Nakhodka Sea Fish Port starts USD 90 million modernization project

April 25, 2008 16:15
Nakhodka Sea Fish Port in the Russian Far East has gone into major reconstruction with the process to last for 3 years to cover modernization of port terminals and purchase of extra handling equipment. In order to fulfill this plan USD90 million will be invested in the project, according to Vostok- Media.

The reconstruction includes the conversion of 5 existing berths into a container terminal but before that the currently used covered warehouses (all in all 11 production facilities) are to be demolished.

At present, tender among building companies of Primorie has been announced and the interested parties are looking into removal  of the main water pipe line beyond the territory of the port in order not to disrupt the watersupply during the process of reconstruction.

The planned capacity of the terminal will amount to about 400,000 of DFE containers per year. The handling of such volumes will allow to maximize the yield of port facilities, incomes and tax disbursement and increase the number of working places. However, the container operations must not force out to the traditional business of fish handling.

At present the share of fish cargos in the total turnover of goods amounts to 4 - 5% (50,000 - 70,000 tonnes) per year. Other product categories (pipes, metalwork etc.) will be developed after reconstruction as well. The port will stop handling timber in the port and it is planned to clean all the timber terminals by June 2008.

The modernization will be partly financed from the funds of Nakhodka Sea Fish Port (towards that end they have announced the extra emission of shares).

In May and June the company will issue 5 million shares at value RUB 40 each and total value RUB 200 million. The priority in buying the shares will be given to the shareholders of the Nakhodka Sea Fish Port. The rest of the shares will be distributed via closed subscription.

The main part of the funds for the reconstruction will be drawn from foreign investors. According to estimates, the project will pay back in 5 years.

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