Russia's State Transport Leasing Company receives funding for new vessels

Russian shipowner State Transport Leasing Company (STLC) has received RUB3.4 billion (US$43 million) from the Russian Government via the latter's "national welfare fund" (NWF) for the acquisition of new vessels.

The funds will be used by STLC to finance the construction of 20 dredgers, four passenger vessels, three dry cargo ships, and a floating dock for deployment across Russia.

The acquisition of the new vessels is line with STLC's initiative of introducing 260 vessels into service by 2028 to modernise the country's civil water transport fleet. The total investment for these acquisitions is expected to be RUB231 billion (US$2.95 billion), RUB136 billion (US$1.73 billion) of which would be provided via the NWF.

The funds have been provided to STLC through the issuance of company bonds via private subscription in favour of the Russian Ministry of Finance.

As with most STLC-owned vessels, the new vessels to be acquired will be operated by various local companies on behalf of STLC.