The Russian fishing company that ordered its megatrawler in Vigo changes hands

Russian Fishery LLC is the second fishing company from this country with more than 300.000 tonnes of quota, which will be increased up to half a million under the investment quotas programme driven by the Kremlin. 

They will build 6 megatrawlers in Admiralty Shipyards (Saint Petersburg), which will be copies of the vessel to be built by Metalships & Docks in Vigo. The same fishing company just announced a change in their shareholdership, with the capital outflow of Maxim Vorobyov, one of its co-founders, who kept 44,7% of the company. The titles have passed into Gleb Frank’s hands, another partner, that now owns more than 90% of the company and, in the longer term, controls the bulk of pollock permits from the Russian fishing ground.

As explained by Dmitry Kravchenko, the spokesman of the company, this corporate action doesn’t alter the fleet renewal plans. The trawler to be built in the shipyard from Vigo hasn’t come into force yet. The amount of this operation could possibly reach 300 million euros, according to some sources from the sector, based on the EDITBA margin achieved by the company. It raised to almost 90 million euros in 2016, and they usually use a multiple of ten to evaluate the company, provided that it doesn’t have any other factors altering this calculation in the balance (debt, asset imbalance…) Russian Fishery’s estimation for 2017 was achieving 300 million euros in turnover and beat 115 of EDITBA. “The company faces today the biggest challenges with the fleet modernization, the construction of new vessels and the expansion into new markets”, emphasized Frank through a circulated note. Russian Fishery counts on twelve fishing vessels and two transport vessels. The megatrawler projected for Metalships will be the first of ST-192 RFC programme, designed by the Norwegian brand Skipsteknisk. It will have 108,2 metres in-length and 21 of width.

Source: Faro de Vigo