Murmansk Shipping Company has issued a statement denying the rumours about bankruptcy.
According to the company, it is not in a process of bankruptcy, nor have any applications requesting to declare the company been filed to the Murmansk Court of Arbitration.
‘The posts stating that Murmansk Shipping Company is undergoing bankruptcy procedures are groundless’, the company said.
‘Murmansk Shipping Company confirms that it operates in normal mode. On September 5 the Company Board held an extraordinary meeting to discuss the current situation. The top management of the company informed the Board that there is no threat to the health and life of the crews outside the Russiann Federation, and the environment is not compromised’.
‘The Board acknowledged that Murmansk Shipping Company like most of the other shipping companies is experiencing certain financial difficulties. Their main reason is the sanctions imposed by the western countries, the general global economic situation, and the consequences of the prolonged crisis in the shipping market’, the company said.
‘Despite this, since the start of 2018 the company management has been able to considerably reduce the wages backlog and the debts’.
The company also said it has upgraded its development strategy for the period until 2020 and expanded its non-core assets disposal program. Besides, it is negotiating with banks on a loan, and with major customers on long-term contracts.
‘These measures are aimed at bringing the company to a new level of development, modernize its fleet, and keep jobs. The Board noted that the company’s fleet is traditionally in high demand in the Arctic, and in autumn-winter 2018/2019 it will be extensively deployed on the Northern Sea Route, with corresponding agreements already achieved’, the company stated.