Russia finalizing incentives for massive fleet renewal

At a recent meeting in the offices of Russia's Federal Fisheries Agency main incentives for fishing fleet renewal have been outlined, Russia's fishery head Andrey Krainy told a press-conference, reports www.megafishnet.com

Apart from officials and industry representatives, the meeting has brought together the nation's biggest banks, leasing companies and shipyards.

According to Mr. Krainy, the parties agreed at the meeting that fishing quota shares would be accepted as security for bank credit and the necessary amendment would be made to the current legislation.

Besides, similar to agricultural subsidies, two-thirds of interest rates would be subsidized for shipbuilding contracts for a term of 8 years as opposed to the current practice of annual subsidies. This would create a more predictable lending climate.

Russia's United Shipbuilding Corporation with its subsidiary in Finland was mentioned as one of the feasible contractors to build modern serial vessels based on Norwegian designs adapted to Russian regulations.