Russia’s State Transport Leasing Company (GTLK) has received RUB690.8 million (US$8.43 million) from the Russian Government’s National Wealth Fund to finance construction of the inland cruise ship Baikal.
The allocation forms part of the investment project for renewing Russia's waterborne fleet, which is supported by the Ministry of Industry and Trade.
GTLK said the fund provided the capital by purchasing a series 005Р-47 bond issue. GTLK placed the issue through a private subscription in favour of Russia's finance ministry.
The bonds will pay 0.01 per cent annually for the first three years and 1.83 per cent annually from then until maturity. Repayment of principal is subject to a three-year grace period from the placement date.
For Russian shipping companies, the key terms of the fleet renewal project are a zero advance payment and a preferential leasing rate, GTLK said.
GTLK previously announced that it had received RUB914 million (US$11.2 million) from the fund for the same vessel. That tranche was raised through privately subscribed bonds paying 1.5 per cent annually.
The government's revised project schedule was approved on December 10, 2025. It sets RUB2.7 billion (US$33 million), including VAT, as the maximum planned financing for Baikal. Of that amount, RUB1.605 billion (US$20 million) comes from the National Wealth Fund.
The schedule gives the vessel's supply stage an implementation period of 2024–2027.
Baikal is a Project TFRP700 three-deck hybrid-electric cruise ship being built for operator Vodohod for service on Lake Baikal. Her keel was laid on November 15, 2024.
Hull sections are being fabricated at Perm Shipyard, while assembly and outfitting will take place in the operating region. Nine hull blocks arrived in Irkutsk on June 20, 2026.
The completed vessel will have a length of 69.8 metres and a draught of 2.5 metres. She will carry 68 passengers on cruises and up to 152 on sightseeing trips.