UDS fulfilled the partners’ conditions for fleet modernization
22.04.2024 - 16:50
The Ukrainian Danube Shipping Company (UDS) talked about approaching foreign investments in the modernization of the fleet.
“During the visit to Vienna, a number of meetings were held with international partners. They reported on the fulfillment of the conditions for investment in modernization,” said Dmytro Moskalenko, head of the UDS.
So, the replacement of the engines on the first vessel, which is financed by the UDP’s own resources, has already started successfully.
In particular, the company’s supervisory board is being formed and the transition to international financial reporting standards (IFRS) is being completed, for which consultants from the “Big Four” are involved.
“The valuation of assets is also aging, an independent audit is being prepared. Received international certificates in the field of ecology and labor safety,” the UDS notes.
The head of the UDS also shared that the Danube is currently in a low market period. As a result of record freight rates, the traditional cargo of the Danube region switched to railways and motor vehicles.
“The number of the fleet has increased many times. However, my partners and I agree that the low period will not last long. Cargoes return to the river. The supply of the fleet on the market will gradually decrease. The old fleet will become uncompetitive. Therefore, our joint long-term strategy remains unchanged,” Dmytro Moskalenko emphasized.
As previously reported by USM, the Association of Ports of Ukraine “Ukrport” appealed to the Prime Minister Denys Shmyhal regarding the situation with the transportation of goods through the Danube.
