20 Apr 2010 17:34


MOSCOW. April 20 (Interfax) - Far East Shipping Company's (FESCO) net debt at then of 2009 came to $855 million with sales revenue and EBTIDA standing at $1.2 billion and $356 million, respectively, the Russian business daily, Vedomosti, reported citing the company's results.

Fesco cancelled $152 million in orders for railcar deliveries and an additional $100 million for the construction of three container vehicles (including $49 million in paid advances), the company said.

The company sold nine vessels for $70 million (including five in 2010, the company now has 47 ships), the document said.

The group's net debt, according to its vice president for corporate communications, Stanislav Vartanyan, dropped to $675 million.

The group's CEO, Sergei Generalov, earlier said that the company plans to refinance $456 million in loans.