Leasing has proved to be an effective tool to attract funds to the real sector of Russian economy.
Vladimir Putin
President of the RF
Most of Russian river and sea crafts have been built as back as in the Soviet time. At present, fleet wear amounts to 70-80% and more. Considerable changes of the water transport safety requirements towards toughening and increased waterage took place during post-Soviet period. Therefore an objective situation requiring immediate renewal of the fleet has been matured in Russia nowadays.
At national level leasing is acknowledged to be the main tool for developing key industries of Russian economy, including construction and modernization of different purpose and displacement vessels. In contrast to another financial tools, leasing enables covering of the main part of modernization (or purchase) expenses out of proceeds of operational income. Upon termination of the leasing period all objects shall be assigned to the Lessee.
How leasing tools may be used right now? Consider the suggested order of interaction of the interested parties:
1. Shipping company or port authorities (the Lessee) together with the Supplier shall determine technical and cost parameters of the Vessel and send in an application to Finance Leasing, PC. Finance Leasing, PC shall make calculation of payments and produce them to the Lessee together with the list of documents required for consideration of the application.
2. Finance Leasing, PC shall receive the documents according to the list form the Lessee, elaborate financial and legal schemes of the project, come to an agreement with Investors about the terms, rates and time-tables for provision and paying of funds and produce the offer and draft agreements to the Lessee.
3. Lessee, Finance Leasing, PC, Supplier, Investor and other parties shall sign the corresponding contracts upon harmonization of all project’s specialties.
4. Lessee shall transfer an advance to the Lessor. Finance Leasing, PC shall pay the Vessel cost to the Supplier, acquire property rights and lease the Vessel to the Lessee along with the signing of Commissioning statement.
5. Lessee shall transfer leasing payments to the Lessor every month. Upon termination of the leasing period the Vessel shall be assigned to the Lessee.
Finance Leasing, PC is a Russian enterprise. It has the largest paid up capital stock amounting to 110 million US dollars among domestic leasing companies. At present, Finance Leasing, PC has successful experience of leasing tools implementation at the Russian shipbuilding enterprises. FLC invests in construction and leasing assimilation at the Russian shipbuilding enterprises. First ship ”Flagman” (flagship) has been constructed at Pella shipyard in October this year and is successfully operated by Makhachkala commercial sea port.
Finance Leasing, PC is a Russian enterprise. It has the largest paid up capital stock amounting to 110 million US dollars among domestic leasing companies. At present, Finance Leasing, PC has successful experience of leasing tools implementation at the Russian enterprises.
Finance Leasing, PC provides for integrated execution of the projects in the scope of industrial equipment modernization subject to all required arrangements.
Executed projects:
- Leasing program of towboats series 90600, 16609 manufactured by PELLA shipyard, Leningrad has been started;
- Leasing contract with Makhachkala commercial sea port, FSUE for lead towboat at the cost of 2,4 ml. US dollars has been made. Commissioning date - October, 2003.
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