RUSSIA's largest shipping company is selling ships to buyers in Dubai and Singapore to repay its debts to western banks, reports New York's Business Insider.
Russia's biggest shipping company sovcomflot is selling ships in deals that come ahead of a deadline for EU companies to stop business with Russia.
Sovcomflot operates 122 ships, including oil tankers and gas carriers. Russia's leading shipping company has sold ships to buyers in Asia and the Middle East to repay its loans to western banks.
Sovcomflot sold five tankers to Dubai-based Koban Shipping and four natural-gas carriers to Singapore-based Eastern Pacific Shipping.
The deadline means banks will need to receive all outstanding loans before that date. Sovcomflot's exposure, per the latest data, was as high as US$2.1 billion of debt, according to Lloyd's List.
However, the journal also reported that Chinese buyers are also reportedly known to be interested in acquiring vessels and are in negotiations.
Sovcomflot did not respond to Insider's request for comment.
SeaNews Turkey
Russia's biggest shipping company sovcomflot is selling ships in deals that come ahead of a deadline for EU companies to stop business with Russia.
Sovcomflot operates 122 ships, including oil tankers and gas carriers. Russia's leading shipping company has sold ships to buyers in Asia and the Middle East to repay its loans to western banks.
Sovcomflot sold five tankers to Dubai-based Koban Shipping and four natural-gas carriers to Singapore-based Eastern Pacific Shipping.
The deadline means banks will need to receive all outstanding loans before that date. Sovcomflot's exposure, per the latest data, was as high as US$2.1 billion of debt, according to Lloyd's List.
However, the journal also reported that Chinese buyers are also reportedly known to be interested in acquiring vessels and are in negotiations.
Sovcomflot did not respond to Insider's request for comment.
SeaNews Turkey
