The proposed project aims to (i) finance Ukrrichflot’s acquisition of four dry cargo newbuilding vessels as part of the company’s fleet renewal programme and (ii) to replace the EBRD’s existing facilities to the company.
The project will facilitate Ukrainian exports and inter-regional trade, and facilitate the restructuring and modernisation of the Company’s fleet.
Ukrrichflot Joint Stock Shipping Company is the largest ship operator in Ukraine. Its principal business is domestic and international transportation of small to medium sized dry bulk cargoes on river, river-sea and short sea routes. In addition, the Company operates its own passenger fleet and owns its own river port facilities in Ukraine.
1. A senior loan of up to US$ 31.26 million, to be structured as an A/B loan.
2. In addition, the EBRD will issue a guarantee of US$ 8 million in favour of the shipyard for Ukrrichflot’s equity contribution towards the contract price of the four newbuilding vessels.
US$ 39.3 million
Screened B/1. Environmental issues relate to the four new vessels and to existing collateral vessels (19 in total). The main issue related to the purchase of the new vessels is compliance with international standards for safety and for environmental performance (emissions to air, wastewater and waste disposal). Vessels must obtain the relevant national and international certificates prior to operation. Issues related to the existing collateral vessels include engine emissions; waste disposal; oil spill containment and preparedness; inspection programmes; health and safety etc. The Environmental Analysis will focus on a review of all relevant national and international certificates for the new vessels. The Environmental Audit will be carried out on the new collateral vessels in conjunction with the technical due diligence to assess the environmental and health and safety risks associated with the vessels. The annual environmental, health and safety reports on the existing collateral vessels are satisfactory, no further environmental due diligence need to be conducted on these vessels.
51 Nizhniy Val, Kyiv, 254071, Ukraine
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Text of the PIP