Black Sea Shipping Owes $95M

Ukraine's Black Sea Shipping company has $95 million in foreign debts which the government aims to restructure and pay off by next year. The Black Sea shipping company ran into trouble after the Soviet Union's collapse in 1991. Many ships were impounded in foreign ports for unpaid bills. The company is raising money by selling off parts of the ageing fleet. It now owns about 130 ships whose average age is 20-22 years compared to over 200 vessels five years ago.