On August 22, 2023, the last tanker of Volga Shipping Company was transferred to a new owner.
Volga Shipping completed the sale of its tanker fleet, which included 30 vessels. The buyers were 7 different companies not affiliated with Volga Shipping Company. 18 tankers were purchased by companies specializing in sea and river transportation. Аnd 12 tankers were purchased by companies, which are to any extent related to producers of oil products.
The decision to sell the tanker fleet is in line with the company's long-term strategy, which envisages withdrawal from the segment of oil and oil products transportation, as well as liquid cargo transportation in general. This is explained by the fact that over the last few years oil and liquid cargo transportation has been unprofitable for Volga Shipping Company. Liquid food and chemical bulk cargo transportation were also not of commercial interest due to high seasonal volatility of demand.
As part of its exit from the liquid bulk segment, Volga Shipping ceased to enter into new contracts for the transportation of oil products in the first half of 2022. In February 2023, the last voyage with oil products contracted earlier in 2022 was completed.
In agreement with the buyers, 8 tankers of Volga Shipping Company continued to carry food cargoes (vegetable oils, molasses) under previously concluded charters until the contract was finalized and financing was arranged by the new owners. On August 4, 2023 the last voyage with molasses cargo was completed and on August 22 the last tanker was handed over to the new owner.
Volga Shipping Company also converted 10 oil tankers to carry dry cargoes on the river, 1 oil tanker RST54 and one Volga-Flot river vessel to carry construction cargoes.
In the future, Volga Shipping Company plans to focus on dry cargo transportation by river and in the river-sea segment. In 2022, the company transported more than 3 million tons of grain, and in 7 months of 2023, it transported more than 2,1 million tons. The company plans to significantly increase the volume of this type of transportation.