The Ukrainian Danube Shipping Company (UDP) finished 2014 with a profit of UAH 8.1 million, its first annual profit in several years, the press service of the company announced.
As reported, the company reported a loss of UAH 13.5 million for 2013 and a loss of UAH 61 million for 2012. The company also noted that it owed its employees arrears of wages for up to ten months in 2013 and that initiation of bankruptcy proceedings against the company was considered. Now, however, the company has cleared its wage debt and its debts to the state budget, the trade union, and the Pension Fund that were accumulated in 2012, according to the press release.
"After two years of operating at 70% capacity, employees switched to a full working week in August 2014. The average monthly salary for the year increased by 22.3%, compared with 2013. Contributions to the Pension Fund and the budget from personal income tax also increased proportionally. During the year, a loan of UAH 14 million from Ukreximbank was fully repaid and the overdue debt on an industry financial assistance was largely repaid to the Yuzhny port, the Kherson port, and the Administration of Seaports of Ukraine," the company said.
The company transported 2.588 million tons of cargo in 2014, which is 3.3% more than it transported in 2013 (2.506 million tons). The margin of increase was small, but the UDP noted that it was completely deprived of basic goods - pellets from the Poltava ore mining plant and Ukrainian export coal - last year, but it still managed to increase its transport volume. Cargo transportation increased by 14.2% in 2013, compared with 2012, when it transported 2.194 million tons.
The Ukrainian Danube Shipping Company was founded in 1944. It is one of the largest shipping companies in Ukraine. By its own estimates, the company accounts for about 25% of the transport volume on River Danube - from the estuary of the river to the port of Kelheim (Germany). The company's fleet consists of several hundred self-propelled and non-propelled river vessels and sea-going vessels with deadweight tons of 3,000-5,000 (six bulk carriers and one oil tanker). The company also has six passenger ships.