Arkhangelsk Trawl Fleet staking on fleet renewal

May 15, 2007 12:29

Under the recent decision of Arkhangelsk Court of Arbitration the bankruptcy case of OAO Arkhangelsk Trawl Fleet (plc), which is known as the biggest whitefish quota holder in the region, has been closed. The province's governor Nikolay Kisselyov says that for a number of years the local administration has been doing its best to help lead the company out of financial crisis and stop frequent changes of its directors and now the giant has fully recovered.

At present ATF is going to focus on fleet renewal and in the nearest future the company will work out a plan aimed at encouraging respective investments. The plan is subject to consents by the company's owner the Federal Property Agency. According to governor Kisselyov, ATF has several ways of possible development: as a federal state-owned company or as a mother company of a vertically integrated holding to include fish processing facilities apart from the fishing business.

In the first ten days of May ATF's fleets were engaged in fishing operations in two areas. More specifically, two SRTM middle trawlers M-0287 Klintsy and M-299 Vetluga were targeting cod in Spitsbergen. Blue whiting fishery in the Faroe fishing zone was conducted by the firm's RTMKS M-0041 Kapitan Gorbachyov and three BMRTIB large trawlers M-0046 Zavolzhsk, M-0047 Revolutsia and M-0048 Sovetskaya Konstitutsia.

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