The imposition of sanctions caused the difficult financial situation of JSC Vostochnaya Verf
To assess the state of JSC Vostochnaya Verf (Primorsky Krai) and its financial recovery, the Ministry of Industry and Trade of Russia has created an interdepartmental commission whose main task is to bring the company out of the crisis. To do this, it is necessary to resolve the issue of changing a key investor who will take on the debt and social burden, fulfill all obligations and conditions under state defense orders and civil contracts. According to the Minister of Industry and Trade of Primorsky Krai Sergey Kalitin, the United Shipbuilding Corporation (USC) can become such a partner, which plans to invest about 12 billion rubles in the assets and fixed assets of the shipyard, directing them, among other things, to purchase a new floating dock, lengthening the completion embankment, changing internal logistics, the press service reports The Legislative Assembly of the region.
Sergey Kalitin addressed the deputies at a meeting of the Committee on Economic Policy and Property of the regional Legislative Assembly, which discussed the situation in the shipbuilding and ship repair industry of the region under external sanctions. Due to the disruption of logistics chains for the supply of components, equipment and spare parts, tools and accessories of foreign production in the industry, there are high risks of violation of the terms of contracts and the occurrence of economic difficulties at enterprises, the press service of the parliament reports. Thus, the imposition of sanctions caused the difficult financial situation of JSC Vostochnaya Verf, which in October 2022 filed an application to the Arbitration Court of Primorsky Krai to declare itself bankrupt.
Currently, Vostochnaya Shipyard is operating normally, mainly fulfilling orders under civil contracts. There are no arrears in the payment of wages and the transfer of taxes.
In general, Sergey Kalitin described the situation in the industry as stable: according to him, there are no prerequisites for the closure of companies and a massive reduction in the number of employees. According to the results of ten months of 2022, the volume of work performed at the ship repair and shipbuilding enterprises of the region was almost 3 times higher than the same indicator last year.
Today, the industry in Primorye is based on 13 large and medium-sized enterprises, which employ about 16 thousand people. JSC “Nakhodka Ship Repair Plant” and JSC “Vostochnaya Shipyard” continue the construction of 16 crab fishing vessels under investment quotas, two of them have already been handed over to the customer, three have been launched. The enterprises have created the necessary stock of equipment and materials, which will ensure the planned execution of 80% of the volume of contract work. The creation of the Zvezda shipbuilding complex is also continuing, where ships are being built in parallel. The company’s product line consists of gas carriers, Aframax class tankers, offshore drilling, exploration and production platforms, vessels of the service fleet, primarily ice class. The infrastructure for the creation of an industrial park is being formed on the territory of the city of Bolshoy Kamen, which will become a multidisciplinary production site to meet the needs of the shipbuilding complex and establish technological chains with manufacturers.
As the chairman of the profile committee of the Legislative Assembly of Primorye, Vladimir Isakov, noted after considering the issue, “the key for us is that Vostochnaya Shipyard, despite filing for bankruptcy, will continue to work thanks to a new investor, which the United Shipbuilding Corporation is ready to become.” “Investments in fixed assets in the amount of 12 billion rubles are planned, an increase in the portfolio of orders, which means an increase in the number of jobs, tax payments, and an increase in the level of the enterprise. This is good news. Practically, a solution to the problem has been found, which will lead to the fact that the enterprise will be twice as large as it is now,” Vladimir Isakov said.
JSC Vostochnaya Shipyard (formerly Vladivostok Shipbuilding Plant, SSZ No. 602) is one of the leading shipbuilding enterprises of Primorsky Krai and the Far East. It has been operating since 1952, in 1994 the company was corporatized and transformed into JSC Vostochnaya Shipyard. Specializes in the construction of warships, supply vessels and berths for the Pacific Fleet and the FSB of Russia. Since January 2020, it has been the only enterprise of the military-industrial complex in the Far East — a resident of the Free Port of Vladivostok, implementing an investment project based on an existing enterprise. The technical capabilities of JSC Vostochnaya Verf allow us to carry out a full cycle of work on the construction of ships and vessels up to 120 m long, up to 16 m wide, up to 25 m high and with a displacement of up to 3,500 tons.
JSC United Shipbuilding Corporation is the largest shipbuilding company in Russia. It was established in accordance with the decree of the President of the Russian Federation in 2007 with 100% of shares in federal ownership. The holding includes about 60 enterprises and organizations of the industry (the main shipbuilding and ship repair yards, leading design bureaus). Currently, about 80% of the domestic shipbuilding complex is consolidated on the basis of USC. The Russian market is the main one for the state corporation, which also exports its products to 20 countries around the world.