Vtb News

Russia's second-largest lender VTB's deal to acquire the Zvezda shipbuilding yard from oil company Rosneft is now dead because the VTB-owned United Shipbuilding Corporation (USC) cannot finance the acquisition, VTB CEO Andrei Kostin said on Tuesday.VTB is currently running USC, Russia's largest shipbuilder, which operates about 40 shipyards, design offices and repair yards across Russia, employing 95,000 staff.VTB said in December of last year that it was in talks with Rosneft over the Zvezda acquisition…

Russia's second largest lender VTB will acquire the Zvezda shipbuilding yard from oil company Rosneft but the deal is still in its early stages, VTB CEO Andrei Kostin told Reuters.VTB is currently running Russia's United Shipbuilding Corporation (USC), Russia's largest shipbuilder, which operates about 40 shipyards, design offices and repair yards across Russia, employing 95,000 staff."The deal is at the very beginning. There are basic agreements.

Russian President Vladimir Putin on Thursday asked the state-owned VTB bank to manage the state's 100% stake in United Shipbuilding Corporation (USC), Russia's largest shipbuilder, to solve financial problems at the firm.Putin's decision effectively transfers control of Russia's premier shipbuilding assets to Moscow-based VTB, which has been run by Andrei Kostin, one of Russia's most influential bankers, for the past 21 years.USC builds civilian vessels as well as nuclear submarines, aircraft carriers and other warships.

A predictive intelligence company applying AI global maritime trade has launched a solution to minimize risk exposure in maritime trade as it relates to ongoing sanctions against Russia.In response to the recent Russian invasion into Ukraine, heavy economic sanctions were imposed days prior to the invasion and have since escalated rapidly. Amongst the most prominent organizations affected are Sverbank and VTB, two of the largest Russian financial institutions, state-owned Sovcomflot, Russia’s largest maritime and freight shipping company, and the Russian Maritime Register of Shipping.

Marubeni Corporation and Mitsui O.S.K. Lines, Ltd. (MOL) are working together to develop a dual-fuel methanol/very-low sulfur fuel oil powered vessel to ship methanol from Russia.On September3, during the Eastern Economic Forum in Vladivostok, Russia, the Japanese firms signed a memorandum of understanding (MOU) with the Ministry of the Russian Federation for Development of the Far East and the Arctic Regions, State Development Corporation VEB.RF, VTB Bank and ESN Limited Liability Company (ESN Group) to commence a joint study to build…

Fincantieri Bay Shipbuilding (FBS) in Sturgeon Bay, Wis., recently installed a Marine Travelift HTC 150D Hydraulic Hatch Crane on the Michigan Trader self-unloading barge delivered to VanEnkevort Tug & Barge.The Michigan Trader features an overall length of 740 ft X 78 ft beam X 45 ft depth. Once in service, it will serve the Great Lakes region by hauling bulk commodities including iron ore, stone and more.“It was nice to partner with a local supplier, Marine Travelift, to provide the lifting solutions for the Michigan Trader…

Fincantieri Bay Shipbuilding has delivered a newly built self-unloading barge to VanEnkevort Tug & Barge for operation on the Great Lakes.The new barge, named Michigan Trader, measures 740 feet in length, 78 feet in beam, and 45 feet in depth. The barge has a 265-foot unloading boom and capacity for up to 37,000 long tons of cargo.David Groh, president of VanEnkevort Tug & Barge, said Michigan Trader will be the fourth self-unloading barge in the company's Great Lakes fleet. The barge will be the 10th in the VTB fleet…

Sovcomflot's shares fell below their offer price in their market debut in Moscow on Wednesday after the initial public offering (IPO) of Russia's biggest shipping company was priced at the lower end of its range.Sovcomflot's IPO, the first share offering by a Russian state company since 2013, will allow the government to reduce its stake to 82.8% following the sale of new shares worth about $550 million.The deal was priced at 105 roubles ($1.34) per share, at the lower end of the initial guidance of between 105 roubles and 117 roubles per share…

Russian shipping company Sovcomflot is guiding investors to expect its initial public offering (IPO) to price at the low end of the marketing range, two bookrunners organizing the transaction said on Tuesday.The first big stock market float by a Russian company in a couple of years comes as wider investor sentiment towards Moscow has turned negative after the poisoning of Kremlin critic Alexei Navalny, protests in Belarus and renewed clashes in Nagorno-Karabakh.Russian assets…

Russia's top shipping company Sovcomflot plans to sell a 15.5%-17% stake in new shares and raise around 42.25 billion roubles ($534 million) in an initial public offering (IPO) on the Moscow Exchange, the company and analysts said on Monday.Sovcomflot's IPO comes at a difficult time for the Russian currency as rising coronavirus cases worldwide threaten an oil price recovery and reduce risk appetite among investors.The rouble was trading close to a 6-month low against the U.S.

Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).For Aeroflot, the cash is needed to fight the economic fallout from the COVID-19 pandemic.Sovcomflot (SCF) which is raising money to spend on new projects and reduce debt aims to list in early October…

The global pandemic news has been horrific and certainly an historic moment in domestic and worldwide shipping. For many businesses, the action was simple; hang the “closed” sign, furlough or layoff staff and wait for the approval to re-open. Or not, depending how long the virus will linger and continue to cause hundreds or thousands of deaths and rising numbers of cases. Make no mistake, there will be many businesses associated with our industry that will not return. The damages will be far beyond bars and restaurant businesses.

Russia's second-biggest bank VTB is buying one of the biggest grain terminals at the Black Sea port of Novorossiisk, in a surprise move that gives the state lender more control over the country's main deep-sea grain export hub.VTB, which already owns a stake in another grain terminal at the port, said on Thursday that it was buying 100 percent of Novorossiysk Grain Terminal from Novorossiysk Commercial Sea Port (NSCP).Its deal to buy the terminal from NSCP, which is controlled…

Fincantieri Bay Shipbuilding has signed an agreement with VanEnkevort Tug & Barge, Inc. to construct a new self-unloading barge for transportation of bulk products throughout the Great Lakes region. Measuring 740 feet in length (78 feet W, 45 feet H, 37,512 DWT), the vessel will be constructed in Sturgeon Bay, Wisconsin. VanEnkevort Tug & Barge, Inc. (VTB) of Escanaba, Michigan is a growing company operating three articulated tug and barges (ATBs) on the Great Lakes. This newest self-unloading barge will be environmentally friendly and delivered with the first Great Lakes ballast water treatment system meeting EPA standards. Scheduled for completion in mid-2020…

Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow's control of the group, banking and industry sources say. The current era of low tanker market prices is far from the ideal time for Sovcomflot to raise revenue with a share offer, as freight rates were at their highs in 2015. Sovcomflot operates the world's second largest fleet of oil tankers. But…

SCF Group completed a series of financing transactions in the total amount of USD 1.26 billion. The deals include USD 750 million of unsecured public debt and USD 512 million of bank loans raised for purposes of funding the fleet renewal and expansion programme and for the refinancing of maturing debt. The latest in this series were new long-term credit facilities for a total amount of USD 252 million signed in August 2016, with a number of international banks including: Citibank; DVB Bank; ING Bank; Nordea Bank and Unicredit Bank. The funds raised are being used to finance the acquisition of nine ice-class tankers and two multifunctional icebreaking supply vessels as well as for refinancing of the Group’s existing bank debt.

Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and strengthen its financial position while continuing to enhance its industrial projects portfolio in accordance with its Development Strategy. * Five new vessels launched: pioneering 172,600 m3 capacity ice breaking LNG carrier (Arc7 ice class) for Yamal LNG project (January), three new Arctic shuttle tankers for Novy Port project (February, April, June), and a new ice-breaking supply vessel to serve Sakhalin 2 project (June).

PAO Sovcomflot (SCF Group) and VTB Bank have signed a $260 million 13-year loan agreement, providing financing of construction of an Arctic liquefied natural gas (LNG) tanker for the Yamal LNG project. The agreement was signed on June 17, 2016 by Sergey Frank, President and CEO of PAO Sovcomflot, and Andrey Kostin, President and Chairman of the Management Board of VTB Bank, as part of the 20th International Economic Forum in Saint Petersburg. The new tanker, due for delivery in the first quarter of 2017, will be able to carry up to 172,600 cubic meters of LNG and has an Arc7 enhanced ice class, enabling independent navigation in ice fields of up to 2.1 meters thick. The vessel will have a 45 MW propulsion system, which is comparable to that of the nuclear ice breakers.

Russian shipping company Sovcomflot has cut the yield on its seven-year U.S. dollar bond to 5.375 percent - 5.5 percent, according to a lead.   The notes will price within that range. The latest level compares with guidance of 5.625 percent area and initial price thoughts of 5.75 percent area.   The benchmark-sized notes are expected to price later today. Citigroup, ING, JP Morgan, Sberbank and VTB Capital are the lead managers.   Sovcomflot is rated Ba1/BB+/BB.     (Reporting by Sudip Roy)

The 24 fishing boats rusting in the harbour of Mozambique's capital were meant to be a modern tuna fleet that would rake in hard currency, create jobs and provide a cheap source of protein for one of the world's poorest countries. Instead, they have become monuments to government mismanagement and heavy lending by Western banks that have buried a promising African economy in a deep debt crisis. The boats, moored in the harbour of Maputo, were paid for out of an $850-million loan arranged in 2013 by Credit Suisse and Russia's VTB to finance "fishing infrastructure". The cash came in the form of a government-backed bond to state tuna-fishing company Ematum.

Russia's rouble and shares hit new lows on Friday as oil prices collapsed after OPEC decided to leave its output unchanged despite heavy oversupply. At 1000 GMT, the rouble was around 2.2 percent below the previous close at 49.72 roubles per dollar, and 1.7 percent weaker against the euro at 61.94 roubles . It earlier hit an all-time low of 49.90 to the dollar. Traders said market moves were exacerbated by thin volumes, which mean that even small purchases of foreign currency were able to move the market. Brent crude was last trading at around $72 a barrel after falling as much as $6.50 a barrel a day earlier, when the OPEC oil producer group made known its decision not to cut its output targets.

EU leaders set to warn, not sanction Russia; U.S. crude stocks rise more than expected. U.S. jobs data, services data point to lower oil demand. Brent crude reversed gains made earlier on Thursday after Crimea's parliament voted unanimously to join Russia, even as the West and Russia engaged in high-stakes diplomacy to cool the crisis in Ukraine. The announcement sets a referendum on the future of Crimea in 10 days, raising the stakes in the most serious East-West confrontation since the end of the Cold War. The North Sea benchmark has fallen $4 since reaching two-month highs on Monday, when worries of an armed conflict between Ukraine and Russia peaked.

A Japanese consortium to build a Vertical Telescopic Breakwater (VTB), for Shimotsu Harbour. Obayashi Corporation, TOA Corporation, & Mitsubishi Heavy Industries Bridge & Steel Structures Engineering Co., Ltd. (MBE) a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI),will begin construction of a Vertical Telescopic Breakwater (VTB), a buoyancy-driven vertical piling breakwater, in the harbor at Shimotsu in Wakayama Prefecture. Construction is scheduled to begin in early October 2012. The breakwater system is designed to swiftly rise from the sea bottom in the event of tsunami, and contribute to prevention or mitigation of tsunami impact to harbors and coastal areas. When completed, it will be the first such movable steel pipe breakwater system in the world.