Last year investments into Russian fleet renewal surpassing $1 billion

The investments in the fishery sector has grown 2.7 times over 5 years and amounted to 77 billion rubles in 2021. The main incentive measure was the program of investment quotas and crab auctions with investment obligations, according to Russia's Federal Agency for Fisheries.

Without the introduction of the new mechanism, the average age of the fleet by 2030 would have been more than 40 years. The vessels would have become unsuitable for subsequent modernization.

According to the results of the first phase, 80% of the capacity of the fleet of the Northern Basin and 40% of the fleet of the Far East will be updated, while the Far Eastern fleet provides 70% of all catches in the country. According to the results of the first phase, by 2030, the age of ships will be reduced to 21 years, if we implement the second stage, the fleet will be rejuvenated to an average of 9 years.

Thanks to the reform, Russia will have the most modern fleet, new jobs, sustainable socio-economic development of the coastal territories and the country as a whole. Projects of large and medium-tonnage vessels include on-board processing on the principle of waste-free production. We consider it important to continue in this direction," said FAF head Ilya Shestakov.