On September 27, 2022, the Board of Directors of the Volga Shipping Company JSC approved the Sale of eight oil tankers. The Sale is scheduled to close during October this year.
The Decision is in line with the long-term strategy of the Shipping Company and the Group envisaging an exit from the oil and petroleum products transportation market. Bulk-oil transportation has been unprofitable for the Company over the past few years and continues to be so.
Earlier, in September 2022, the Shipping Company concluded the Sale of five oil tankers. A complete exit from the oil tankers segment is expected by the end of 2022. The Group's railway division has completed its exit from the oil tanker segment in 2021.
Volga Shipping Company plans to focus its tanker fleet solely on the transportation of food cargo, molasses, and liquid chemicals.
The Volga Shipping Company has been in operation since 1843. The Company's own fleet consists of more than 200 vessels for the dry and liquid bulk cargo transportation. The Company transports a wide range of goods, including food and relief consignments.