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%.
On May, 11 flight attendant of the Aeroflot company Ekaterina Solovieva was fired after the company found her tweet with a grim joke comment about the crash of Russian airliner Sukhoi Superjet-100 in Indonesia. Company had put a reference to the dismissal order on the official Twitter page of the company.
Currently, Solovieva’s tweet was removed, but the blogs section of Russian search engine Yandex kept a reference to her post "A Superjet collapsed? Hahaha! Shit-machine! It is a pity the plane was not the Aeroflot’s one, it would be one less for company to fly, and maybe they would sell them back to someone. " The author of the post acknowledged that she "loves black humor."
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.
In the end of December 2011 Ust-Luga Container Terminal (ULCT) located in Ust-Luga, Leningrad region, which is a part of NCC group, has started operating.
“Putting into operation of a new container terminal in the port of Ust-Luga also sets a development agenda for Russian transport industry for many years to come. Ahead of us is the implementation of three development stages which should result in ULCT becoming the largest and the most modern container terminal in Russia and the Baltic Sea region”, noted Alyona Ashurkova, NCC President.
Russian media is reporting on negotiations commenced by current owners of Domodedovo Airport — they have intention to sell all 100% of shares for hefty amount of $4-5 billion. Goldman Sachs appears to be the consultant of this deal, while Alfa Group, Renova and Summa Capital has been named as potential buyers.
Actually, the number of buyers who may be interested in this type of asset is much wider. Airport is the main transport hub which connects Moscow, capital of Russia, to the world. The only cornerstone for this deal is the price current owner are asking to pay for their stake. $4-5 billion is the valuation number named by banks who managed IPO attempt of the airport in may this year. The problem is that IPO has failed and now airport owners are trying to sell for the same amount but to a single investor.
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.
Russian newspaper Vedomosti has found out that investment branch of Alfa Group, called A1, being disappointed in aircraft business, has decided to sell its 51% stake in OOO “Avianova”. The decision was made in the end of 2010, as Dmitriy Chernyak, managing director of A1, told Vedomosti.
A1 is actively seeking for a buyer for the asset. The stake has been already proposed to Aeroflot who was not very interested at the time. Investment bankers value their “Avianova” stake at roughly $70 million, market sources report.
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