The state will cover shipyards part of the losses from the construction of icebreakers

As the St. Petersburg resource reportedwww.dp.ruThe Government of the Russian Federation will capitalize the Baltiysky Zavod and the Vyborg Shipyard for 1 billion rubles. But this will not cover even 30% of the cost of shipyards for the construction of icebreakers for the Ministry of Transport.
The state-owned United Shipbuilding Corporation (USC) will invest 1 billion rubles in the capital of two north-western shipyards: Baltiysky Zavod Shipbuilding (LLC), and Vyborg Shipbuilding Plant (VSZ).
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Launched building under construction at LLC Baltiysky Zavod - Shipbuilding for the FSUE "Rosmorport" linear diesel-electric icebreaker "Viktor Chernomyrdin" project 22600 (LK-25). St. Petersburg, 12/30/2016 (c) Curious / forums.airbase.ru
Sources in the USC and in the shipyards confirmed to the "DP" that the government has already decided to allocate funds from the federal budget and the money is even transferred to the accounts of the USC. According to sources, of the total amount of 700 million rubles will receive BZS and 300 million rubles - VSZ.But these infusions will not allow shipyards to fully cover the cost of building icebreakers. Total shipyards require 3.4 billion rubles. In addition, the Baltzavod needs to find another 3.4 billion rubles to pay off creditors by the end of 2017.
The decision about the capitalization of the shipyards was made due to the fact that this is a simpler procedure than making changes in the price of a state contract, which must be approved by separate government orders, which is practically unrealistic, say shipbuilders.
In 2012, VSZ received a contract from USC for the construction of three diesel-electric icebreakers of the project 21900 for the FSUE "Rosmorport". The plant fulfilled the order, the last in the series of icebreaker "Novorossiysk" Rosmorport received in December 2016.
The estimated cost of each vessel was 4.06 billion rubles. But because of the devaluation of the ruble and rising interest rates, the cost of building icebreakers has increased. Missing funds, according to the head of the VSZ, Alexander Solovyov, the company borrowed in banks. And, as follows from the reporting shipyard, losses for the construction of icebreakers amounted to 850 million rubles.
“We’ve already scheduled a board of directors for January 16, at which a decision will be made to hold an additional issue of shares,” explained Alexander Soloviev.
Since 2011, BZS has been building a diesel-electric 25 MW icebreaker of Project 22600 "Viktor Chernomyrdin" for Rosmorport. It was planned to transfer the ship to the customer at the end of 2015. But the plant launched the hull of the vessel only on the eve of the new, 2017, and even without a superstructure.
The construction of the BZS superstructure was commissioned by Germanic Nordic Yards Vitaly Yusufov to speed up the construction of the icebreaker. But after a sharp devaluation of the ruble, BZS abandoned this idea and now demands that the advance payment be returned from the counterparty - 185 million rubles. The devaluation of the ruble was the main reason for the increase in the cost of building an icebreaker, since it is equipped with imported components.
Initially, the value of the ship under the state contract was 7.94 billion rubles, and now another 2.5 billion rubles is required for its completion.
General Director of BZS Alexey Kadilov refused to comment on the situation. The press service of the company explained that the shipyard plans to deliver the icebreaker to the customer only in the third quarter of 2018.
As previously said, “DP” Alexey Kadilov, in addition to the obligations on the icebreaker, at the BZS hung the obligations of JSC Baltiysky Zavod to the creditors (included in USC, from his BZS leases facilities).Under the settlement agreement signed in January 2016, creditors must pay 3.4 billion rubles by the end of 2017. Own funds from BZS not. But the USC is also hoping to get funds out of the federal budget.
Comment bmpd.In fact, as has been repeatedly noted, including in our blog, the main cause of losses for Baltiysky Zavod Shipbuilding Ltd. and Vyborg Shipyard PJSC when building diesel-electric icebreakers is not “ruble devaluation”, but the conclusion enterprises of contracts for the construction of icebreakers at a deliberately low and unrealistic prices from the very beginning. In the case of Viktor Chernomyrdin, an icebreaker of the project 22600 (LK-25) under construction at the BSZ, this is complemented by the well-known epic of the vessel redesigning due to gross errors that occurred during the development of its design and documentation.

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