The Danube shipping company prepare for sale

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Source: antiraider.org

The conflict between the management of JSC Ukrainian Danube Shipping Company (UDP) and one of deputy ministers every day worsens a situation in UDP on the eve of planned privatization

In JSC Ukrainian Danube Shipping Company there are rather strange events. Externally it looks as the conflict of the president of UDP Evgeny Samoshin and the deputy minister of transport and communication Vladimir Badagov who also is the chairman of the supervisory board of the company. Evgeny Samoshin is accused of bad indicators of work, non-compliance with the charter of the enterprise and procedures of personnel appointments. But it is real as consider many ministries in a lobby, it is a question of fight of various groups of influence in Mintranssvyaz for control over UDP.

PROCEDURAL quarrel

Evgeny Samoshin started working in UDP since 1987. In 1997-2007 I was vice-the president of shipping company. Then short time I was the general director of the Dunaydneprtrans enterprise (enters ASK "Ukrrechflot"), and since March 19, 2008 it was appointed the head of UDP. Vladimir Badagov before appointment on January 23, 2008 the deputy minister many years worked the head of the Poltava GOKA. It was initially predicted that Badagov will supervise railway transport. So in a result also it turned out. In particular, he is the head of the program of reforming of "Ukrzaliznytsi" according to Mintranssvyaz.

That he became the chairman of the supervisory board of UDP, is rather strange as usually this function was carried out by the profile deputy minister. In this case it has to be Vladimir Rabotnev heading department of sea and river transport in which submission there is UDP (100% of actions of this joint stock company belongs to the state represented by Mintranssvyaz. - Edition).

The situation became aggravated in June when the conflict concerning appointment vice-the president of UDP on fleet operation inflamed. Vladimir Badagov insisted on appointment to this post of Valery to Ry. On June 20 he demanded to cancel the order of the president of UDP from June 9 about appointment to this post Vladimir Kuyda as, according to the deputy minister, it contradicts the charter of UDP and coordination procedure in Mintranssvyaz. In UDP pointed the deputy minister to procedural errors of his requirements.At first sight everything looks not really interestingly, but the question price - to put the person on this key position, giving the chance to influence work for the present the largest shipping company on Danube (a third of the market of a cargo transportation).

Public the conflict became on July 8 when during a trip in Ismail Vladimir Badagov carried out a press - conference and made rigid statements to UDP management. He, in particular, declared: "I see a situation so: shadow owners conduct the company to bankruptcy. But the minister set to me the task to change a situation in a root. And I will make it".

In his opinion, it is necessary to solve problems in some stages: "It is necessary to lift the enterprise, to return volumes, and then, I consider, follows is transparent to sell in private hands - with development guarantees, preservation of workplaces, etc. We can't allow disorder and procedure of sanitation of the company - then it will take away in parts".

However, thus weren't called neither shadow owners, nor possible buyers of UDP. Though, according to our sources, in Mintranssvyaz possible applicants for purchase of UDP are business - Konstantin Grigorishin and Konstantin Zhevago's groups. For Grigorishin this logical continuation of strategy on acquisition of assets of a water transport. We will remind that it already controls ASK "Ukrrechflot" and five river ports entering its structure, and also Sevmorzavod. For Konstantin Zhevago acquisition of UDP is perspective from the point of view of optimization of export deliveries of production of the Poltava GOKA which share in volumes of transportations of UDP makes 20-25%.

Thus Vladimir Badagov's statements, in particular about a gain of losses in comparison with last year on 30 million UAH, caused a protest of the trade-union organization of port. In the address to the minister Iosif Vinsky of chairmen of trade-union committees of crew personnel and coastal divisions of the statement of the deputy minister were called such which "discredit and undermine the international authority of the enterprise". In their opinion, the criticism of new management of UDP isn't proved as following the results of work in the second quarter the enterprise got profit in 2 million UAH

RECIPE OF RESCUE FROM MINISTRY OF TRANSPORT

Following the results of 2007 losses of shipping company made 39,1 million UAH. The plan of measures on removal of UDP from crisis was submitted in Mintranssvyaz in the middle of May. In particular, it is offered at the expense of increase in freight rates under the prime river contracts to raise the income on 22 million UAH. 4 million more UAH.has to bring revision of rates for the sea vessels transferred to the bare-boat - a charter (rent without crew. - Edition). The most difficult is the question of write-off of a debt to NBU in $18,7 million (for construction of vessels in Portugal) or at least delays of its payment for three years.

The most trouble-free at first sight action is sale physically and obsolete seven sea, two passenger vessels, not self-propelled fleet, motor transport, an industrial base and 482 containers for the sum of 21,6 million UAH. Implementation of these plans would allow to cover losses of last year and following the results of 2008 to come to net profit in 12,9 million UAH

As a result "The plan of action on stabilization of a financial position and development of JSC The Ukrainian Danube Shipping Company for 2008-2009 was approved only on September 1 by No. 1078 order MTSU. Though still on August 8 Iosif Vinsky the order cancelled action of several orders signed still by Rudkovsky, on the right of alienation by sale of above-mentioned old vessels, motor transport and containers. Losses from the maintenance of this property in 2007 made 15,6 million UAH, and in 2008 can make about 16 million UAH. Thus the auction on some vessels already took place, and signing of acts of their transfer to buyers is blocked now.

Actually losses for the first half of the year made 10,3 million UAH. At this UDP - the paradoxical company. Sea and river freight transportation of shipping company is unprofitable, and passenger is profitable. In Ukraine all usually on the contrary. Here the reason that the passenger fleet of UDP is involved on cruise lines across Danube and serves the European tourists.

In total in UDP of 560 vessels from which 125 in the first half of the year weren't operated waiting for realization or from - for shortages of funds for repair. The shipping company suffered heavy losses from - for unproductive idle times waiting for a bunkering besides because of shortage of means. Volumes of transportations were reduced also. And not only because of an unsatisfactory condition of fleet. For various reasons on 210 thousand tons transportations of the Russian coal to Romania and Bulgaria, were reduced by 56 thousand tons - grains from Hungary, by 70 thousand tons - iron ore raw materials (ZhRS) to Austria. As a whole volumes of transportations were reduced from 2255,4 thousand tons in the first half of the year 2007 to 1632,5 thousand tons this year.

We will remind that UDP transports production of the Poltava GOKA to Austria.It is interesting to note that since May when Samoshin and Badagov's conflict became aggravated, the volumes of these raw materials shown by PGOK to transportation by fleet of UDP began to be reduced. So, in January it was transported by 61 thousand tons, in February - 84 thousand tons, in March - 54 thousand tons, in April - 49 thousand tons, in May - 37 thousand tons, in June - 28 thousand tons, in July - 31 thousand tons, in August - 27 thousand tons.

However, as reported "k: " in a press - Ferrexpo company service: "Vessels UDP shortage of railway cars is the main reason of decrease in volumes of transportations of production of PGOK. Only for the last month we received less 60 thousand cars that respectively affects volumes of shipment of production in the direction of Izmail and Rennie's port". Though, by data "Ukrmorrechflot", processing volumes in Izmail port on the Ore Everyone position where the iron ore raw materials enter also, in the first half of the year 2008 grew by 12,7% and made 1797,8 thousand tons.

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