The State Property Fund has decided to offer the Black Sea Shipping Company for privatization, the Interfax Ukraine news agency reports. The relevant announcement was published in the Privatization Gazette, the State Property Fund’s official publication.
The initial value of the company’s fixed assets was UAH 180.4 million as of 30 September 2106 and the residual value was UAH 83.168 million.
In addition, the State Property Fund has decided to privatize the state-owned Ustdunaivodshliakh waterway enterprise.
The Black Sea Shipping Company had a fleet of 400 vessels during the Soviet era. Most of the vessels were acquired by offshore companies or sold at auctions to pay off debts in 1990.
The Odesa Regional Economic Court decided to launch bankruptcy proceedings against the Black Sea Shipping Company in 2003 and a financial rehabilitation program was launched for the company in February 2006 at the request of its creditors.
The State Maritime and River Transport Service (Ukrmorrichflot) announced in 2011 that the state would retain ownership of the Black Sea Shipping Company's assets and that they would not be used to repay the company’s debts.