When the shipping company prisko traffic was founded. OAO Primorskoye Shipping Company (MMVB): Assessment and Prospects

The Primorsky Shipping Company (PMP), which once thundered all over the world, is forced to reduce authorized capital due to a decrease in the value of net assets. After the loss of the entire fleet, the company is only nominally referred to as a "shipping company", but in reality it survives by renting out real estate and crewing services. At the same time, the founder and main owner of PMP, 66-year-old Alexander KIRILICHEV, left the post of general director for the second time, entrusting the management of the company to legal adviser Alexander BUZAKIN, writes the Golden Horn Business newspaper.

As Delovaya Gazeta Zolotoy Rog found out, on June 14, the Bank of Russia registered an additional issue of ordinary shares of PJSC Primorskoye Shipping Company (PMP), which are being placed by converting into shares with a lower par value. The authorized capital of the company, amounting to 796.392 million rubles, will be reduced by 5 times, to 159 million 278.4 thousand rubles, by reducing face value shares from 1 ruble to 0.2 ruble.

The decision to reduce the authorized capital was made by PMP shareholders at an extraordinary meeting on January 13, 2017. 601.117 million votes were cast "for" taking part in the meeting (75.6093%), "against" - only 993.683 thousand. this moment when Kirilichev & Co. control more than three-quarters of the capital. At the same time, Alexander Kirilichev himself directly owns only a symbolic 0.014% of the shares. At the moment, 55.47% of the shares of PMP belong to the Bank of New York Mellon (The Bank of New York Mellon, one of the world's leading companies in asset management and work with securities). Another 19.96% and 19.13% are owned by offshore companies Greatwood Assets Corporation (British Virgin Islands) and Izardia Holdings Limited (Cyprus), respectively.

According to the Delovaya Gazeta Zolotoy Rog, the change in the authorized capital is connected with compliance with the law in terms of the compliance of the authorized capital with the value of the company's net assets. The authorized capital should not exceed the amount of net assets. The value of PMP's net assets fluctuates: at the beginning of 2015 it was 1 billion 252.083 million rubles, at the beginning of 2016 - 1 billion 252.128 million rubles, at the beginning of 2017 - 895.149 million rubles, as of March 31, 2017 - 896.658 million rubles.

“It is strange that Alexander Dmitrievich (Kirilichev) is so holding on to the legal status of the PMP. In the current position of the company, it is quite logical to change the legal form from JSC to LLC in order to simplify tax issues and the procedure for accepting management decisions. And to conduct a "parochial" business, which PMP is today, in the format of a public joint-stock company is a feat at all. One could understand if PMP would be of interest to investors today, but apart from a loud signboard, the company has practically nothing left,” says a representative of one of the stevedoring companies.

In general, an LLC is preferable for running small and medium-sized businesses. PAO is more complex organizational form, however, has a high status in the business world and attracts more investors. The difference between LLC and PJSC lies in the formation of the authorized capital, in reporting, publicity and the rules for maintaining the register of participants.

In June the council PAO directors PMP prematurely terminated the powers of General Director Alexander Kirilichev and appointed Alexander Buzakin as the head of the enterprise. Legal Counsel Contract PRISCO (Singapore) Pte Ltd ( Management Company PRISCO Corporation) was concluded for a period of 5 years from June 1, 2017. At the same time, Alexander Kirilichev retained the post of chairman of the board of directors of PMP, formed at the annual meeting on May 18. At the same time, Alexander Dmitrievich heads the branch of the Cypriot company Arlimex Invest Limited in Moscow.

Dossier of the "Golden Horn": Alexander Kirilichev served as the company's general director from the moment the shipping company was corporatized in 1992 until June 2005, when Alexander MIGUNOV replaced him. In August 2015, Kirilichev returned to the management of the enterprise for a period until the end of the year, in January 2016 his powers were extended for 5 years - until the end of 2020.

It should be noted that in the new composition of the Board of Directors there was no place for Alexander Kirilichev's daughter Elena SYCHEVA, who was a member of the previous Board of Directors. At the same time, the council remained Executive Director Project Development Dmitry KIRILICHYOV (Alexander Kirilichev's 40-year-old son holds the position of Managing Director of Prisco (Singapore) Pte Ltd) and Kirilichev's loyal business associates Alexei Migunov and Dmitry GOLOMOVZY.

Earlier, PMP left the former First Deputy General Director - Executive Director Konstantin GLOBENKO, who took the position of Deputy General Director for Civil Shipbuilding - Head of the Department for the Implementation of Projects of JSC " Far Eastern plant"Star".

Elena Sycheva is known for being the head of the Moscow Prisco Capital Bank, created by PMP, which has now been declared bankrupt after the license was revoked. At the same time, Andrey SYCHEV, Ms. Sycheva’s husband, served as head of the development department corporate relations jar.

The Central Bank previously reported that the management of a credit institution could withdraw assets by issuing knowingly bad loans to borrowers with questionable solvency, as well as conducting assignments of claims with related parties, the survey results show. financial condition bank, published on the website of the Central Bank. According to the provisional administration, the value of the bank's assets a year ago did not exceed 0.6 billion rubles, while the value of liabilities to creditors was 2.3 billion rubles. The Central Bank revoked the license from Prisco Capital Bank on June 29. The Bank pursued a high-risk credit policy related to the placement Money into low-quality assets. As a result of the formation of reserves adequate to the accepted risks, the bank completely lost its capital. Wherein credit organisation did not comply with the requirements of the supervisory authority in terms of prohibitions on the implementation of certain operations aimed at protecting the interests of the bank's depositors. Later, the Central Bank sent information about financial transactions that have signs of criminal acts carried out former leaders and the owners of the bank, to the Prosecutor General's Office, the Ministry of Internal Affairs and investigative committee for consideration and adoption of appropriate procedural decisions.

Recall that a year ago, Alexander Kirilichev finally lost his fleet.

The sale of the ships was preceded by an attempt to protect the business from the attacks of creditors. On January 15, 2016, Primorsk International Shipping Limited (Cyprus) and its nine subsidiaries (registered in Cyprus and Liberia), whose ships were managed by Prisco (Singapore) Pte Ltd, took advantage of the benefits offered by US jurisdiction and filed applications ( voluntary petitions) for financial reorganization under Chapter 11 of the US Bankruptcy Code, in order to reach an acceptable compromise with creditors - now with the participation of the court. After that, the main threat from creditors was blocked - the ships continued to work in accordance with previously concluded contracts. However, already in July 2016, 9 ships belonging to the Primorsk International Shipping Ltd. corporation created on the basis of the shipping company. (PRISCO), was bought out at the auction by a subsidiary of Sovcomflot SCF Tankers Ltd. For four Aframax LR2s icebreaking class tankers with a total deadweight of 420,000 tons and five ice-class product carriers with a total deadweight of 255,000 tons, SCF Tankers paid $215 million.

Currently, the main activities of PMP are real estate management and leasing of office, warehouse and production facilities owned by JSC; provision of services for the selection, certification and hiring of seafarers to work on sea vessels (crewing); participation in the management of the activities of subsidiaries business companies and autonomous non-profit organization.

So, the survival of the brainchild of Alexander Kirilichev has been ensured by leasing for quite a long period of time past remnants luxury.

“This property is mainly located in the city of Nakhodka. In the opinion of the company's management, the composition of real estate objects is balanced according to technical condition, location and range of rental rates. Thus, the company (PMP. - Note of the author) offers potential tenants a wide range of office space: from small offices in the economy segment to spacious and comfortable offices with excellent repairs and full service, including parking. At the same time, funds are continuously invested in the maintenance and modernization of real estate, which allows the company to remain one of the largest lessors in the office real estate segment in Nakhodka. Also, on the territory of the Partizansky district of the Primorsky Territory, the company successfully operates a logistics warehouse, providing its space for use by tenants,” the company notes.

Nevertheless, in value terms, the revenue from real estate rental has been constantly declining in recent years: from 82.2 million rubles in 2014 to 72.2 million in 2015 and 70.5 million in 2016.

But the crewing business suffered an irreparable loss: in 2016, Prisco (Singapore) Pte Ltd ceased its activities, which affected the volume of PMC's revenue and led to partial losses in the pool of specialists (seafarers), created over many years of painstaking personnel work and amounted to about 400 people.

“However, the management of the company immediately took necessary actions aimed at finding new customers (ship owners and their ship managers) in order to at least keep the released seafarers, to keep the accumulated personnel reserve and get away from falling revenue. In particular, for this purpose, the personnel of the company's personnel department was strengthened. In general, it can be argued that the company continues to be one of the leading regional players in this area of ​​activity,” PMP explains.

Crewing is attractive because contracts with foreign customers for such activities are usually denominated in US dollars, and given that the vast majority of costs ( wage personnel, taxes, maintenance and repair of buildings and structures, payment utilities) the company bears in rubles, the income received in dollars, in ruble equivalent, looks like this moment attractive enough.

In 2016, PMP's revenue from services for the selection of seafarers amounted to about 21 million rubles, of which the bulk was received in US dollars. And the total dividend and other income from participation in the activities of subsidiaries in 2016 amounted to only 16 million rubles. Not much for a company that once generated hundreds of millions of dollars in revenue.

Dossier of the "Golden Horn": PAO - Joint-Stock Company public type. Its shareholders have the right to dispose of their own shares at their own discretion without restrictions (buy, sell, transfer). One shareholder can own any number of shares. Membership of the company is not limited. It is formed depending on the volume of issued securities. Information about the activities of PJSC is in the public domain, and any individual, if desired, can become a new shareholder of the company. An LLC can be formed by legal or individuals, and the number of participants is limited - no more than 50 people. The authorized capital of the company is formed by the constituent documents, and its fund consists of the shares of the owners. Minimum size the authorized capital is equal to 10 thousand rubles. The property of the LLC is distributed among the owners, and everyone can at any time sell their share or demand its payment from other participants. LLC participants do not own securities - they enter funds into the company in a fixed amount. This allows you to increase the authorized capital faster than in public joint-stock companies.

In the photo: Handsome PMP tankers have long forgotten about their native shores.

JSC "Primorskoye Shipping Company" (PMP, part of PRISCO Corporation) is a Russian shipping company, carrying out sea transportation of bulk cargoes. Full name - Open Joint Stock Company "Primorskoye Shipping Company". The headquarters is in Nakhodka.

The company carries out sea transportation of oil products around the world, as well as transportation liquefied gas under the Sakhalin-1 and Sakhalin-2 projects.

The corporation operates 13 tankers and 2 bulk carriers. The basis of the fleet is ice-class vessels, including large-tonnage ones, equipped to operate in freezing seas. Commercial and technical management the offshore fleet of the shipping company is carried out by the company PRISCO Pte.Ltd.(Singapore).

Nakhodka is a universal non-freezing deep-water port on the Pacific coast of Russia, which allows year-round navigation. A find is a point where to Pacific Ocean the main railway line of Russia, the Trans-Siberian, leaves, which transports most of the goods.

PRISCO tankers transport oil and oil products in all maritime directions. However, most often the ships operated between the ports of Southeast Asia, Alaska and the US West Coast, West Africa and the Mediterranean, the Caribbean, the Gulf of Mexico and South America, terminals in Primorsk and Ust-Luga and the continent in the Red Sea. There were also several long-duration flights from Southeast Asia to Europe and from South America to India and Southeast Asia.

Main competitors:

1. Crewing agency "Baltic Group International"
2. Crewing agency "Primtanko"
3. Crewing agency "Fescontract"

Balance sheet as of September 30, 2012

Profit and loss statement for 9 months 2012

Accounts receivable decreased by 2 times. With a capitalization of 940 million rubles as of December 26, 2012, they have a non-distribution of 444 million rubles. The divas paid last time in 2006, perhaps they will let all the non-distribution on the divas?! Long-term and short-term liabilities are at their lows. A year earlier there was a net loss of 2 mln, now for 9M12 - a profit of 6 mln rubles. The item Other income and Other expenses is confusing - they are almost equivalent, almost 400 million each year, if there were no Other expenses and, accordingly, would be recorded as PE, then the company's capitalization could grow 2-3 times.

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Dividend history:

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List of shareholders:

Full brand name: The Bank of New York International Nominees
Abbreviated corporate name: The Bank of New York International Nominees
The person's share in authorized capital issuer, %: 55.48
Percentage of the issuer's ordinary shares owned by the person, %: 55.48

Full company name: Apington Investments Limited
Abbreviated corporate name: Apington Investments Limited
Share of participation of a person in the authorized capital of the issuer, %: 19.96
Percentage of the issuer's ordinary shares owned by the person, %: 19.96

Full company name: Isardia Holdings Limited
Abbreviated corporate name: Isardia Holdings Limited
Share of participation of a person in the authorized capital of the issuer, %: 19.13
Percentage of ordinary shares of the issuer owned by the person, %: 19.13

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Quotes:

Now, with the par value of 1 ruble and the price of 1.18 close to it, and such non-distribution, the company is undervalued by at least 2 times. Given the current level of cargo transportation, I think buying PMP shares at today's prices is an investment in the future, buy and hold, don't fuss, next year is a port year, NCSP privatization, offer and / or divas in FESCO, and PMP is not will remain in stock. The recommendation for the bold and risky is to “buy”. I have already bought around 1.15-1.20.

In July 1969, a decision was made to locate the Directorate of the oil tanker fleet in Nakhodka. It was no coincidence that the find was chosen as the place of registration of the tanker fleet. She had many advantages. The first one is beneficial geographical position, which made it possible to ensure the delivery of goods by rail to the sea. The second is excellent climatic conditions, non-freezing water area of ​​the bay. And this meant that it was possible to do without icebreaking assistance and even without ice-class ships. Well, and the most important thing - in the late 60s, the largest transshipment tank farm in the Far East with a capacity of 3.5 million tons of oil and oil products per year was built here.

August 5, 1969 at the Ministry navy an order was signed to establish the Directorate of the Oil Tanker Fleet, and, after only 2 months, on October 1, the new division had already begun its vigorous activity in Nakhodka. On January 1, 1970, the Department received from the Far Eastern Shipping Company about 40 tankers with a total deadweight of just over 200 thousand tons, built in different years at domestic shipyards, in Finland and Poland. These were mainly small vessels: Baskunchaks, Kazbeks, Peveks, Altai and Aksai. The flagship of the tanker group was the twenty-thousander "International", launched in 1968.

The Department was tasked with ensuring an uninterrupted supply of fuel settlements Far East and North, as well as fishing expeditions. Part of the tankers carried cargo for export. The backbone of managers was formed mainly from specialists from the Far Eastern Shipping Company, but FESCO helped the young Department not only with people, but also with resources. As a “dowry”, he was even granted the Alexander Mozhaisky passenger steamer, which had served its time at sea, where many department services were located, since the young enterprise, at first, did not even have its own roof over its head in Nakhodka. Managers from Vladivostok and other regions, young professionals, sailors were also settled on the ship. One of the suites was occupied by Nikolai Mikhailovich Nemchinov, who was appointed head of the Oil Tanker Fleet, and then head of the Primorsky Shipping Company and worked in this position until 1975.

Services in this hostel were paid, for example, to wash in the bath cost 30 kopecks, to rent a towel - 10 kopecks, to iron a little thing with a public iron - a penny.

The “house on the water”, although it was spacious, could not accommodate everyone, because more than 2 thousand people moved to Nakhodka from the Far East Shipping Company. Coastal services "go ashore" did not succeed immediately. In the early 70s, the office of the chief engineer was located in the basement on Lunacharsky Street, the suppliers - in trading port, some departments - at Cape Astafiev. The busiest place was considered to be a barrack at the Seaport. It was occupied by personnel officers, accounting and cartography. There were always crowds of people here.

"Temporary" inconveniences of managers stretched for many years. The four-storey hostel at Pogranichnaya, 6, where the Shipping Company moved in 1974, did not solve the whole problem. But people, carried away by the creative idea, worked in those years with unprecedented enthusiasm, least of all thinking about the conditions of work and rest. The shipping company was built not out of fear, but out of conscience! But the Administration inherited an unenviable legacy: a third of the fleet consisted of worn-out ships, ten-thousanders "Kazbeks" and "Baskunchaks".

They were 10-15 years old. They were not intended for sailing in the northern seas, so every trip to the North was accompanied by holes and dents. But there was no repair base, and the entire burden of repair fell on the technical service, which was soon replenished by a new floating workshop purchased in Bulgaria. Over time, the tankers were improved, increasing their carrying capacity, but this could not continue indefinitely. Therefore, the leadership of the Office persistently sought the construction of new courts in the Ministry. And they built a lot. December 1970. In Gdansk, the flag of the USSR was hoisted on the tanker Nakhodka. August 1971. The tanker "Stepan Vostretsov" was built in Yugoslavia

Tanker "Stepan Vostretsov" In addition, in 1971 - "Berdsk", "Precepts of Ilyich", "Lenin's Banner" ... After 2 years, the fleet of the Office already consisted of 44 vessels. But, the reliability of transportation, the fulfillment of planned targets were directly dependent on the human factor. And the young fleet experienced an acute shortage of professional tankers, both commanders and privates. This problem can be considered hereditary, because. in the Far Eastern Shipping Company, the tanker was considered a kind of place of exile for "penalty". Unreliable people who were friends with the "green serpent" who had no education were sent to these ships for re-education. Many in the Office were fired immediately, others tried to re-educate. However, there was actually nothing to interest the sailors. The tanker fleet, disparagingly referred to as the "kerosene shop", remained unprestigious. The salary is lower than that of the same fishermen, rare calls to the native port and short stays, which sometimes did not even allow to see the family, exhausting the strength and nerves of the "Polar", lasting several months, cabotage, bunkering of the fishing fleet on the high seas in any weather ... As the PMP veteran Captain Gulyaev V.B. said: “Returning from long flights, I sometimes heard from my little son:“ You are not my dad, mine is on a flight. Management has relied on young people in love with the sea. In 1970, the first replenishment came from nautical schools. 40 people from Batumi, many of them didn't even know how to speak Russian... Then 30 guys from the Astrakhan Naval School arrived. All were placed on Mozhaysky. Under the patronage of aces-commanders, young people quickly mastered the wisdom of maritime affairs. In 1973, a correspondence school for seafarers was opened. At the same time, the task of rallying the team was being solved. Trips to sponsored farms, mass gatherings for subbotniks and demonstrations became a tradition.

However, no matter how fun and eventful life was, the dream of owning an apartment remained the main thing for the sailors, for the sake of which many of them moved to Nakhodka. The first 120-apartment building in the area of ​​​​the present Pogranichnaya was founded in 1972, giving rise to a new microdistrict ... If you follow the letter of the law, then the independent navigation of the PMP on December 20, 1971, on the day of signing order 219, in which the Minister of the Navy of the USSR fleet from the FESCO and the creation on its basis of the Primorsky Shipping Company. The new shipping company began to obey the Torgmortrans Administration, the Inflot agency, the nautical school (it was closed in 1992) ...

The number of employees exceeded 3800 people. In January 1971, the tanker "International" was the first of the ships of the oil tanker fleet of the Far East to work on a long-term charter abroad. It made four voyages carrying oil from the Persian Gulf to Japan. The tanker "Zavety Ilyich" worked on the same line.

In March 1971, ships began to participate in the transportation of export oil on the Moskalvo-Japan line ... The fleet already had sufficient tonnage for this. Gradually, new lines began to open: Australia - Japan, Australia - India, Indonesia - Japan ... On April 26, 1972, the Pevek tanker left Nakhodka for Haiphong (Vietnam) with four thousand tons of gasoline on board. The crew at that time consisted of 40 people. May 5, 1972 anchored in the outer roadstead of the port of Haiphong. US aircraft bombed Haiphong daily, turning the oil depot into a blazing torch. On the morning of May 9, a festive breakfast was served on the tanker and then the alarm was announced. American ships launched a massive bombardment of the islands. All the Vietnamese barges, junks rushed under the sides of our tanker, confident that the Americans would not bomb the Soviet ship, on the sides and covers of the holds of which there were huge images of the flag of the USSR. But stray bullets did not disassemble the targets. The glass of the portholes shattered with a clang, the tanker was trembling as if in a fever. 40 minutes later, Phantoms appeared in the sky. American pilots dropped a container with ball bombs on the tanker, turning the stern of the tanker into a sieve.

5 people from the crew were injured, they were sent to the hospital ... All crew members were thanked for their heroism. The Pevek tanker made 23 voyages to Vietnam, the crew of the tanker was awarded the Order of Resistance 1st degree of the Far East, 12 sailors were awarded orders and medals of the Soviet government, the rest of the crew members were awarded Certificates of Honor. In addition, the amount of "coffin" for crew members of ships working with Vietnam was increased. During the period of hostilities from 1965 to 1973, FESCO and PMP ships made about a thousand calls to Vietnamese ports, transported hundreds of thousands of tons of various cargoes: food and clothing, medicines, machine tools and tools, combines. The tankers transported about 2 million tons of oil products. In May 1973, the PMP donated the Vilyuisk tanker to the Vietnamese people.

Since 1973 tanker fleet began to successfully transport high-tariff cargoes: whale and animal fats, molasses, alcohol, vegetable oils. The authority of the shipping company grew in the eyes of foreign charterers. … Time is fleeting. The five-year plan, started in Nakhodka from scratch, rushed by imperceptibly. And here is the year 1975 on the calendar. By that time, the shipping company had firmly stood on its feet, the fleet had grown, people had matured, the city had changed. In 1975, Yury Mikhailovich Volmer, who had previously worked in the PMP as a deputy for personnel, was appointed head of the PMP. The shipping company worked as a well-oiled mechanism, the crews of the ships showed high results of their work. The crew of Baskunchak, the lead tanker of this series, was also in good standing. Twelve days worked "kid" in the Arctic, count without rest. And, probably, he would have made more than a dozen voyages if ... On September 12, 1976, the Baskunchak tanker under the command of captain long-distance navigation V.M. Povarova, having finished unloading the cargo at the port point of Chumikan, took off heading for Nakhodka. There are 35 people on board, including four cadets of the nautical school, who were undergoing their first production practice. Upon returning to the port, the ship was to be repaired at the NSRZ. The weather was favorable and, in agreement with the shipping company, the crew decided to degas the tanks. Necks of all cargo tanks were opening for ventilation. Typhoon Fran passed in the Sea of ​​Japan, about which the PMP radio station warned all ships located there. The captain of the Baskunchak also received a bad weather warning. Every 2 hours he informed the dispatchers about the weather and the situation on the ship, but at 24 hours no radiogram was received from the board.

On that fateful night, the most experienced radio operator L. Karelova was on duty at the PMP radio center. - The wind got stronger. And suddenly at 18:43 Moscow there was a distinct distress signal. He asked for help "baby", the tanker "Baskunchak". The storm overtook him in the Sea of ​​Japan off the northern coast of Primorye. The head of the radio station was able to report that two people were washed overboard by the wave. The machine was out of order, the vessel was uncontrollable... There was no one near the sailors in distress... Many radio stations received SOS signals at that time. "We leave the board" - this was the last message from the dying tanker. PMP and FESCO organized operational search groups, other ships of the USSR navy, aviation were involved ... The sea did not return the bodies of all the sailors. 10 dead are buried in the city cemetery. Several bodies were buried in Vladivostok and other regions of the country.

A year later, next to the graves, a memorial complex was erected at the expense of the shipping company. Baker Natalya Yastrebova's parents planted tiny cedar trees near each tombstone. 35 years later, they have grown into powerful green beauties.

Meanwhile, the shipping company's fleet was actively updated: new ships arrived and old ones were decommissioned. Housing for sailors was built at a rapid pace. The coastal economy expanded, capital warehouses were built. The shipping company was firmly established in Nakhodka. The volumes of northern deliveries grew from year to year, but the ships were still poorly adapted to work in the conditions of the North. Reinforced ice class tankers were needed. And in the second half of the 70s, the shipping company received 12 tankers of the Samotlor type. This is how it started new era in the development of PMP. The ships of the shipping company began to provide fuel for the Soviet Antarctic polar stations.

Polar voyages have become the main component of the fleet's activity for PMP. Experience came to them, a generation of young commanders was brought up, the very elite that would soon show their professionalism in an unpredictable market economy. In the mid-80s, the shipping company received 5 automated ice-class tankers of the Ventspils type, and after them, until 1990, 9 automated three-thousander ships came new series Partizansk, which replaced the Baskunchaks on polar flights. They significantly expanded the capabilities of the shipping company... A positive event of the outgoing 1994 was the relocation of the shipping company to a new modern office at Cape Shefner. In addition, at the next shareholder meeting, a change was made to the name of the company. From now on, PMP received an English version - PRISCO.

New PMP Office at Cape Shefner However, the winds of change are already blowing in the country. Unfortunately, the change is not for the better. The northern regions of Russia, rich in gold, oil, gas, turned out to be useless as a result of the reforms. The Arctic zone has turned into an extinction zone. The sailors returning from the polar ship spoke with pain about the lawlessness taking place in the North: villages abandoned by people, devastation, desolation, poverty ... The lack of money affected the volume of imported oil products: the demand for them was reduced, and delivery conditions became more there was a difficult situation with a shortage of icebreaking fleet. So, in January 2001, PMP ships had to take all possible and impossible measures to provide fuel to the inhabitants of the freezing Magadan region. In March 2005 - another epic: the freezing villages of the Koryak Autonomous Okrug urgently need fuel! The ships delivered the necessary fuel... but the shipping company began to suffer losses, as the northern delivery, the main one for PMP, was decreasing. In 2008, PMP conducted the last Antarctic navigation. The Western-style font, contrary to the assurances of the optimists-reformers, turned out to be very cold and unpredictable for the Russian economy. The weak almost immediately went to the bottom. Who was stronger, kept afloat for some time, but the fate of the majority was also a foregone conclusion ... But, the small shipping company turned out to be very tenacious, largely thanks to the new boss. Alexander Dmitrievich Kirilichev was young, strong and determined. He went through a good sea training, was not only an excellent professional, but also a fighter by nature.

Thanks to him, PMP not only survived, but also managed to break into the international market. transport services, having established itself as a reliable partner. It was difficult. It was necessary to build new modern tankers, but there was no money, because. the PMP's currency accounts were frozen by the government. There was only one thing left - foreign investment. At the cost of great efforts, the shipping company managed to get a license from the Central Bank to receive loans abroad. But, huge money was required and who would agree to give it to a small shipping company without any guarantee. PMP had to solve a very difficult problem: how and to whom to bail out the elderly fleet ... As a result, PMP was able to establish contact with the European Bank for Reconstruction and Development in London, and the latter attracted Norwegian and Danish commercial banks to finance the new buildings. The shipping company was at that time the first and only Russian company to receive a $75 million Western commercial loan. With the market, a fashionable foreign word "diversification" came to the shipping company, which meant expanding the range of activities of the shipping company. The shipping company began to actively engage in, for example, wood processing, processing of valuable building stone, cultivation of mariculture, and provision of services. By investing in large highly profitable enterprises, the company hoped to receive solid profits and use them to develop the fleet and repay loans from foreign banks. In a relatively short time, PMP acquired many subsidiaries not only in Russia, but also abroad. In Nakhodka, for example, a Prisco-Forest woodworking plant was opened, which produces high-quality sawn timber using Italian equipment. Celebrated a housewarming party in Shkolny Lane, a medical center equipped with modern equipment. The Rent Hotel on Pogranichnaya received its first guests... And the fleet itself was still in a fever. All mortgaged new buildings immediately went to the subsidiary company Prisco Maritime under false flags to work off loans. That was the condition of the foreign banks. From their own funds The shipping company signed a contract for the construction of two tankers - "Abakan" and "Amursk". The terms of the contract were favorable and it was a breakthrough.

On July 20, 2000, the Primorye tanker, the most powerful tanker in the Russian Far East, was accepted in Ulsan.

For 5 years, at the expense of loans from European banks, allocated under the good name of A. Kirilichev, PMP built 13 modern ships. Now it was the youngest Russian fleet, but, unfortunately, not working for its benefit. The shipping company, which took new ships offshore, was exhausted by endless checks of various levels, although Russian laws the shipping company did not violate, transferring substantial sums to the budgets of all levels. In their own country, a private shipping company, unfortunately, did not feel at home. In May 2004, A. Kirilichev left the post of head of the PMP, handing over the affairs to Sergei Gennadievich Popravko. Kirilichev himself headed the Board of Directors. The company consistently gained weight, planning to bring the deadweight of the fleet to 4.5 million tons by 2015 and enter the top ten largest tanker companies in the world ... Meanwhile, the world was already covered by a wave of crisis. The steel industry died out, followed by coal mining. The shipping market stopped, but the tanker fleet was still holding on, although many companies withdrew orders to build new ships. But PMP decided not to change its plans and built two modern bulk carriers - Prisco Abakan and Prisco Udakan.

The shipping company had big plans... But... the creditors, concerned about the protracted crisis, did not risk the finances given to the companies for the construction of ships and demanded to repay the debt. … It has already become clear in the company that the managers’ calculations turned out to be erroneous: tankers were ordered and purchased at the peak market prices, and it was necessary to pay in the conditions of a shrinking, falling market and, accordingly, declining freight rates. In this situation, the company catastrophically no longer had enough funds to fulfill the terms of the loan agreement. And in 2011, six ice-class tankers were immediately sold to the state company Sovcomflot (100 percent of the shares are state-owned) along with long-term Sakhalin contracts; fortunately, the new owner managed to keep the highly professional crews in that situation. The state-owned company received tankers "Sakhalin Island" and "Governor Farkhutdinov" with a deadweight (maximum carrying capacity) of about 108 thousand tons each, built in 2004, "Aniva Bay" with a deadweight of about 103 thousand tons, launched in 2009, as well as tankers 2005 "Kapitan Kostychev", "Pavel Chernysh" and "Viktor Titov" with a carrying capacity of 101 thousand tons. Now the state-owned company has significantly strengthened its position. Sovcomflot became the monopoly carrier of Sakhalin-1 oil and entered the oil transportation market for Sakhalin-2, where before that it was limited to liquefied natural gas only. Here, by the way, we are dealing with that rather rare example when the managerial and operational efficiency of a state-owned company is significantly higher than that of a private one. According to available information, the "Sakhalin" ships were sold for a total amount of up to 300 million dollars, which in any case is lower than the price at which they were purchased. But in the conditions of a falling market, even these proceeds were not enough to patch up all the new emerging holes. By the end of 2015, it became clear that Prisco's existing debt significantly exceeded its operating financial opportunities companies. At the request of the banks, the company's fleet was put up for sale. According to experts directly related to this story, not only the gross mistakes of its owners and managers, but also, let's say, not always and not quite correct actions of creditors led to the collapse of the company. According to a number of experts, the company was very skillfully "hooked" on a credit needle. Before our eyes, the history of the Primorsky Shipping Company, once one of the leading tanker operators in the country and a respected brand abroad, is ingloriously ending. Actually PMP OJSC may remain, but this company has long had a very indirect relationship to shipping: judging by the official website and financial reporting, in recent years it has been exclusively engaged in renting out modest real estate and crewing (selection and training of ship crews).

Primorskoye Shipping Company became one of the first Russian joint-stock companies in the transport industry during the first wave of privatization. The new owners received a fleet with a deadweight of more than 400 thousand tons, half of which consisted of obsolete ships. In the early 1990s, the shipping company was the only one in Russia that managed to attract an incredible $75 million loan from a foreign bank at that time.

Debt financing, offshore jurisdictions and flags of convenience gave PRISCO free access to the global transportation market, participation in the leading Sakhalin-1 and Sakhalin-2 projects, and the opportunity to increase the deadweight of the fleet to 2 million tons by 2010. But debt financing played a trick on PRISCO: after the 2008 crisis began, the company was forced to sell its best tankers, and found itself on the verge of bankruptcy.

Natalya Telegina

Didn't agree

In mid-January 2016, the Cypriot company Primorsk International Shipping Ltd. filed for bankruptcy in New York City. This structure is the formal owner of the courts Russian enterprise Primorskoye Shipping Company (PRISCO), which currently operates nine tankers operating in Russian, American, Canadian and European territorial waters.

While we are not talking about stopping the activities of the sea carrier, and in general, the owner's appeal to the court is one of the ways to put pressure on intractable creditors, holders of the company's bonds.

PRISCO met the global crisis and the subsequent collapse of rates in the shipping market with an excessive debt burden. According to The Wall Street Journal, a spokesman for Primorsk International Shipping Ltd. named Holly Eltin, speaking before an American court, said that they had been unsuccessfully trying to negotiate a debt restructuring with a group of Norwegian creditors for more than a year. However, they refused to compromise and demanded that the carrier sell the entire fleet at once and repay at least part of the debt by paying $262.2 million. And representatives of Primorsk, as well as other part of the creditors, are sure that this is a bad option: the company costs more than just one fleet.

In January, a group of creditors managed to seize Primorsk's bank accounts in London. This was the last straw, after which the representatives of the carrier filed for bankruptcy. However, bankruptcy does not mean the actual end of the shipping company. American law allows during this process to convert part of the debt into shares of the company, and the remaining payments to be made at a new rate.

“We are converting our obligations to the Norwegian bondholders into a 75% stake in the debtor company,” says Holly Eltin. - The remaining 25% will remain with the current owners, that is, the company's management. The remaining debt to the Norwegians will be paid at the new rate. It is this scheme that needs the approval of the court.”

Two other companies associated with the Primorsky Shipping Company are Prisco Pre Ltd. (registered in Singapore) and Primorsk Shipping Corp. - Didn't file for bankruptcy. The first provides agent services, the second is engaged in hiring crews. Primorsk International Shipping Ltd. itself. intends to continue operating during the trial. She filed a court request for the right to pay various suppliers and pay staff.

It is not yet clear whether it will be possible to preserve the Primorsky Shipping Company. According to foreign media, the Swedish bank Nordea, acting in the interests of creditors, has already called the proposed plan to save the company (by converting part of the debt into 75% of the company's shares) "unrealistic."

ambitious plans

In the 1960s, an oil loading port appeared in Nakhodka. At first, it was served by a tanker fleet assigned to the Far Eastern Shipping Company (FESCO), and in 1972 an independent enterprise appeared - the Primorsky Shipping Company (PMP). It operated 46 vessels with a total deadweight of 350,000 tons.

The main task of the shipping companies was to provide cargo to remote areas of the Far East and the Arctic. During the 70s and 80s of the last century, the share of PMP in cabotage tanker transportation to the north of the USSR reached 75%. The main cargoes were oil products, various oils, as well as food products.

In 1992, the enterprise was incorporated, becoming the first joint-stock company in the Russian transport industry. Gradually, the shares were consolidated in the hands of management. The company had a promising market and an outdated fleet. There was nowhere in Russia to get money for its renewal. Then the management managed to attract $75 million from the European Bank for Reconstruction and Development. But the ships, which are collateral for loans, had to sail under foreign flags.

PMP managed to gain positions on international market transportation mainly due to vessels of increased strength (some tankers could overcome the ice fields without being accompanied by an icebreaker) and due to experienced crews accustomed to extreme working conditions.

In 2002, PMP became part of the international corporation PRISCO. However, this did not change the ownership scheme: the main shareholder was still CEO Alexander Kirilichev (see “Through Offshores: How the PMP Ownership Scheme Works”), who has held this post since 1993. Other firms within PRISCO were also founded by A. Kirilichev or the company's management. The transfer of business to offshore jurisdictions was associated with the desire to attract financing from Western banks and the desire to protect their business, which is characteristic of Russian entrepreneurs.

Prisko Capital Bank also became a part of the group. Through it, the carrier carried out settlements, including with foreign counterparties.

The volume of transportation of the company has been constantly growing, from 1996 to 2002 having increased by 1.5 times - from 6.7 million tons to 9.9 million. to ships flying foreign flags. In the same 2002, the balance fleet transported only 2 million tons - about a fifth of the total volume, follows from annual report JSC "Primorskoye Shipping Company" 16 tankers sailed under the Russian flag with a total deadweight of 152,000 tons.

The balance fleet was used in export-import transportation (714 thousand tons), transportation between foreign ports (760 thousand tons) and cabotage (506 thousand tons). The most profitable, the company writes in the report, were coastal transportation. Transportation between foreign ports was the transportation of oil products for bunker and fishing vessels in the Indian and Atlantic Oceans.

The balance fleet of the group at that time still consisted of small old tankers, the average age of which reached almost 20 years. But the company has set ambitious goals for itself, ordering large-capacity vessels and striving to bring the deadweight of the fleet up to 1.5 million tons by 2005, and up to 2 million tons by 2010.

In 2004, PMP together with the Norwegian Rieber Shipping Ltd. signed a long-term fifteen-year contract for the charter of an icebreaking tug for the Sakhalin-1 project. In addition, together with another Norwegian company, PMP won a tender for servicing an oil production platform on the Sakhalin-2 project by three supply vessels.

Ambitious plans required funding sources. In the middle of the 2000s, the company took out loans in Russian banks, which were secured by pledges of tankers. It was about relatively small amounts, the size of one loan did not exceed $4 million. foreign funding. In 2007, the company raised a loan of NOK 300 million ($55 million at year-end exchange rates) by issuing bonds. The funds were directed to new shipbuilding and other purposes.

Thanks to generous borrowing, PRISCO has largely succeeded in realizing its plans for the construction of new vessels. In 2010, the company operated a balance fleet of 21 vessels (19 tankers and 2 bulk carriers) with a total deadweight of 2 million tons. For example, the Korean shipyard Hyundai Heavy Industries built three Aframax-type tankers, which have no analogues in the Far East basin. These ships ("Kapitan Kostichev", "Pavel Chernysh" and "Viktor Titov") were intended for Sakhalin projects.

But the coming crisis severely crippled the company's business...

What's next?

In 2008, PRISCO transported 14.4 million tons of liquid cargo. In 2009, the volume of transportation began to fall (by 15% in the first half of the year), however, at the end of the year, the company transported 16.5 million tons of liquid cargo. However, the endless new construction brought her into considerable debt. Foreign banks, whose loans were secured by the courts, demanded settlements.

In 2011, PRISCO sold six crude oil tankers, including those from Sakhalin projects. The buyer was Sovcomflot. Only the auxiliary fleet of the PMP remained on the shelf projects: tugs and high-speed passenger ships servicing oil platforms. The total deadweight of the group's fleet at that time was 1.2 million tons.

For several years, the group suffered losses. In 2012, according to financial statements By international standards(IFRS), OAO Primorskoye Shipping Company received a loss of 81 million rubles on revenue of about 200 million rubles (after the sale of part of the fleet and the fall in freight rates, the company was far from its previous turnover: remember 1.25 billion rubles in 2005). In 2013, the revenue amounted to 180 million rubles, the loss was 86 million rubles. And only in 2014 the company finally showed a profit - 44 million rubles with a revenue of 181 million rubles.

However, losses returned in 2015: 26 million rubles with revenue of 88 million rubles for the first half of the year (last published report).

Meanwhile, in the current situation financial results the company is essential to the American court. PRISCO representatives insist that the group as a whole is profitable, so it makes no sense to bankrupt it and sell off the fleet. However, whether they will be able to convince the court is a big question, because it was not possible to agree with the creditors.

Maritime News of Russia No. 3 (2016)

"Primorskoye Shipping Company"- Soviet and Russian shipping company engaged in sea transportation of bulk cargoes. Full name - Open Joint Stock Company "Primorskoye Shipping Company". The headquarters is in Nakhodka.

Story

The emergence of the Nakhodka shipping company was associated with the construction of an oil loading port in the Nakhodka Bay in the 1960s. Until 1969, the tanker fleet of Nakhodka, consisting of 43 tankers, belonged to the Far Eastern Shipping Company. In 1972, on the basis of the existing fleet, an independent shipping enterprise was created - the Primorskoye Shipping Company. Until the 1990s, most of the transportation accounted for cabotage - the transportation of petroleum products to remote areas of the Far East and the Far North. In 1992, the enterprise was privatized, and in the next 1.5 years, the shares were consolidated in the hands of the company's management. In 1996, a structural reorganization of the enterprise was carried out, as a result of which structural units were spun off into controlled subsidiaries. The shipping company's fleet was moved to an offshore state.

In 2006, due to a conflict with the city's power engineers, the company's management announced a possible re-registration of the shipping company on Sakhalin.

Owners and management

"Primorskoye Shipping Company" is a part of the corporation PRISCO. 58% of the shares of the shipping company belong to the nominal owner of ING Bank CJSC, 13% - to the nominal holder of Depository Clearing Company CJSC, 20% - Apington Investments Limited in the British Virgin Islands. Chairman of the board of directors of the corporation Alexander Kirilichev controls about 75% of the company's shares.

The staff of the parent company is 66 people (for 2010), including subsidiaries - about three thousand people.

The shipping company has shares in the authorized capital of 11 companies, the largest of which are: Prisco Capital Bank (95.22% stake in the authorized capital), Zashchita-Nakhodka insurance company (44.77%), IES- Prisco (50%), as well as an investment finance company Prisco Stokes (79.75%).

Activity

Until July 1, 2016, the Company carried out sea transportation of oil products around the world, and also in the period from 2004 to 2011 participated in the transportation of crude oil under the Sakhalin-1 and Sakhalin-2 projects. As part of the Sakhalin-2 project, it continues to participate (25%) in the joint operation of LNG "