30th Jul 2009 08:02
NCSP Group buys new tugboats
30 July 2009
Novorossiysk Commercial Sea Port (LSE: NCSP, RTS and MICEX: NMTP) is purchasing new marine tugboats to renew its tugboat fleet and expand tug and towing operations.
Commenting on the event, Chairman of the Board of NCSP Alexander Ponomarenko said: «The financial crisis not only poses new challenges, but offers new opportunities as well. Today NCSP Group has an opportunity to buy newly built modern tugboats at a beneficial price, which allows us to expand existing tugboat fleet in a very short time and will boost the development of the Group's tug and towing business».
Contracts have been sighed to purchase four new marine tugboats which are already built or near completion. The investments amounting to EUR 25 million will be financed from the Group's own funds.
The first tugboat priced at about EUR 6 million will be supplied in the nearest future, other tugboats are expected to arrive in 2009-2010.
The tugboats will be owned by the specially created new company -- Longbranch Shipping Enterprises Ltd. registered in Cyprus - which has been set up as a subsidiary of PJSC Fleet of NCSP, where the latter holds 80% interest. The other 20% of the new company are owned by partners of the Group who have extensive experience in tug and towing business in ports of Eastern Europe.
About NCSP Group
Novorossiysk Commercial Sea Port is the largest Russian port operator in terms of cargo turnover. Group's consolidated cargo turnover in 2008 totaled 81.6 million tonnes. Consolidated revenue to IFRS for the 2008 totaled $653.777 million.
NCSP shares are traded on Russia's RTS and MICEX exchanges (NMTP) and on the London Stock Exchange (NCSP) in the form of GDRs (1 GDR representing 75 shares).
NCSP Group includes the following stevedore companies: PJSC NCSP, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.
For more information please contact:
Tel.: +7 (495) 783-5434; IR@nmtp.info
Related Shares:
Pjsc Novor. S