Far-Eastern Shipping Company (FESCO) announces that its indirect wholly owned subsidiary Far East Capital Limited S.A. has successfully priced $800 million of senior secured notes placed in two tranches.
$500m of notes due 2018 were priced at a yield of 8.00%, and $300m of notes due 2020 were priced at a yield of 8.75%. The notes will be guaranteed on a senior secured basis by certain subsidiaries and parent companies of FESCO. Net proceeds will be used to repay outstanding debt of the Group and debt incurred in connection with the acquisition of FESCO in December 2012.
FESCO Transportation Group releases its preliminary operational results for the year ended December 31, 2012. In the reporting period, the Company’s flagship container transportation and processing business demonstrated the solid growth.
Bilateral sea container transportation was up 14.1% Y-oт-Y reaching 342.7 thousand TEU, while domestic sea container transportation volumes increased by 8.0% Y-on-Y to 68.0 thousand TEU. Intermodal freight transportation rose by 5.5% to 207.8 thousand TEU. Moreover, Vladivostok Commercial Sea Port (VMTP) container cargo throughput grew by 5.6% to 456.1 thousand TEU. Rail container transportation amounted to 264.7 thousand TEU (up 5.1% YoY). Reefer cargo transportation increased by 32.5% reaching 49.7 thousand TEU.
On 26 November 2012, Russian Prime Minister Dmitry Medvedev signed a decree "On Amendments to the Federal Target Program "Modernization of Transport System of Russia. Sea Transport.” The changes include the obligation of the state to finance the building of the access channel to the St. Petersburg-based sea port Bronka now under construction. The construction is scheduled to begin in 2013.
The outer harbor Bronka project is being implemented through the public-private partnerships. The government invests in the access channel, while private investors are funding the building of piers and terminals. Overall, private investment in the project will total RUB 43.7bn by the time the terminal is commissioned. The volume of federal investment is projected to be RUB 15.2 billion.
On May 21, 2012 from the terminal station on the CGT Silicate went 500th in the container train service «FESCO Moscow Shuttle». The beginning of this service was launched in August 2009.
During the three years of service FESCO carried more than 70 thousand TEU of containerized cargo, and the share of shipments of container trains in the total loading of containers on the railway front, the CGT has increased from 8% to 73%.
FESCO has recently disclosed its operational results for January – December 2011. In 2011, the highest growth rates were observed in the sphere of intermodal and rail container transportation, freight forwarding and container handling.
Based on the 12-months results, sea container trade volumes reached 430 659 TEU, that is 15% higher than in 2010. From this amount, bilateral and domestic sea container trade accounted for 367 331 TEU and 63 328 TEU respectively.
FESCO Transportation Group reveals its operational results for 9 months of 2011, which continue to demonstrate respectable year-on-year growth across virtually all container-related businesses of the group, while showing relatively flat or sometimes negative operational performance in other types of cargo.
Volume of international sea container shipping increased by 28.2%, amounting to 282,359 TEUs, compared to 9 months of 2010. Domestic container trade showed a slight decline of 6.9% YoY with the total of 45,830 TEUs.
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