17 May 2022 12:34

Sovcomflot's fleet comprises 111 vessels, share under encumbrance declines to 10%

MOSCOW. May 17 (Interfax) - On May 13, 2022, PAO Sovcomflot completed a number of measures aimed at restructuring the group's loan obligations, which contributed to the release of a significant part of the fleet from encumbrances, Russia's largest shipping company said in a statement.

"As a result of the actions taken, the number of vessels in the company's fleet now totals 111 units, and the share of vessels under encumbrance has decreased to 10%. The group's total accounts payable has declined from $3 billion to $1.7 billion," according to the statement.