Delo Group to expand fleet, mulls buying container ships with capacity up to 10,000 TEU - board chairman

MURMANSK. March 28 (Interfax) - Delo Group plans to expand its shipping fleet severalfold, the company's board chairman, Sergei Shishkarev said on the sidelines of the International Arctic Forum in Murmansk.

"We have our own fleet, so we will expand it severalfold," he told reporters, adding that the company will certainly not buy a new fleet.

The company is considering buying container ships with capacity of 2,000 to 10,000 TEU and bulk carriers with capacity of 20,000 to 100,000 tonnes.

"We will buy second hand, but in good condition, with good reliability, compliant with all standards of navigation in both Russian territorial waters and in international waters," Shishkarev said.

"Now is a good time, because one needs to make money and generally develop not when [charter] rates are high, but when they're low, when there's a crisis. Right now charter rates have fallen sharply compared to where they were two years ago, even one year ago, so a lot of vessels will be available now, if not cheaply then at least not at such [high] prices," Shishkarev said, adding that he is counting on the support of government subsidies to buy vessels.