The planned annual capacity of the terminal is 2-2.3 million tons. The fertilisers are supposed to be exported mainly to Europe. The 1st stage of the customs station reconstruction was completed in August 2010. Last September, the investors restated their intention to build a universal terminal in the port of Temryuk – the project has undergone environmental study. However, the problem of power supply should be solved first: now the port operates on diesel power.
More exports in the Far East
The number of private investments in the Far East region is rather small in 2010. The brightest project is the construction of a new complex designed by the Far Eastern Sea Fleet Research Institute. This project was ordered by the Transport Ministry. According to the department, in 2030, the project capacity of Vostochny – Nakhodka transport junction may grow to 128 million tons of cargo. A container, grain and coal terminals are to be built there.
Their construction is closely connected with the railway infrastructure development and an entrance to the Transsib. RZD participates in the project. Representatives of the Primorsky Krai Administration said that port and customs infrastructure as well as approaches to the complex are to be built and reconstructed at the expense of the federal budget. Private investments will be made into cargo handling and warehousing.
In 2010, rail track were lengthened to 3.33 km to receive block trains at Vladivostok container terminal. A new RTG crane produced by TCM (Japan) was installed at the berth. Its lifting capacity is 41 tons. All these works were fulfilled in the framework of the complex programme of railway infrastructure modernisation and transit dispatches maintenance.
Mechel-Trans is going to build new capacities in Primorsky Krai. It will increase the throughput of the Posyet Commercial Port to 7 million tons and deepen the berths to service 70,000 ton dwt vessels in 2012. A contract to supply handling equipment produced by ThyssenKrupp was realised in 2010.
The basic risk for the private investors in the Far East is insufficient capacity on railways, on which all the stevedoring companies depend.
On the whole, the Far East took third place in 2010 in terms of the investment programmes with private capital participation. The North-Western ports are the leaders. And the Southern ones took second position. Private businesses invested most of all into special terminals, and less into universal complexes.
By Andrey Lazarev
viewpoint
Alexander Davydenko,
Head of Rosmorrechflot:
– In 2009, over 32 million tons of handling capacities were put into operation in Russian ports, including Ust-Luga, Baltiysk, Kavkaz, Taman, Novorossiysk, Olya, Vladivostok, Vostochny (Kozmina bay), Vanino (Muchke bay), Shakhtersk, and Prigorodny. In 2010, handling capacities are to grow by 30 million tons. It is planned that over 770 million tons of cargo could be handled in 2016. This number includes a 15% reserve in the sea ports’ capacity, which will allow the re-orientation of Russian foreign trade cargoes to Russian ports, which leave for the terminals of neighbour states when there is a period of peak loading on the transport network.
Igor Polchenko,
President of Transit-DV Group:
– Nowadays, investors are interested in the Eurasian direction. Russian companies are interested in the increase of their production exports to Europe and the Asian and Pacific region countries. These are the reasons behind the investment into the sea ports. Also, Russia is eager to create its own port hubs.
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[DETAIL_TEXT] => Fewer vessels, larger tonnage
On the whole, the share of Russian ship owners on the international sea transportation market is small – there are 40,000 vessels with a total deadweight of over 900 million tons in the world fleet. In 2010, 344 vessels with the total deadweight of 1.68 million tons were registered in the Russian Sea Vessel Register. Another 1,032 vessels with a total deadweight of 15.12 million tons fly foreign flags. This means that Russian ship owners control not more than 3.3% of the world charter market according to the number of vessels and 1.9% according to tonnage. According to the data of Sergey Buyanov, Deputy Director of the Central Research Institute of the Sea Fleet, the fleet flying the Russian flag reduced by 20% in the last five years, and the fleet flying foreign flags grew by 80%. At the same time, a total number of vessels controlled by Russian owners fell by 11.4%. Meanwhile, the total deadweight of fleet grew by 23.5%.
Structural changes were caused by adding river-sea vessels owned by small companies to the total tonnage. It was they who reduced their fleet recently. This tendency shows that the position of Russian companies – owners of the new vessels becomes stronger, since the new fleet is more efficient and is able to adapt to the changing structure of cargo flows.
Sovcomflot is the leader among the companies. It 2009, it received 17 new vessels. In September 2010, the company got a new tanker “Kirill Lavrov” from the Admiralty Shipyards (St Petersburg). Its deadweight is 70,000 tons. The tanker is able to navigate ice of up to 1.2 m thick without an icebreaker escort. Earlier, “Mikhail Ulyanov”, a ship of the same type, was launched.
In September, Sovcomflot accepted an ice class Aframax tanker “Moscow Prospect”. The tanker was built by Hyundai Heavy Industries (South Korea). Its deadweight is 114,100 tons. It is targeted to operate in the Baltic and Far East basins of Russia.
Now, there are 148 ships in the park of Sovcomflot group of companies. Their total deadweight is 10.8 million tons. The average age of the tanker fleet is approximately 6.5 years. The current shipbuilding programme includes 8 vessels with a deadweight of 620,000 tons. Sergey Frank, the CEO of Sovcomflot, said that the company plans to order another 12 ice class Aframax tankers. The first of them will be built in South Korea. And the rest may be constructed at the new super shipbuilding yard in the Far East that is being created in Bolshoy Kamen, said Roman Trotsenko, President of Russian United Shipbuilding Corporation. In any case, Sovcomflot plans to invest $5.5 billion in fleet renewal in the next 5 years, and more than half of the vessels will be of the ice-class.
Stake on Bulk carriers
Other large Russian shipping companies had fleet renewal programmes too. However, they have been suspended. The reason is the decline in revenue in 2008-2009 caused by the shrinking of the world charter market and instable demand for Russian basic export goods (oil, coal, mineral fertilizers, and metals).
In 2010, the dynamics of the revenue from the basic activities of Russian shipping companies has turned out to be different because of increasing competition in almost all directions – on the lines between foreign ports as well as on the routes via which Russian exports are transported to the harbours of Western Europe, America, and South-East Asia.
Murmansk Shipping Company (MSCO) used to dominate in the North, but nowadays Sovcomflot has become the leader in the tanker transportation segment there. In the sector of dry cargo transportation in 2009, five vessels owned by the shipping division of Norilsk Nickel’s transport affiliate in Murmansk were used to transport the supplies for nickel production instead of the ships of Murmansk Shipping Company. They also carried approximately one million tons of cargo for external organisations – potential clients of MSCO.
As a result, MSCO had to enlarge the share of its fleet servicing the freight of foreign charterers. As a result, the company succeeded in improving its financial results: in the 1st half of 2010 the company’s revenue grew by 21.32% year-on-year.
MSCO’s forecast for the 2nd half of the year and for 2011 is positive because of the forecasted rising demand for Handysize bulkers and the charter rates on them. It is the segment in which the shipping company specialises nowadays. MSCO has 22 bulk carriers. Of that, 15 are new and modernised vessels with a deadweight of approximately 23,000 tons each. Traditionally, they are chartered to transport coal in the Baltic Sea basin, and export coal and apatite from the Russian North. The growing demand for handysize bulk carriers is explained by the smaller size of export coal lots and the draft limitations in some Baltic ports.
The fleet of MSCO was renewed actively in 2006-2009. The last new vessels were given to the company in spring 2009, when MSCO received the fourth and the fifth bulkers of Grumant type. Representatives of the Murmansk Shipping Company do not speak much of their plans, they just say that the programme of bulker construction will be continued in future.
Tankers Flying Flags of “Convenience”
Little is known about the plans of the Primorsk Shipping Company (PRISCO group of companies) to renew its fleet. The company’s revenue in the first half of 2010 fell by 5.9% compared with the same period of 2009. Since 2005, the revenue of PRISCO has reduced by 65%.
The group’s competitiveness was to some degree impacted by the RF policy to stop Russian vessels flying flags of “convenience”. There are higher port dues for them, limitations on work on the Northern Sea Route; and there appear difficulties in confirming the right to recover VAT at the 0% rate used for export, import and transit cargoes transportation. The larger part of the revenue being in foreign currency, and inflation inside Russia, rouble strengthening and the peculiarities of currency regulation in Russia which do not allow hedging of currency risks efficiently had a negative influence on the profitability of the shipping company.
For all these reasons, the area of tanker transportation provided by PRISCO moved to America, Europe, and South-East Asia. Nevertheless, over half of the cargo carried by PRISCO’s tankers is oil extracted on Sakhalin island. It is exported on the basis of long-term charter to Japan in five tankers with a deadweight of 100,000-108,000 tons each.
PRISCO continues to transport oil in the Arctic and the Far East. Its main competitors on the domestic routes are RIMSCO, Vostok Fleet, Pacific Marine, and Amur Sea Shipping Company. In December 2009, Sovcomflot joined the list of PRISCO’s competitors in the export direction. At that time its three new Suezmax tankers started to transport oil from Kozmino (a new Russian terminal in the Far East region) to the Asian market.
Bulk transportation of coal and ore is a relatively new activity for PRISCO. To service the cargo, the company uses two new bulk-carriers built in South Korea in 2009. Meanwhile, Sovcomflot is ready to compete with PRISCO in this segment too – it started to carry out a long-term project with SUEK envisaging coal transportation from the Muchka port. It is a new coal terminal of SUEK.
Also, in the bulker segment there is the fleet of Norfes Marine, Azia Shipping, Natie Shipping, Sakhalin Sea Shipping Company (SASCO), Kamchatka Lines, and Sovfrakht.
In 2008-2009, six Aframax tankers with a deadweight of 104,000 tons each and five 51,000 ton dwt tankers were built for PRISCO by Hyundai Heavy Industries and STX (South Korea). The next vessel supplies are expected in PRISCO in 2013. In 2010, representatives of the group of companies stated that its current charter policy concept envisages new fleet construction to service specific contracts, to which only projects carried out on Sakhalin may refer nowadays. Meanwhile, the situation is rather complicated, because MSCO and FESCO intend to participate in oil transportation from Sakhalin too.
Fight for Containers
In the first half of 2010, Far East Shipping Company (FESCO) announced that it succeeded in increasing sea container transportation volumes by 58% compared with the same period the previous year. In particular, in August 2010, FESCO enlarged the capacity of its fleet in the Chinese direction. An additional 1,114 TEU vessel (the fourth one) started to service container transportation on the China line.
However, the total transportation volume of FESCO in this period reduced by 4.9% year-on-year to 5.04 million tons. The reason for this was the sale of 9 vessels, including some container ships. But no new fleet was received, and FESCO had to charter additional tonnage on the market.
Despite all the company’s attempts, in the first half of 2010, the gap between revenue and the expenses from fleet exploitation increased in comparison with the first six months of 2009. The company’s gross loss grew to RUR 231.18 million (the figure was RUR 47.9 million last year).
One of the explanations is that in the 2nd quarter of 2010, the share of revenue in foreign currency amounted to 76%, while the share of payments in roubles in the structure of expenditures was 74.8%. Thus, there was a good market situation for container and bulk transportation. But the strong rouble let FESCO down. In 2010, FESCO has a lot of competitors in the container transportation sector, including North-East Shipping Company, Sovfracht, Kamchatka Lines, RIMSCO, and SASCO. SASCO has also become the company’s competitor on the international transportation market. In particular, it opened a new service Shanghai – Vladivostok (Vladivostok Sea Container Terminal).
It is even more difficult for FESCO to compete with foreign operators - Maersk Line, American President Lines, Sinokor, BVB Korea Line, CK Line, PanCon and KMTC. Foreign vessel owners open more and more new lines. For example, on August 6, 2010, KMTC opened a line service to Vladivostok container terminal.
Chinese and Korean companies such as COSCO, Korea Line, Daeyang, HMM, Sunwoo are also active players in the region. In the ro-ro transportation sector, the company’s competitors are Toyofuji, Eastern Car Liner, Navix/MOL, Natie Shipping.
In this situation, the only way out for the shipping company is to renew its fleet. And FESCO tries to attract loans and is selling some of its assets. However, container vessels are not included in its fleet renewal programme yet. In 2011, only four 57,000 ton dwt bulkers built by Qingshan shipyard (China) are to be put into operation.
The Arctic Will warm up Shipbuilders
The programme to revive the Northern Sea Route may become an additional impulse for Russian companies to renew their fleet. Russia is eager to strengthen its ice-breaking fleet in the Arctic and several attempts were made to organise transit journeys from Europe to the Asian and Pacific region. In particular, recently the nuclear-powered icebreaker “50 Let Pobedy” led tanker “Baltica” along the Northern Sea Route in 10 days. The trip was financed by the RF Transport Ministry. They were followed by “Nordic Barents” bulker loaded with Norwegian iron ore concentrate destined for China. And ice-breaking assistance for “George Ots” passenger ferry will demonstrate the prospects for cruise tourism to the Arctic.
Experts believe that the Russian government may develop a programme to provide state support to operators who will build an ice-class fleet flying the Russian flag to navigate the Northern Sea Route. First of all, tankers and universal dry cargo vessels will be needed there.
By Andrey Lazarev
[~DETAIL_TEXT] => Fewer vessels, larger tonnage
On the whole, the share of Russian ship owners on the international sea transportation market is small – there are 40,000 vessels with a total deadweight of over 900 million tons in the world fleet. In 2010, 344 vessels with the total deadweight of 1.68 million tons were registered in the Russian Sea Vessel Register. Another 1,032 vessels with a total deadweight of 15.12 million tons fly foreign flags. This means that Russian ship owners control not more than 3.3% of the world charter market according to the number of vessels and 1.9% according to tonnage. According to the data of Sergey Buyanov, Deputy Director of the Central Research Institute of the Sea Fleet, the fleet flying the Russian flag reduced by 20% in the last five years, and the fleet flying foreign flags grew by 80%. At the same time, a total number of vessels controlled by Russian owners fell by 11.4%. Meanwhile, the total deadweight of fleet grew by 23.5%.
Structural changes were caused by adding river-sea vessels owned by small companies to the total tonnage. It was they who reduced their fleet recently. This tendency shows that the position of Russian companies – owners of the new vessels becomes stronger, since the new fleet is more efficient and is able to adapt to the changing structure of cargo flows.
Sovcomflot is the leader among the companies. It 2009, it received 17 new vessels. In September 2010, the company got a new tanker “Kirill Lavrov” from the Admiralty Shipyards (St Petersburg). Its deadweight is 70,000 tons. The tanker is able to navigate ice of up to 1.2 m thick without an icebreaker escort. Earlier, “Mikhail Ulyanov”, a ship of the same type, was launched.
In September, Sovcomflot accepted an ice class Aframax tanker “Moscow Prospect”. The tanker was built by Hyundai Heavy Industries (South Korea). Its deadweight is 114,100 tons. It is targeted to operate in the Baltic and Far East basins of Russia.
Now, there are 148 ships in the park of Sovcomflot group of companies. Their total deadweight is 10.8 million tons. The average age of the tanker fleet is approximately 6.5 years. The current shipbuilding programme includes 8 vessels with a deadweight of 620,000 tons. Sergey Frank, the CEO of Sovcomflot, said that the company plans to order another 12 ice class Aframax tankers. The first of them will be built in South Korea. And the rest may be constructed at the new super shipbuilding yard in the Far East that is being created in Bolshoy Kamen, said Roman Trotsenko, President of Russian United Shipbuilding Corporation. In any case, Sovcomflot plans to invest $5.5 billion in fleet renewal in the next 5 years, and more than half of the vessels will be of the ice-class.
Stake on Bulk carriers
Other large Russian shipping companies had fleet renewal programmes too. However, they have been suspended. The reason is the decline in revenue in 2008-2009 caused by the shrinking of the world charter market and instable demand for Russian basic export goods (oil, coal, mineral fertilizers, and metals).
In 2010, the dynamics of the revenue from the basic activities of Russian shipping companies has turned out to be different because of increasing competition in almost all directions – on the lines between foreign ports as well as on the routes via which Russian exports are transported to the harbours of Western Europe, America, and South-East Asia.
Murmansk Shipping Company (MSCO) used to dominate in the North, but nowadays Sovcomflot has become the leader in the tanker transportation segment there. In the sector of dry cargo transportation in 2009, five vessels owned by the shipping division of Norilsk Nickel’s transport affiliate in Murmansk were used to transport the supplies for nickel production instead of the ships of Murmansk Shipping Company. They also carried approximately one million tons of cargo for external organisations – potential clients of MSCO.
As a result, MSCO had to enlarge the share of its fleet servicing the freight of foreign charterers. As a result, the company succeeded in improving its financial results: in the 1st half of 2010 the company’s revenue grew by 21.32% year-on-year.
MSCO’s forecast for the 2nd half of the year and for 2011 is positive because of the forecasted rising demand for Handysize bulkers and the charter rates on them. It is the segment in which the shipping company specialises nowadays. MSCO has 22 bulk carriers. Of that, 15 are new and modernised vessels with a deadweight of approximately 23,000 tons each. Traditionally, they are chartered to transport coal in the Baltic Sea basin, and export coal and apatite from the Russian North. The growing demand for handysize bulk carriers is explained by the smaller size of export coal lots and the draft limitations in some Baltic ports.
The fleet of MSCO was renewed actively in 2006-2009. The last new vessels were given to the company in spring 2009, when MSCO received the fourth and the fifth bulkers of Grumant type. Representatives of the Murmansk Shipping Company do not speak much of their plans, they just say that the programme of bulker construction will be continued in future.
Tankers Flying Flags of “Convenience”
Little is known about the plans of the Primorsk Shipping Company (PRISCO group of companies) to renew its fleet. The company’s revenue in the first half of 2010 fell by 5.9% compared with the same period of 2009. Since 2005, the revenue of PRISCO has reduced by 65%.
The group’s competitiveness was to some degree impacted by the RF policy to stop Russian vessels flying flags of “convenience”. There are higher port dues for them, limitations on work on the Northern Sea Route; and there appear difficulties in confirming the right to recover VAT at the 0% rate used for export, import and transit cargoes transportation. The larger part of the revenue being in foreign currency, and inflation inside Russia, rouble strengthening and the peculiarities of currency regulation in Russia which do not allow hedging of currency risks efficiently had a negative influence on the profitability of the shipping company.
For all these reasons, the area of tanker transportation provided by PRISCO moved to America, Europe, and South-East Asia. Nevertheless, over half of the cargo carried by PRISCO’s tankers is oil extracted on Sakhalin island. It is exported on the basis of long-term charter to Japan in five tankers with a deadweight of 100,000-108,000 tons each.
PRISCO continues to transport oil in the Arctic and the Far East. Its main competitors on the domestic routes are RIMSCO, Vostok Fleet, Pacific Marine, and Amur Sea Shipping Company. In December 2009, Sovcomflot joined the list of PRISCO’s competitors in the export direction. At that time its three new Suezmax tankers started to transport oil from Kozmino (a new Russian terminal in the Far East region) to the Asian market.
Bulk transportation of coal and ore is a relatively new activity for PRISCO. To service the cargo, the company uses two new bulk-carriers built in South Korea in 2009. Meanwhile, Sovcomflot is ready to compete with PRISCO in this segment too – it started to carry out a long-term project with SUEK envisaging coal transportation from the Muchka port. It is a new coal terminal of SUEK.
Also, in the bulker segment there is the fleet of Norfes Marine, Azia Shipping, Natie Shipping, Sakhalin Sea Shipping Company (SASCO), Kamchatka Lines, and Sovfrakht.
In 2008-2009, six Aframax tankers with a deadweight of 104,000 tons each and five 51,000 ton dwt tankers were built for PRISCO by Hyundai Heavy Industries and STX (South Korea). The next vessel supplies are expected in PRISCO in 2013. In 2010, representatives of the group of companies stated that its current charter policy concept envisages new fleet construction to service specific contracts, to which only projects carried out on Sakhalin may refer nowadays. Meanwhile, the situation is rather complicated, because MSCO and FESCO intend to participate in oil transportation from Sakhalin too.
Fight for Containers
In the first half of 2010, Far East Shipping Company (FESCO) announced that it succeeded in increasing sea container transportation volumes by 58% compared with the same period the previous year. In particular, in August 2010, FESCO enlarged the capacity of its fleet in the Chinese direction. An additional 1,114 TEU vessel (the fourth one) started to service container transportation on the China line.
However, the total transportation volume of FESCO in this period reduced by 4.9% year-on-year to 5.04 million tons. The reason for this was the sale of 9 vessels, including some container ships. But no new fleet was received, and FESCO had to charter additional tonnage on the market.
Despite all the company’s attempts, in the first half of 2010, the gap between revenue and the expenses from fleet exploitation increased in comparison with the first six months of 2009. The company’s gross loss grew to RUR 231.18 million (the figure was RUR 47.9 million last year).
One of the explanations is that in the 2nd quarter of 2010, the share of revenue in foreign currency amounted to 76%, while the share of payments in roubles in the structure of expenditures was 74.8%. Thus, there was a good market situation for container and bulk transportation. But the strong rouble let FESCO down. In 2010, FESCO has a lot of competitors in the container transportation sector, including North-East Shipping Company, Sovfracht, Kamchatka Lines, RIMSCO, and SASCO. SASCO has also become the company’s competitor on the international transportation market. In particular, it opened a new service Shanghai – Vladivostok (Vladivostok Sea Container Terminal).
It is even more difficult for FESCO to compete with foreign operators - Maersk Line, American President Lines, Sinokor, BVB Korea Line, CK Line, PanCon and KMTC. Foreign vessel owners open more and more new lines. For example, on August 6, 2010, KMTC opened a line service to Vladivostok container terminal.
Chinese and Korean companies such as COSCO, Korea Line, Daeyang, HMM, Sunwoo are also active players in the region. In the ro-ro transportation sector, the company’s competitors are Toyofuji, Eastern Car Liner, Navix/MOL, Natie Shipping.
In this situation, the only way out for the shipping company is to renew its fleet. And FESCO tries to attract loans and is selling some of its assets. However, container vessels are not included in its fleet renewal programme yet. In 2011, only four 57,000 ton dwt bulkers built by Qingshan shipyard (China) are to be put into operation.
The Arctic Will warm up Shipbuilders
The programme to revive the Northern Sea Route may become an additional impulse for Russian companies to renew their fleet. Russia is eager to strengthen its ice-breaking fleet in the Arctic and several attempts were made to organise transit journeys from Europe to the Asian and Pacific region. In particular, recently the nuclear-powered icebreaker “50 Let Pobedy” led tanker “Baltica” along the Northern Sea Route in 10 days. The trip was financed by the RF Transport Ministry. They were followed by “Nordic Barents” bulker loaded with Norwegian iron ore concentrate destined for China. And ice-breaking assistance for “George Ots” passenger ferry will demonstrate the prospects for cruise tourism to the Arctic.
Experts believe that the Russian government may develop a programme to provide state support to operators who will build an ice-class fleet flying the Russian flag to navigate the Northern Sea Route. First of all, tankers and universal dry cargo vessels will be needed there.
By Andrey Lazarev
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[DETAIL_TEXT] => Fewer vessels, larger tonnage
On the whole, the share of Russian ship owners on the international sea transportation market is small – there are 40,000 vessels with a total deadweight of over 900 million tons in the world fleet. In 2010, 344 vessels with the total deadweight of 1.68 million tons were registered in the Russian Sea Vessel Register. Another 1,032 vessels with a total deadweight of 15.12 million tons fly foreign flags. This means that Russian ship owners control not more than 3.3% of the world charter market according to the number of vessels and 1.9% according to tonnage. According to the data of Sergey Buyanov, Deputy Director of the Central Research Institute of the Sea Fleet, the fleet flying the Russian flag reduced by 20% in the last five years, and the fleet flying foreign flags grew by 80%. At the same time, a total number of vessels controlled by Russian owners fell by 11.4%. Meanwhile, the total deadweight of fleet grew by 23.5%.
Structural changes were caused by adding river-sea vessels owned by small companies to the total tonnage. It was they who reduced their fleet recently. This tendency shows that the position of Russian companies – owners of the new vessels becomes stronger, since the new fleet is more efficient and is able to adapt to the changing structure of cargo flows.
Sovcomflot is the leader among the companies. It 2009, it received 17 new vessels. In September 2010, the company got a new tanker “Kirill Lavrov” from the Admiralty Shipyards (St Petersburg). Its deadweight is 70,000 tons. The tanker is able to navigate ice of up to 1.2 m thick without an icebreaker escort. Earlier, “Mikhail Ulyanov”, a ship of the same type, was launched.
In September, Sovcomflot accepted an ice class Aframax tanker “Moscow Prospect”. The tanker was built by Hyundai Heavy Industries (South Korea). Its deadweight is 114,100 tons. It is targeted to operate in the Baltic and Far East basins of Russia.
Now, there are 148 ships in the park of Sovcomflot group of companies. Their total deadweight is 10.8 million tons. The average age of the tanker fleet is approximately 6.5 years. The current shipbuilding programme includes 8 vessels with a deadweight of 620,000 tons. Sergey Frank, the CEO of Sovcomflot, said that the company plans to order another 12 ice class Aframax tankers. The first of them will be built in South Korea. And the rest may be constructed at the new super shipbuilding yard in the Far East that is being created in Bolshoy Kamen, said Roman Trotsenko, President of Russian United Shipbuilding Corporation. In any case, Sovcomflot plans to invest $5.5 billion in fleet renewal in the next 5 years, and more than half of the vessels will be of the ice-class.
Stake on Bulk carriers
Other large Russian shipping companies had fleet renewal programmes too. However, they have been suspended. The reason is the decline in revenue in 2008-2009 caused by the shrinking of the world charter market and instable demand for Russian basic export goods (oil, coal, mineral fertilizers, and metals).
In 2010, the dynamics of the revenue from the basic activities of Russian shipping companies has turned out to be different because of increasing competition in almost all directions – on the lines between foreign ports as well as on the routes via which Russian exports are transported to the harbours of Western Europe, America, and South-East Asia.
Murmansk Shipping Company (MSCO) used to dominate in the North, but nowadays Sovcomflot has become the leader in the tanker transportation segment there. In the sector of dry cargo transportation in 2009, five vessels owned by the shipping division of Norilsk Nickel’s transport affiliate in Murmansk were used to transport the supplies for nickel production instead of the ships of Murmansk Shipping Company. They also carried approximately one million tons of cargo for external organisations – potential clients of MSCO.
As a result, MSCO had to enlarge the share of its fleet servicing the freight of foreign charterers. As a result, the company succeeded in improving its financial results: in the 1st half of 2010 the company’s revenue grew by 21.32% year-on-year.
MSCO’s forecast for the 2nd half of the year and for 2011 is positive because of the forecasted rising demand for Handysize bulkers and the charter rates on them. It is the segment in which the shipping company specialises nowadays. MSCO has 22 bulk carriers. Of that, 15 are new and modernised vessels with a deadweight of approximately 23,000 tons each. Traditionally, they are chartered to transport coal in the Baltic Sea basin, and export coal and apatite from the Russian North. The growing demand for handysize bulk carriers is explained by the smaller size of export coal lots and the draft limitations in some Baltic ports.
The fleet of MSCO was renewed actively in 2006-2009. The last new vessels were given to the company in spring 2009, when MSCO received the fourth and the fifth bulkers of Grumant type. Representatives of the Murmansk Shipping Company do not speak much of their plans, they just say that the programme of bulker construction will be continued in future.
Tankers Flying Flags of “Convenience”
Little is known about the plans of the Primorsk Shipping Company (PRISCO group of companies) to renew its fleet. The company’s revenue in the first half of 2010 fell by 5.9% compared with the same period of 2009. Since 2005, the revenue of PRISCO has reduced by 65%.
The group’s competitiveness was to some degree impacted by the RF policy to stop Russian vessels flying flags of “convenience”. There are higher port dues for them, limitations on work on the Northern Sea Route; and there appear difficulties in confirming the right to recover VAT at the 0% rate used for export, import and transit cargoes transportation. The larger part of the revenue being in foreign currency, and inflation inside Russia, rouble strengthening and the peculiarities of currency regulation in Russia which do not allow hedging of currency risks efficiently had a negative influence on the profitability of the shipping company.
For all these reasons, the area of tanker transportation provided by PRISCO moved to America, Europe, and South-East Asia. Nevertheless, over half of the cargo carried by PRISCO’s tankers is oil extracted on Sakhalin island. It is exported on the basis of long-term charter to Japan in five tankers with a deadweight of 100,000-108,000 tons each.
PRISCO continues to transport oil in the Arctic and the Far East. Its main competitors on the domestic routes are RIMSCO, Vostok Fleet, Pacific Marine, and Amur Sea Shipping Company. In December 2009, Sovcomflot joined the list of PRISCO’s competitors in the export direction. At that time its three new Suezmax tankers started to transport oil from Kozmino (a new Russian terminal in the Far East region) to the Asian market.
Bulk transportation of coal and ore is a relatively new activity for PRISCO. To service the cargo, the company uses two new bulk-carriers built in South Korea in 2009. Meanwhile, Sovcomflot is ready to compete with PRISCO in this segment too – it started to carry out a long-term project with SUEK envisaging coal transportation from the Muchka port. It is a new coal terminal of SUEK.
Also, in the bulker segment there is the fleet of Norfes Marine, Azia Shipping, Natie Shipping, Sakhalin Sea Shipping Company (SASCO), Kamchatka Lines, and Sovfrakht.
In 2008-2009, six Aframax tankers with a deadweight of 104,000 tons each and five 51,000 ton dwt tankers were built for PRISCO by Hyundai Heavy Industries and STX (South Korea). The next vessel supplies are expected in PRISCO in 2013. In 2010, representatives of the group of companies stated that its current charter policy concept envisages new fleet construction to service specific contracts, to which only projects carried out on Sakhalin may refer nowadays. Meanwhile, the situation is rather complicated, because MSCO and FESCO intend to participate in oil transportation from Sakhalin too.
Fight for Containers
In the first half of 2010, Far East Shipping Company (FESCO) announced that it succeeded in increasing sea container transportation volumes by 58% compared with the same period the previous year. In particular, in August 2010, FESCO enlarged the capacity of its fleet in the Chinese direction. An additional 1,114 TEU vessel (the fourth one) started to service container transportation on the China line.
However, the total transportation volume of FESCO in this period reduced by 4.9% year-on-year to 5.04 million tons. The reason for this was the sale of 9 vessels, including some container ships. But no new fleet was received, and FESCO had to charter additional tonnage on the market.
Despite all the company’s attempts, in the first half of 2010, the gap between revenue and the expenses from fleet exploitation increased in comparison with the first six months of 2009. The company’s gross loss grew to RUR 231.18 million (the figure was RUR 47.9 million last year).
One of the explanations is that in the 2nd quarter of 2010, the share of revenue in foreign currency amounted to 76%, while the share of payments in roubles in the structure of expenditures was 74.8%. Thus, there was a good market situation for container and bulk transportation. But the strong rouble let FESCO down. In 2010, FESCO has a lot of competitors in the container transportation sector, including North-East Shipping Company, Sovfracht, Kamchatka Lines, RIMSCO, and SASCO. SASCO has also become the company’s competitor on the international transportation market. In particular, it opened a new service Shanghai – Vladivostok (Vladivostok Sea Container Terminal).
It is even more difficult for FESCO to compete with foreign operators - Maersk Line, American President Lines, Sinokor, BVB Korea Line, CK Line, PanCon and KMTC. Foreign vessel owners open more and more new lines. For example, on August 6, 2010, KMTC opened a line service to Vladivostok container terminal.
Chinese and Korean companies such as COSCO, Korea Line, Daeyang, HMM, Sunwoo are also active players in the region. In the ro-ro transportation sector, the company’s competitors are Toyofuji, Eastern Car Liner, Navix/MOL, Natie Shipping.
In this situation, the only way out for the shipping company is to renew its fleet. And FESCO tries to attract loans and is selling some of its assets. However, container vessels are not included in its fleet renewal programme yet. In 2011, only four 57,000 ton dwt bulkers built by Qingshan shipyard (China) are to be put into operation.
The Arctic Will warm up Shipbuilders
The programme to revive the Northern Sea Route may become an additional impulse for Russian companies to renew their fleet. Russia is eager to strengthen its ice-breaking fleet in the Arctic and several attempts were made to organise transit journeys from Europe to the Asian and Pacific region. In particular, recently the nuclear-powered icebreaker “50 Let Pobedy” led tanker “Baltica” along the Northern Sea Route in 10 days. The trip was financed by the RF Transport Ministry. They were followed by “Nordic Barents” bulker loaded with Norwegian iron ore concentrate destined for China. And ice-breaking assistance for “George Ots” passenger ferry will demonstrate the prospects for cruise tourism to the Arctic.
Experts believe that the Russian government may develop a programme to provide state support to operators who will build an ice-class fleet flying the Russian flag to navigate the Northern Sea Route. First of all, tankers and universal dry cargo vessels will be needed there.
By Andrey Lazarev
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On the whole, the share of Russian ship owners on the international sea transportation market is small – there are 40,000 vessels with a total deadweight of over 900 million tons in the world fleet. In 2010, 344 vessels with the total deadweight of 1.68 million tons were registered in the Russian Sea Vessel Register. Another 1,032 vessels with a total deadweight of 15.12 million tons fly foreign flags. This means that Russian ship owners control not more than 3.3% of the world charter market according to the number of vessels and 1.9% according to tonnage. According to the data of Sergey Buyanov, Deputy Director of the Central Research Institute of the Sea Fleet, the fleet flying the Russian flag reduced by 20% in the last five years, and the fleet flying foreign flags grew by 80%. At the same time, a total number of vessels controlled by Russian owners fell by 11.4%. Meanwhile, the total deadweight of fleet grew by 23.5%.
Structural changes were caused by adding river-sea vessels owned by small companies to the total tonnage. It was they who reduced their fleet recently. This tendency shows that the position of Russian companies – owners of the new vessels becomes stronger, since the new fleet is more efficient and is able to adapt to the changing structure of cargo flows.
Sovcomflot is the leader among the companies. It 2009, it received 17 new vessels. In September 2010, the company got a new tanker “Kirill Lavrov” from the Admiralty Shipyards (St Petersburg). Its deadweight is 70,000 tons. The tanker is able to navigate ice of up to 1.2 m thick without an icebreaker escort. Earlier, “Mikhail Ulyanov”, a ship of the same type, was launched.
In September, Sovcomflot accepted an ice class Aframax tanker “Moscow Prospect”. The tanker was built by Hyundai Heavy Industries (South Korea). Its deadweight is 114,100 tons. It is targeted to operate in the Baltic and Far East basins of Russia.
Now, there are 148 ships in the park of Sovcomflot group of companies. Their total deadweight is 10.8 million tons. The average age of the tanker fleet is approximately 6.5 years. The current shipbuilding programme includes 8 vessels with a deadweight of 620,000 tons. Sergey Frank, the CEO of Sovcomflot, said that the company plans to order another 12 ice class Aframax tankers. The first of them will be built in South Korea. And the rest may be constructed at the new super shipbuilding yard in the Far East that is being created in Bolshoy Kamen, said Roman Trotsenko, President of Russian United Shipbuilding Corporation. In any case, Sovcomflot plans to invest $5.5 billion in fleet renewal in the next 5 years, and more than half of the vessels will be of the ice-class.
Stake on Bulk carriers
Other large Russian shipping companies had fleet renewal programmes too. However, they have been suspended. The reason is the decline in revenue in 2008-2009 caused by the shrinking of the world charter market and instable demand for Russian basic export goods (oil, coal, mineral fertilizers, and metals).
In 2010, the dynamics of the revenue from the basic activities of Russian shipping companies has turned out to be different because of increasing competition in almost all directions – on the lines between foreign ports as well as on the routes via which Russian exports are transported to the harbours of Western Europe, America, and South-East Asia.
Murmansk Shipping Company (MSCO) used to dominate in the North, but nowadays Sovcomflot has become the leader in the tanker transportation segment there. In the sector of dry cargo transportation in 2009, five vessels owned by the shipping division of Norilsk Nickel’s transport affiliate in Murmansk were used to transport the supplies for nickel production instead of the ships of Murmansk Shipping Company. They also carried approximately one million tons of cargo for external organisations – potential clients of MSCO.
As a result, MSCO had to enlarge the share of its fleet servicing the freight of foreign charterers. As a result, the company succeeded in improving its financial results: in the 1st half of 2010 the company’s revenue grew by 21.32% year-on-year.
MSCO’s forecast for the 2nd half of the year and for 2011 is positive because of the forecasted rising demand for Handysize bulkers and the charter rates on them. It is the segment in which the shipping company specialises nowadays. MSCO has 22 bulk carriers. Of that, 15 are new and modernised vessels with a deadweight of approximately 23,000 tons each. Traditionally, they are chartered to transport coal in the Baltic Sea basin, and export coal and apatite from the Russian North. The growing demand for handysize bulk carriers is explained by the smaller size of export coal lots and the draft limitations in some Baltic ports.
The fleet of MSCO was renewed actively in 2006-2009. The last new vessels were given to the company in spring 2009, when MSCO received the fourth and the fifth bulkers of Grumant type. Representatives of the Murmansk Shipping Company do not speak much of their plans, they just say that the programme of bulker construction will be continued in future.
Tankers Flying Flags of “Convenience”
Little is known about the plans of the Primorsk Shipping Company (PRISCO group of companies) to renew its fleet. The company’s revenue in the first half of 2010 fell by 5.9% compared with the same period of 2009. Since 2005, the revenue of PRISCO has reduced by 65%.
The group’s competitiveness was to some degree impacted by the RF policy to stop Russian vessels flying flags of “convenience”. There are higher port dues for them, limitations on work on the Northern Sea Route; and there appear difficulties in confirming the right to recover VAT at the 0% rate used for export, import and transit cargoes transportation. The larger part of the revenue being in foreign currency, and inflation inside Russia, rouble strengthening and the peculiarities of currency regulation in Russia which do not allow hedging of currency risks efficiently had a negative influence on the profitability of the shipping company.
For all these reasons, the area of tanker transportation provided by PRISCO moved to America, Europe, and South-East Asia. Nevertheless, over half of the cargo carried by PRISCO’s tankers is oil extracted on Sakhalin island. It is exported on the basis of long-term charter to Japan in five tankers with a deadweight of 100,000-108,000 tons each.
PRISCO continues to transport oil in the Arctic and the Far East. Its main competitors on the domestic routes are RIMSCO, Vostok Fleet, Pacific Marine, and Amur Sea Shipping Company. In December 2009, Sovcomflot joined the list of PRISCO’s competitors in the export direction. At that time its three new Suezmax tankers started to transport oil from Kozmino (a new Russian terminal in the Far East region) to the Asian market.
Bulk transportation of coal and ore is a relatively new activity for PRISCO. To service the cargo, the company uses two new bulk-carriers built in South Korea in 2009. Meanwhile, Sovcomflot is ready to compete with PRISCO in this segment too – it started to carry out a long-term project with SUEK envisaging coal transportation from the Muchka port. It is a new coal terminal of SUEK.
Also, in the bulker segment there is the fleet of Norfes Marine, Azia Shipping, Natie Shipping, Sakhalin Sea Shipping Company (SASCO), Kamchatka Lines, and Sovfrakht.
In 2008-2009, six Aframax tankers with a deadweight of 104,000 tons each and five 51,000 ton dwt tankers were built for PRISCO by Hyundai Heavy Industries and STX (South Korea). The next vessel supplies are expected in PRISCO in 2013. In 2010, representatives of the group of companies stated that its current charter policy concept envisages new fleet construction to service specific contracts, to which only projects carried out on Sakhalin may refer nowadays. Meanwhile, the situation is rather complicated, because MSCO and FESCO intend to participate in oil transportation from Sakhalin too.
Fight for Containers
In the first half of 2010, Far East Shipping Company (FESCO) announced that it succeeded in increasing sea container transportation volumes by 58% compared with the same period the previous year. In particular, in August 2010, FESCO enlarged the capacity of its fleet in the Chinese direction. An additional 1,114 TEU vessel (the fourth one) started to service container transportation on the China line.
However, the total transportation volume of FESCO in this period reduced by 4.9% year-on-year to 5.04 million tons. The reason for this was the sale of 9 vessels, including some container ships. But no new fleet was received, and FESCO had to charter additional tonnage on the market.
Despite all the company’s attempts, in the first half of 2010, the gap between revenue and the expenses from fleet exploitation increased in comparison with the first six months of 2009. The company’s gross loss grew to RUR 231.18 million (the figure was RUR 47.9 million last year).
One of the explanations is that in the 2nd quarter of 2010, the share of revenue in foreign currency amounted to 76%, while the share of payments in roubles in the structure of expenditures was 74.8%. Thus, there was a good market situation for container and bulk transportation. But the strong rouble let FESCO down. In 2010, FESCO has a lot of competitors in the container transportation sector, including North-East Shipping Company, Sovfracht, Kamchatka Lines, RIMSCO, and SASCO. SASCO has also become the company’s competitor on the international transportation market. In particular, it opened a new service Shanghai – Vladivostok (Vladivostok Sea Container Terminal).
It is even more difficult for FESCO to compete with foreign operators - Maersk Line, American President Lines, Sinokor, BVB Korea Line, CK Line, PanCon and KMTC. Foreign vessel owners open more and more new lines. For example, on August 6, 2010, KMTC opened a line service to Vladivostok container terminal.
Chinese and Korean companies such as COSCO, Korea Line, Daeyang, HMM, Sunwoo are also active players in the region. In the ro-ro transportation sector, the company’s competitors are Toyofuji, Eastern Car Liner, Navix/MOL, Natie Shipping.
In this situation, the only way out for the shipping company is to renew its fleet. And FESCO tries to attract loans and is selling some of its assets. However, container vessels are not included in its fleet renewal programme yet. In 2011, only four 57,000 ton dwt bulkers built by Qingshan shipyard (China) are to be put into operation.
The Arctic Will warm up Shipbuilders
The programme to revive the Northern Sea Route may become an additional impulse for Russian companies to renew their fleet. Russia is eager to strengthen its ice-breaking fleet in the Arctic and several attempts were made to organise transit journeys from Europe to the Asian and Pacific region. In particular, recently the nuclear-powered icebreaker “50 Let Pobedy” led tanker “Baltica” along the Northern Sea Route in 10 days. The trip was financed by the RF Transport Ministry. They were followed by “Nordic Barents” bulker loaded with Norwegian iron ore concentrate destined for China. And ice-breaking assistance for “George Ots” passenger ferry will demonstrate the prospects for cruise tourism to the Arctic.
Experts believe that the Russian government may develop a programme to provide state support to operators who will build an ice-class fleet flying the Russian flag to navigate the Northern Sea Route. First of all, tankers and universal dry cargo vessels will be needed there.
By Andrey Lazarev
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The Agreement on the single customs territory and creation of a single Customs Union concluded by Russia, Belarus, and Kazakhstan, has begun to bear fruit. The Single Customs Code came into force on the whole territory of the Customs Union in July 2010. Everyone who imports any commodities by automobile transport on the territory of the Union and, in particular, on the territory of the Russian Federation, should consider not only more or less studied Russian specificity, but also the innovations implemented by the new Code, including its defects.Array
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[DETAIL_TEXT] => Lower speed, worse roads
Everybody knows that Russian roads (in fact, the motorways across the territory of the Customs Union) differ from European ones. Statistics help understand whether these differences can create real problems.
In the words of Oleg Orlov, Deputy Chairman of the Union of Transporters of the Kurganskaya Oblast – one of the powerful Russian organisations uniting a lot of road hauliers, the average speed of Russian road transport is 12-15 kph (in the EU states this figure is 80 kph). Only 5% of companies operating in Russia use electronic software. As a result, the efficiency of Russian road transport is 2.5 or 3 times lower than that of the EU.
In addition, one extra day of travelling means a loss of one percent of the revenue from selling the transported goods.
Foreign transporters face a lot of difficulties in Russia, and one of them is customs clearance. The Customs Union creation may simplify this procedure, but there are several innovations and pitfalls to be taken into consideration.
First of all, one should remember that the Customs Code of the Customs Union, which came into force on July 6, 2010, has to some degree a recommendatory character. In some cases, decisions are made by the members of the Customs Union on the basis of their own legislation. In the words of Vladimir Ivin, Head of the Analytical Direction at the RF Federal Customs Service, nowadays the Customs Code of the Customs Union has 1,157 norms referring to national legislation.
However, the situation may change for the better in the near future. Russia suggests a number of measures which can improve the situation. In the words of Mr Ivin, the list of regulating documents should be defined, and the time needed for customs clearance should be cut. The financial documentation should also be simplified.
Welcome to Russia!
There are no significant changes in the procedure of crossing the border of the Russian Federation, because we deal with a reference norm, i.e. cargo registration and all the procedures are fulfilled according to the rules envisaged in the Russian legislation. Article 158 of the Customs Code obliges a transporter to give corresponding documents to the customs service – to notify it of his arrival officially. The list of the documents remained the same and it is defined by Article 159 (see the Reference).
One innovation is time restrictions set for fulfilling customs procedures connected with giving the goods for temporary storing or customs declaring. It should take three hours. Infringement of this norm is considered as an administrative offence, and entails liability established by laws of the Russian Federation (the penalty up to 20,000 roubles, or about 500 euros).
One should take into account that, according to the Customs Code, the responsibility to pay import duties appears as soon as the transporter crosses the border of the Customs Union’s territory, and ends as soon as the cargo is delivered and given for temporary storing or to a corresponding place to fulfill customs procedures.
Customs Transit
An advantage of the new order is the simplified customs transit procedure. Russian legislation envisaged two different procedures – inner (on RF territory) and international. Nowadays there is a single customs transit, which simplifies law enforcement. In this case, common rules of goods declaration are applied (see Chapter 27 of the Customs Code), and transit declaration is one of the types of customs declaration.
According to information given by Iraida Kharlamova, Head of Customs Transit Control Department at Customs Control Organisation Service of the North-West Customs Administration, customs transit is used at transportation of:
1) foreign goods from a customs body in the place of arrival to a customs body in the departure place (earlier it was considered international transport transit);
2) foreign goods from a customs body in the place of departure to an internal customs body (internal transport transit);
3) foreign goods from an internal customs body to a customs body in the departure place (foreign goods outflow);
4) foreign goods from one internal customs body to another internal customs body (removal between customs bodies);
5) goods of the Customs Union from a customs body in the departure place to a customs body in the place of arrival via the territory of a state which is not a member of the Customs Union.
It is necessary to mention that, until July 1, 2010, this possibility was realised in the form of a special customs mode. So, it was applied to the goods moved between the Kaliningrad region and other territory of the Customs Union.
Thus, it is necessary to consider that goods of the Customs Union to the Kaliningrad region are to be moved in accordance with the customs transit procedure. Rules of its registration are to be applied to them – that is identification means are imposed on customs bodies’ cargo compartments in the zones of customs control.
Conditions for goods placement to fulfill customs transit procedures and the list of measures providing its observance remained the same. However, now route determination can be used only as an addition to another two measures (duties payment provision and customs support). Also, the Customs Code expands the list of cases when payment of duties for the transported transit goods is not required.
When getting ready for the customs transit procedure, one should take into account the restrictions on transportation of some goods which were implemented recently. In the opinion of Mrs Kharlamova, special attention should be paid to two documents. Firstly, its is the “Single List of Goods to Which Prohibitions or Restrictions on Import or Export by the Customs Union Member States in the Framework of the Eurasian Economic Community Trading with the Third Countries” (Appendix 1).
And the second document is “Regulations on Application of Restrictions (Appendix 2) on Import and Export of Ozone-Destroying Substances and Production Containing Them to/from the Territory of the Customs Union; Import of Chemical Weed and Pest Killers to the Customs Territory of the Customs Union; Import, Export and Transit of Hazardous Waste via the Territory of the Customs Union; Export of Animal and Plant Products and Other Goods from the Territory of the Customs Union Member States.”
Some things are easier, some are more complicated
The list of documents which may be used as a transit declaration is the same. However, some things have become more simple: nowadays there is no need to quote the period of the supposed transport transit and information about the drivers of the vehicles.
At the same time, there is a new requirement: one should write the code of the goods in accordance with the Harmonized Commodity Description and Coding System or the Commodity Classification of the Customs Union – and the code must contain not less than six symbols (one should pay special attention to this. Earlier, the Russian code demanded that at least four symbols were written).
Nowadays, transit declaration may be given together with its e-copy. From January 1, 2011, this will be an obligatory procedure.
There is one more innovation: commodities are shown to the customs body only if the latter demands it.
Due to the amendments implemented by the Customs Code of the Customs Union, the Russian, Belorussian and Kazakhstan legislative and normative base was to become closer to European standards. Unfortunately, the success was rather modest. The Customs Code of the Customs Union has a number of drawbacks. In fact, it is only half-finished. Only time will tell what the final product will be.
By Dmitry Savvin
our reference
To cross the border of the Russian Federation, a road transporter must show: documents on the transport facility for international transportation; transport documents; a document accompanying the international mail at its transportation, defined by certificates of the World postal union; commercial documents on the transported commodities; information about the state registration of the transport facility for international transportation; name and address of the commodities transporter; name and address of the consignor and consignee in accordance with the commercial documents the transporter has; the quantity of cargo packages, about their marks and about kinds of packings; names and codes of the commodities in accordance with the Harmonized Commodity Description and Coding System or the Foreign Trade Activity Commodity Classification (at least first four symbols); gross weight of commodities (kilograms) or the volume of commodities (cubic metres) for oversized cargo; whether he transports commodities the import of which to the customs territory of the Customs Union is prohibited or restricted; the place and the date when the consignment note was filled in.
[~DETAIL_TEXT] => Lower speed, worse roads
Everybody knows that Russian roads (in fact, the motorways across the territory of the Customs Union) differ from European ones. Statistics help understand whether these differences can create real problems.
In the words of Oleg Orlov, Deputy Chairman of the Union of Transporters of the Kurganskaya Oblast – one of the powerful Russian organisations uniting a lot of road hauliers, the average speed of Russian road transport is 12-15 kph (in the EU states this figure is 80 kph). Only 5% of companies operating in Russia use electronic software. As a result, the efficiency of Russian road transport is 2.5 or 3 times lower than that of the EU.
In addition, one extra day of travelling means a loss of one percent of the revenue from selling the transported goods.
Foreign transporters face a lot of difficulties in Russia, and one of them is customs clearance. The Customs Union creation may simplify this procedure, but there are several innovations and pitfalls to be taken into consideration.
First of all, one should remember that the Customs Code of the Customs Union, which came into force on July 6, 2010, has to some degree a recommendatory character. In some cases, decisions are made by the members of the Customs Union on the basis of their own legislation. In the words of Vladimir Ivin, Head of the Analytical Direction at the RF Federal Customs Service, nowadays the Customs Code of the Customs Union has 1,157 norms referring to national legislation.
However, the situation may change for the better in the near future. Russia suggests a number of measures which can improve the situation. In the words of Mr Ivin, the list of regulating documents should be defined, and the time needed for customs clearance should be cut. The financial documentation should also be simplified.
Welcome to Russia!
There are no significant changes in the procedure of crossing the border of the Russian Federation, because we deal with a reference norm, i.e. cargo registration and all the procedures are fulfilled according to the rules envisaged in the Russian legislation. Article 158 of the Customs Code obliges a transporter to give corresponding documents to the customs service – to notify it of his arrival officially. The list of the documents remained the same and it is defined by Article 159 (see the Reference).
One innovation is time restrictions set for fulfilling customs procedures connected with giving the goods for temporary storing or customs declaring. It should take three hours. Infringement of this norm is considered as an administrative offence, and entails liability established by laws of the Russian Federation (the penalty up to 20,000 roubles, or about 500 euros).
One should take into account that, according to the Customs Code, the responsibility to pay import duties appears as soon as the transporter crosses the border of the Customs Union’s territory, and ends as soon as the cargo is delivered and given for temporary storing or to a corresponding place to fulfill customs procedures.
Customs Transit
An advantage of the new order is the simplified customs transit procedure. Russian legislation envisaged two different procedures – inner (on RF territory) and international. Nowadays there is a single customs transit, which simplifies law enforcement. In this case, common rules of goods declaration are applied (see Chapter 27 of the Customs Code), and transit declaration is one of the types of customs declaration.
According to information given by Iraida Kharlamova, Head of Customs Transit Control Department at Customs Control Organisation Service of the North-West Customs Administration, customs transit is used at transportation of:
1) foreign goods from a customs body in the place of arrival to a customs body in the departure place (earlier it was considered international transport transit);
2) foreign goods from a customs body in the place of departure to an internal customs body (internal transport transit);
3) foreign goods from an internal customs body to a customs body in the departure place (foreign goods outflow);
4) foreign goods from one internal customs body to another internal customs body (removal between customs bodies);
5) goods of the Customs Union from a customs body in the departure place to a customs body in the place of arrival via the territory of a state which is not a member of the Customs Union.
It is necessary to mention that, until July 1, 2010, this possibility was realised in the form of a special customs mode. So, it was applied to the goods moved between the Kaliningrad region and other territory of the Customs Union.
Thus, it is necessary to consider that goods of the Customs Union to the Kaliningrad region are to be moved in accordance with the customs transit procedure. Rules of its registration are to be applied to them – that is identification means are imposed on customs bodies’ cargo compartments in the zones of customs control.
Conditions for goods placement to fulfill customs transit procedures and the list of measures providing its observance remained the same. However, now route determination can be used only as an addition to another two measures (duties payment provision and customs support). Also, the Customs Code expands the list of cases when payment of duties for the transported transit goods is not required.
When getting ready for the customs transit procedure, one should take into account the restrictions on transportation of some goods which were implemented recently. In the opinion of Mrs Kharlamova, special attention should be paid to two documents. Firstly, its is the “Single List of Goods to Which Prohibitions or Restrictions on Import or Export by the Customs Union Member States in the Framework of the Eurasian Economic Community Trading with the Third Countries” (Appendix 1).
And the second document is “Regulations on Application of Restrictions (Appendix 2) on Import and Export of Ozone-Destroying Substances and Production Containing Them to/from the Territory of the Customs Union; Import of Chemical Weed and Pest Killers to the Customs Territory of the Customs Union; Import, Export and Transit of Hazardous Waste via the Territory of the Customs Union; Export of Animal and Plant Products and Other Goods from the Territory of the Customs Union Member States.”
Some things are easier, some are more complicated
The list of documents which may be used as a transit declaration is the same. However, some things have become more simple: nowadays there is no need to quote the period of the supposed transport transit and information about the drivers of the vehicles.
At the same time, there is a new requirement: one should write the code of the goods in accordance with the Harmonized Commodity Description and Coding System or the Commodity Classification of the Customs Union – and the code must contain not less than six symbols (one should pay special attention to this. Earlier, the Russian code demanded that at least four symbols were written).
Nowadays, transit declaration may be given together with its e-copy. From January 1, 2011, this will be an obligatory procedure.
There is one more innovation: commodities are shown to the customs body only if the latter demands it.
Due to the amendments implemented by the Customs Code of the Customs Union, the Russian, Belorussian and Kazakhstan legislative and normative base was to become closer to European standards. Unfortunately, the success was rather modest. The Customs Code of the Customs Union has a number of drawbacks. In fact, it is only half-finished. Only time will tell what the final product will be.
By Dmitry Savvin
our reference
To cross the border of the Russian Federation, a road transporter must show: documents on the transport facility for international transportation; transport documents; a document accompanying the international mail at its transportation, defined by certificates of the World postal union; commercial documents on the transported commodities; information about the state registration of the transport facility for international transportation; name and address of the commodities transporter; name and address of the consignor and consignee in accordance with the commercial documents the transporter has; the quantity of cargo packages, about their marks and about kinds of packings; names and codes of the commodities in accordance with the Harmonized Commodity Description and Coding System or the Foreign Trade Activity Commodity Classification (at least first four symbols); gross weight of commodities (kilograms) or the volume of commodities (cubic metres) for oversized cargo; whether he transports commodities the import of which to the customs territory of the Customs Union is prohibited or restricted; the place and the date when the consignment note was filled in.
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[DETAIL_TEXT] => Lower speed, worse roads
Everybody knows that Russian roads (in fact, the motorways across the territory of the Customs Union) differ from European ones. Statistics help understand whether these differences can create real problems.
In the words of Oleg Orlov, Deputy Chairman of the Union of Transporters of the Kurganskaya Oblast – one of the powerful Russian organisations uniting a lot of road hauliers, the average speed of Russian road transport is 12-15 kph (in the EU states this figure is 80 kph). Only 5% of companies operating in Russia use electronic software. As a result, the efficiency of Russian road transport is 2.5 or 3 times lower than that of the EU.
In addition, one extra day of travelling means a loss of one percent of the revenue from selling the transported goods.
Foreign transporters face a lot of difficulties in Russia, and one of them is customs clearance. The Customs Union creation may simplify this procedure, but there are several innovations and pitfalls to be taken into consideration.
First of all, one should remember that the Customs Code of the Customs Union, which came into force on July 6, 2010, has to some degree a recommendatory character. In some cases, decisions are made by the members of the Customs Union on the basis of their own legislation. In the words of Vladimir Ivin, Head of the Analytical Direction at the RF Federal Customs Service, nowadays the Customs Code of the Customs Union has 1,157 norms referring to national legislation.
However, the situation may change for the better in the near future. Russia suggests a number of measures which can improve the situation. In the words of Mr Ivin, the list of regulating documents should be defined, and the time needed for customs clearance should be cut. The financial documentation should also be simplified.
Welcome to Russia!
There are no significant changes in the procedure of crossing the border of the Russian Federation, because we deal with a reference norm, i.e. cargo registration and all the procedures are fulfilled according to the rules envisaged in the Russian legislation. Article 158 of the Customs Code obliges a transporter to give corresponding documents to the customs service – to notify it of his arrival officially. The list of the documents remained the same and it is defined by Article 159 (see the Reference).
One innovation is time restrictions set for fulfilling customs procedures connected with giving the goods for temporary storing or customs declaring. It should take three hours. Infringement of this norm is considered as an administrative offence, and entails liability established by laws of the Russian Federation (the penalty up to 20,000 roubles, or about 500 euros).
One should take into account that, according to the Customs Code, the responsibility to pay import duties appears as soon as the transporter crosses the border of the Customs Union’s territory, and ends as soon as the cargo is delivered and given for temporary storing or to a corresponding place to fulfill customs procedures.
Customs Transit
An advantage of the new order is the simplified customs transit procedure. Russian legislation envisaged two different procedures – inner (on RF territory) and international. Nowadays there is a single customs transit, which simplifies law enforcement. In this case, common rules of goods declaration are applied (see Chapter 27 of the Customs Code), and transit declaration is one of the types of customs declaration.
According to information given by Iraida Kharlamova, Head of Customs Transit Control Department at Customs Control Organisation Service of the North-West Customs Administration, customs transit is used at transportation of:
1) foreign goods from a customs body in the place of arrival to a customs body in the departure place (earlier it was considered international transport transit);
2) foreign goods from a customs body in the place of departure to an internal customs body (internal transport transit);
3) foreign goods from an internal customs body to a customs body in the departure place (foreign goods outflow);
4) foreign goods from one internal customs body to another internal customs body (removal between customs bodies);
5) goods of the Customs Union from a customs body in the departure place to a customs body in the place of arrival via the territory of a state which is not a member of the Customs Union.
It is necessary to mention that, until July 1, 2010, this possibility was realised in the form of a special customs mode. So, it was applied to the goods moved between the Kaliningrad region and other territory of the Customs Union.
Thus, it is necessary to consider that goods of the Customs Union to the Kaliningrad region are to be moved in accordance with the customs transit procedure. Rules of its registration are to be applied to them – that is identification means are imposed on customs bodies’ cargo compartments in the zones of customs control.
Conditions for goods placement to fulfill customs transit procedures and the list of measures providing its observance remained the same. However, now route determination can be used only as an addition to another two measures (duties payment provision and customs support). Also, the Customs Code expands the list of cases when payment of duties for the transported transit goods is not required.
When getting ready for the customs transit procedure, one should take into account the restrictions on transportation of some goods which were implemented recently. In the opinion of Mrs Kharlamova, special attention should be paid to two documents. Firstly, its is the “Single List of Goods to Which Prohibitions or Restrictions on Import or Export by the Customs Union Member States in the Framework of the Eurasian Economic Community Trading with the Third Countries” (Appendix 1).
And the second document is “Regulations on Application of Restrictions (Appendix 2) on Import and Export of Ozone-Destroying Substances and Production Containing Them to/from the Territory of the Customs Union; Import of Chemical Weed and Pest Killers to the Customs Territory of the Customs Union; Import, Export and Transit of Hazardous Waste via the Territory of the Customs Union; Export of Animal and Plant Products and Other Goods from the Territory of the Customs Union Member States.”
Some things are easier, some are more complicated
The list of documents which may be used as a transit declaration is the same. However, some things have become more simple: nowadays there is no need to quote the period of the supposed transport transit and information about the drivers of the vehicles.
At the same time, there is a new requirement: one should write the code of the goods in accordance with the Harmonized Commodity Description and Coding System or the Commodity Classification of the Customs Union – and the code must contain not less than six symbols (one should pay special attention to this. Earlier, the Russian code demanded that at least four symbols were written).
Nowadays, transit declaration may be given together with its e-copy. From January 1, 2011, this will be an obligatory procedure.
There is one more innovation: commodities are shown to the customs body only if the latter demands it.
Due to the amendments implemented by the Customs Code of the Customs Union, the Russian, Belorussian and Kazakhstan legislative and normative base was to become closer to European standards. Unfortunately, the success was rather modest. The Customs Code of the Customs Union has a number of drawbacks. In fact, it is only half-finished. Only time will tell what the final product will be.
By Dmitry Savvin
our reference
To cross the border of the Russian Federation, a road transporter must show: documents on the transport facility for international transportation; transport documents; a document accompanying the international mail at its transportation, defined by certificates of the World postal union; commercial documents on the transported commodities; information about the state registration of the transport facility for international transportation; name and address of the commodities transporter; name and address of the consignor and consignee in accordance with the commercial documents the transporter has; the quantity of cargo packages, about their marks and about kinds of packings; names and codes of the commodities in accordance with the Harmonized Commodity Description and Coding System or the Foreign Trade Activity Commodity Classification (at least first four symbols); gross weight of commodities (kilograms) or the volume of commodities (cubic metres) for oversized cargo; whether he transports commodities the import of which to the customs territory of the Customs Union is prohibited or restricted; the place and the date when the consignment note was filled in.
[~DETAIL_TEXT] => Lower speed, worse roads
Everybody knows that Russian roads (in fact, the motorways across the territory of the Customs Union) differ from European ones. Statistics help understand whether these differences can create real problems.
In the words of Oleg Orlov, Deputy Chairman of the Union of Transporters of the Kurganskaya Oblast – one of the powerful Russian organisations uniting a lot of road hauliers, the average speed of Russian road transport is 12-15 kph (in the EU states this figure is 80 kph). Only 5% of companies operating in Russia use electronic software. As a result, the efficiency of Russian road transport is 2.5 or 3 times lower than that of the EU.
In addition, one extra day of travelling means a loss of one percent of the revenue from selling the transported goods.
Foreign transporters face a lot of difficulties in Russia, and one of them is customs clearance. The Customs Union creation may simplify this procedure, but there are several innovations and pitfalls to be taken into consideration.
First of all, one should remember that the Customs Code of the Customs Union, which came into force on July 6, 2010, has to some degree a recommendatory character. In some cases, decisions are made by the members of the Customs Union on the basis of their own legislation. In the words of Vladimir Ivin, Head of the Analytical Direction at the RF Federal Customs Service, nowadays the Customs Code of the Customs Union has 1,157 norms referring to national legislation.
However, the situation may change for the better in the near future. Russia suggests a number of measures which can improve the situation. In the words of Mr Ivin, the list of regulating documents should be defined, and the time needed for customs clearance should be cut. The financial documentation should also be simplified.
Welcome to Russia!
There are no significant changes in the procedure of crossing the border of the Russian Federation, because we deal with a reference norm, i.e. cargo registration and all the procedures are fulfilled according to the rules envisaged in the Russian legislation. Article 158 of the Customs Code obliges a transporter to give corresponding documents to the customs service – to notify it of his arrival officially. The list of the documents remained the same and it is defined by Article 159 (see the Reference).
One innovation is time restrictions set for fulfilling customs procedures connected with giving the goods for temporary storing or customs declaring. It should take three hours. Infringement of this norm is considered as an administrative offence, and entails liability established by laws of the Russian Federation (the penalty up to 20,000 roubles, or about 500 euros).
One should take into account that, according to the Customs Code, the responsibility to pay import duties appears as soon as the transporter crosses the border of the Customs Union’s territory, and ends as soon as the cargo is delivered and given for temporary storing or to a corresponding place to fulfill customs procedures.
Customs Transit
An advantage of the new order is the simplified customs transit procedure. Russian legislation envisaged two different procedures – inner (on RF territory) and international. Nowadays there is a single customs transit, which simplifies law enforcement. In this case, common rules of goods declaration are applied (see Chapter 27 of the Customs Code), and transit declaration is one of the types of customs declaration.
According to information given by Iraida Kharlamova, Head of Customs Transit Control Department at Customs Control Organisation Service of the North-West Customs Administration, customs transit is used at transportation of:
1) foreign goods from a customs body in the place of arrival to a customs body in the departure place (earlier it was considered international transport transit);
2) foreign goods from a customs body in the place of departure to an internal customs body (internal transport transit);
3) foreign goods from an internal customs body to a customs body in the departure place (foreign goods outflow);
4) foreign goods from one internal customs body to another internal customs body (removal between customs bodies);
5) goods of the Customs Union from a customs body in the departure place to a customs body in the place of arrival via the territory of a state which is not a member of the Customs Union.
It is necessary to mention that, until July 1, 2010, this possibility was realised in the form of a special customs mode. So, it was applied to the goods moved between the Kaliningrad region and other territory of the Customs Union.
Thus, it is necessary to consider that goods of the Customs Union to the Kaliningrad region are to be moved in accordance with the customs transit procedure. Rules of its registration are to be applied to them – that is identification means are imposed on customs bodies’ cargo compartments in the zones of customs control.
Conditions for goods placement to fulfill customs transit procedures and the list of measures providing its observance remained the same. However, now route determination can be used only as an addition to another two measures (duties payment provision and customs support). Also, the Customs Code expands the list of cases when payment of duties for the transported transit goods is not required.
When getting ready for the customs transit procedure, one should take into account the restrictions on transportation of some goods which were implemented recently. In the opinion of Mrs Kharlamova, special attention should be paid to two documents. Firstly, its is the “Single List of Goods to Which Prohibitions or Restrictions on Import or Export by the Customs Union Member States in the Framework of the Eurasian Economic Community Trading with the Third Countries” (Appendix 1).
And the second document is “Regulations on Application of Restrictions (Appendix 2) on Import and Export of Ozone-Destroying Substances and Production Containing Them to/from the Territory of the Customs Union; Import of Chemical Weed and Pest Killers to the Customs Territory of the Customs Union; Import, Export and Transit of Hazardous Waste via the Territory of the Customs Union; Export of Animal and Plant Products and Other Goods from the Territory of the Customs Union Member States.”
Some things are easier, some are more complicated
The list of documents which may be used as a transit declaration is the same. However, some things have become more simple: nowadays there is no need to quote the period of the supposed transport transit and information about the drivers of the vehicles.
At the same time, there is a new requirement: one should write the code of the goods in accordance with the Harmonized Commodity Description and Coding System or the Commodity Classification of the Customs Union – and the code must contain not less than six symbols (one should pay special attention to this. Earlier, the Russian code demanded that at least four symbols were written).
Nowadays, transit declaration may be given together with its e-copy. From January 1, 2011, this will be an obligatory procedure.
There is one more innovation: commodities are shown to the customs body only if the latter demands it.
Due to the amendments implemented by the Customs Code of the Customs Union, the Russian, Belorussian and Kazakhstan legislative and normative base was to become closer to European standards. Unfortunately, the success was rather modest. The Customs Code of the Customs Union has a number of drawbacks. In fact, it is only half-finished. Only time will tell what the final product will be.
By Dmitry Savvin
our reference
To cross the border of the Russian Federation, a road transporter must show: documents on the transport facility for international transportation; transport documents; a document accompanying the international mail at its transportation, defined by certificates of the World postal union; commercial documents on the transported commodities; information about the state registration of the transport facility for international transportation; name and address of the commodities transporter; name and address of the consignor and consignee in accordance with the commercial documents the transporter has; the quantity of cargo packages, about their marks and about kinds of packings; names and codes of the commodities in accordance with the Harmonized Commodity Description and Coding System or the Foreign Trade Activity Commodity Classification (at least first four symbols); gross weight of commodities (kilograms) or the volume of commodities (cubic metres) for oversized cargo; whether he transports commodities the import of which to the customs territory of the Customs Union is prohibited or restricted; the place and the date when the consignment note was filled in.
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