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BoD of Far Eastern Shipping Company drops a plan of purchasing NCC and 20% of NCSP

The Board of Directors of Far Eastern Shipping Company OJSC has dropped its plans to purchase National Container Company and 20% of shares at Novorossiysk Commercial Sea Port OJSC, the company says. Besides, at the meeting held on July 18, the BoD set the management a task to develop a strategy for the company development.

OJSC Far Eastern Shipping Company is the basic company of FESCO Transportation Group. It specializes in transportation of dry bulk and general cargo. The company’s fleet transports cargo all over the seven seas. Summa and GHP Groups indirectly own 49.99% and 23.75% of FESCO shares.

National Container Company (NCC) is the leading operator of container terminals in Russia and CIS. NCC strategy is aimed at the creation of efficient infrastructure for container handling. Total container capacity of NCC terminals is over 2.8m TEUs.
Novorossiysk Commercial Sea Port (NCSP Group) is Russia’s largest port operator in terms of cargo turnover. 50.1% shares of NCSP belong to Novoport Holding Ltd, the beneficial owners of which are OJSC Transneft and Summa Group. The Group comprises the following stevedoring companies: Novorossiysk Commercial Sea Port OJSC, Primorsk Commercial Port, Novorossiysk Grain Terminal OJSC, Novorossiysk Ship Repair Yard OJSC, NCSP Fleet OJSC, Novoroslesexport OJSC, IPP OJSC, Baltic Stevedore Company LLC and SFP CJSC. In 2012, the Group’s throughput gained 1.2% to 158.9 mln tonnes.

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