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14 September 2004
Vneshtorgbank provided bank guarantee to FESCO.

In the beginning of September, 2004 FESCO and Vneshtorgbank concluded an agreement on providing bank guarantee to ensure shipbuilding contract. PLC FESCO is planning to build 4 new containerships.

Nowadays PLC FESCO is the greatest transport company and the leader among marine carriers in the Pacific region. FESCO’s part in commercial cargo turnover of Russian water transport totaled 7.7% in 2003, and in 2003 the company was included into the toplist of the largest companies of Russia. One of the priority courses of shipping company’s development is fleet renovating and reinforcement of the Container park. According to the early concluded contracts, PLC FESCO will build 4 new containerships with 1100 TEU on the yard of «Jinling» (China). The international practice of the concluding foreign trade contracts of such level as a rule implies that parties provide guarantees of the first-class banks for ensuring their contract commitments. The warrantor of fulfillment by FESCO it’s commitments is Vneshtorgbank.

Vneshtorgbank not only has leading position in the field of foreign trade accounts and in the list of the best Russian banks but also Vneshtorgbank has irreproachable reputation on International Finance market. It is one of the few banks which guarantees are accepted by Chinese corporations. The conclusion of this treaty gives an opportunity to begin the building of ships by FESCO on the yard.

«In the frames of shipbuilding contracts Chinese companies are provided with guarantee of the fulfillment of commitments. The bank, providing guarantee, confirms the client’s reputation and financial stability»,- says Vyacheslav v. Gritsaenko, the director of Vneshtorgbank office in Vladivostok.

In the future FESCO and Vladivostok office of Vneshtorgbank aim at long and mutually profitable collaboration. Yuri B. Gilts, the FESCO Deputy Director on economics and finance, comments: «The conclusion of this treaty has deep meaning, and it corresponds to the strategy of FESCO. We are glad that the first experience of collaboration with the best Russian bank was lucky. I want to note that there are excellent specialists in Vneshtorgbank».

Now the parties are planning to conclude the Protocol on Intentions and Agreement on Cooperation.

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