PRESS-RELEASE: BF TANKER SIGNS 7 NEW BUILDING VESSELS

All ships to be delivered in 2016

During the XIII International Exhibition “NEVA-2015exhibition held in St. Petersburg, Baltic Fleet Tanker  “BF Tanker” has signed contracts for the construction of 7 ships of “river-sea type” with the shipyards “Oka Shipyard” and “Red Sormovo” and the PJSC “State Transport LeasingCompany”.
Under the terms of shipbuilding contracts, all 7 tankers(project RST-RST-54 and 27) are to be transferred to Shipowner during the2016 river navigation season.
“BF Tanker has consistently implemented its commitments to OAO“LUKOIL”, for the transportation of oil products using a new, safe and efficient fleet. Despite the current difficulties faced by the Russian financial sector, one of the largest Russian leasing companies agreed to support this important ship construction order, this is the largest order placed this year at Russian shipyards.
With the commissioning of these new ships, BF Tankerplans to transport at least 1 million tons of oil products during 2016. In 2015under a contract with OAO “Lukoil”  BFtanker utilized 17 vessels with a combination of owned and chartered vessels. The company is among the largest river carriers transporting oil for export to the ports of St. Petersburg and Vysotsk.
Construction of new ships in Russia in recent years has been supported by the adoption of a law supporting local shipbuilding and navigation namely 07.11.2011 N 305-FZ, as well as government subsidies related to the level of interest rates on loans and leasing contracts as part of government regulation N383 from 22.05.2008.
The company plans to increase its fleet even further in the years ahead and expects other shipowners also to utilize state support, which undoubtedly will continue to support the modernization of the Russian river shipping sector and the development of the domestic shipbuilding industry.