Fesco fleet sale gathers pace

Hard pressed Russian transport giant Fesco has let go of another ship. The nine-year-old 1,730 teu Vladimir has fetched just over $11m, according to brokers. It had been on charter to France’s CMA CGM until last year. The buyer of the ship turns out to be New Zealand’s Neptune Pacific Line, a vessel owner and operator specialising in the South Pacific islands region, operating a fleet of seven vessels.

Last week Splash reported New York-based shipping firm Sealift had purchased the 1,730 teu Vitim from Fesco for a price of around $11m. The Polish-built ship has been renamed Sagamore and has been placed under US flag.

Vladivostok-based Fesco has been restructuring for a couple of years. Its site now lists a fleet of 20 ships, a mix of container vessels, general cargo ships, icebreakers and a bulker.

In April this year Russian authorities arrested billionaire Ziyavudin Magomedov, the boss of Fesco’s parent company, on charges of embezzling over $35m of federal budgets.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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