“Red Sormovo” transferred the first bulk carriers built at the expense of the NWF

The plant "Red Sormovo" (part of the United Shipbuilding Corporation, USC) on September 22 transferred into operation the first two dry cargo ships of the project RSD-59, built under the state program of preferential leasing with the involvement of funds of the National Welfare Fund (NWF), told RBC two sources close to the enterprise.

RBC sent requests to USC and GTLC.

The customer of the construction and the owner of ships under this scheme is the State Transport Leasing Company (STLC, since June it has been included in the perimeter of VEB.RF). The program of preferential leasing of civil vessels of water transport was launched by the government in early 2023.

The Cabinet originally laid on this program from the NWF 136 billion rubles — for the construction of cargo, passenger and fishing vessels. Fund funds are sent to STLC through the purchase of bonds of the company. In total, it was planned to build 260 units of the fleet. The total investment in the project was estimated at 231 billion rubles, part of the STLC funds was to attract from the market. The NWF funds were provided to STLC at a preferential rate of 1.5%, which allowed the company to order the construction of ships and provide them to shipowners at a reduced rate upon completion of construction. For operating companies, the leasing rate ranges from 2.93% to 7.6% per annum, depending on the type of vessel.

At the end of 2025, the total financing of the program was reduced to 134.85 billion rubles, the amount of financing from the NWF to 97.9 billion rubles, and the number of ships to 219 pieces. The RSD59 series has been reduced from 34 to 18 vessels. The reason for the adjustment of the program was, among other things, the rise in the cost of construction: after the sanctions imposed on Russia, shipbuilders and customers were forced to change the equipment used and redesign ships.

Why are dry trucks unclaimed

The RSD59 series of bulk carriers is the largest civilian order at Russian shipyards in terms of the number of vessels in the series, even after its reduction by almost half. The price of one vessel after adjustment increased from 1.25 billion rubles to 1.67 billion rubles. The USC emphasizes that the current price was approved by a government decree based on the results of the examination conducted by JSC “Center for Shipbuilding and Ship Repair Technologies” (a specialized state scientific center authorized to conduct an examination of pricing).

Thus, the total price of a series of bulk carriers is 30.06 billion rubles. USC told RBC that the construction of the first eight bulk carriers was completed in 2025. By the end of 2026, the corporation plans to transfer ten more vessels to STLC. Until September 22, all already built ships remained at the Krasnoye Sormovo plant, sources in the shipbuilding and shipping industries note.

In the absence of operators for already built ships, STLC is forced to repay debts to the government at its own expense. To the question of RBC about the sources of payments in the press service of STLC said that the company pays funds on the bonds purchased by the NWF “in exact accordance with the emission documentation at the expense of funds received from the main activity”.

“The relevance of the series was influenced by several factors at once. The increase in the cost of construction and the increase in payment under the lease agreement was superimposed on the fall in demand for river freight and the fall in freight rates. Therefore, in most cases, shipowners do not have an economy, and they refuse to take these vessels, a source in the shipping industry explained.

A source at one of the shipyards considered that with the price of a bulk carrier of 1.65 billion rubles, the standard leasing rate for such transactions of 7.6% and a lease term of 25 years (300 months), the monthly payment of the shipowner will be 12.3 million rubles, or 36.9 million rubles. for the quarter. “Specific payments shall be negotiated individually with each shipowner. The payment schedule may be adjusted. For example, in high season, the payment can be increased, and in low season - reduced, the source said.

The parties did not disclose to whom the vessels were transferred. In GTLC explained this trade secret. The source of RBC from one of the participants of the transaction drew attention to the fact that in recent years, the operators of ships are not disclosed due to their work on the international market against the background of Western sanctions.

Mikhail Burmistrov, CEO of INFOLine-Analytics, says that today the main problem of river freight transportation is the gap between the need for fleet renewal and the solvent demand of shipping companies for new ships. The shipping company needs to have a cargo base and cash flow to service multi-year obligations, the analyst notes.

“Increasing ship value increases load requirements, flight profitability and operator financial sustainability. An important problem is the predictability of the operating model, since for a river-sea vessel, a combination of river and sea transport is desirable, allowing it to be used as much as possible during the year within the permitted navigation area and transporting the maximum volume of cargo, increasing revenues. In the conditions of a sharp change in the situation on the Black Sea, shipping companies will now face large-scale challenges and their financial indicators will continue to remain under pressure, the expert explains.

Burmistrov believes that the rise in price of the vessel from 1.25 billion to 1.65 billion rubles — by 32% — in the current conditions looks economically justified: the plant replaced the propeller columns (part of the propulsive system — RBC) in the project. “But this is an explanation of the transitional stage, and not the basis for a constant price increase: with a stable serial production in a comparable configuration, the price should stop growing, preferably its reduction,” he added.