Fleet Of 2,400 Freight Cars To Generate Monthly Revenue Of USD 1 Million For EBRD

30 March 2017 16:19

The European Bank for Reconstruction and Development’s fleet of 2,400 freight cars will generate revenues of USD 1 million per month, the EBRD told the CFTS portal.

The EBRD took control of these freight cars from the Interlizinvest company through the courts after the company stopped making payments in 2013 on a loan of USD 90 million it obtained from the bank in 2011.

The EBRD established the CREA company in October 2016 and transferred the freight cars to it. The company then transferred management of the freight cars to the Spetsvagon Transleasing (SVTL) operator.

"This asset generates USD 1 million net per month. We have decided on the market rate, compared to which we will assess the work of SVTL. Assuming that, according to publications, the average lease rate for gondola cars in Ukraine is USD 15-17 per day, SVTL will tell us the actual lease rate of these freight cars. In addition, they have a small monthly reward that they will receive in any case. In addition, they receive bonuses depending on how much they earn on the freight cars compared to the market rate. That is, the structure is built in a way to ensure that their bonuses depend on how much we earn," an EBRD representative told the CFTS portal.

As reported, the EBRD became one of the five largest private owners of freight cars in Ukraine when it created the CREA wagon company.