Rus News Journal

Situation in Baltiysk sea shipping company

Agents of shipping company follow the lead of rats

As already informed, in the middle of January the general agent and affiliated company of the Baltic sea shipping company (BMP) Baltic Express Line (BEL) declared the bankruptcy. For management BMP this message was a bolt from the blue as the decision on the termination of activity of the company was accepted only by general director BEL. Meanwhile BEL has run into debt to shipping company $4,5 million Its bankruptcy can aggravate and without that serious crisis BMP playing today only a small part in the European market of sea transportations. And BEL at all the first among agents - bankrupts BMP - shipping company were left already by 15 ruined agents.

Baltic Express Line it is founded one and a half years ago as affiliated company BMP (70 % of actions). Its co-owner is general director BEL Tony Shonfler - 30 %.

According to president BMP Grigory Filimonova, news about bankruptcy BEL has arrived to a shipping company management one days prior to the planned term of carrying out of board of directors of the general agent. According to Filimonova, declaring bankruptcy, management BEL tries to evade from the report of activity of the company for the past year. BMP doubts that BEL really became the bankrupt. In shipping company two versions of bankruptcy are exaggerated: on the first, management BEL deliberately declared itself the bankrupt as the company had been admitted a number of financial miscalculations, and the parent company was not well informed. On the second - certain other transport company which tries to limit influence BMP on Baltic is interested in bankruptcy BEL. It is necessary to understand the reasons and circumstances of bankruptcy of the special liquidating commission.
Grigory Filimonova is not confused with bankruptcy BEL which, in its opinion, does not represent danger neither to shipping company, nor to passenger transportations. As he said, loading of passenger ferries on the nearest makes two weeks 90 %. It is not excluded that BMP will try to keep the company, having incurred debts BEL. Such step, probably, is dictated by fear of management BMP that bankruptcy BEL can provoke to take creditors of shipping company serious measures to the company which debts make $40 million Simultaneously BMP spends coordination concerning the new agent. New candidates but while their names are kept a secret are already found some.
at the same time optimism declared by president BMP rather BEL is not quite clear. As Filimonov recognises, management BMP knew that BEL already half a year does not transfer means for the sold tickets into account BMP, and its debts have made $4,5 million that worsens and without that a heavy financial position of shipping company which since 1992 loses the positions in the market. Before 60 % of a turnover of goods of the company it was necessary for the Russian export and import. Today share BMP does not exceed 10 %. The shipping company is compelled to be content with supporting roles in the European navigable market. It became one of the reasons on which last year 15 agents BMP have gone bankrupt.
According to preliminary data, the shipping company and last year worked with losses. By different estimations, they can make an order 50 mlrd roubles. However more concrete figures become known in April when summary balance BMP will be prepared. Grigory Filimonov recognised that it is not necessary to expect fast recover of shipping company . For today the company tests a severe shortage of circulating assets, and the vessel fleet is worn extremely out. It is not excluded that in the near future BMP it will be compelled to start for company rescue sale of a part of property. Also it is impossible to exclude possibility of sale of a state share of actions BMP (25,5 %) that can cause flash of struggle of various groups of shareholders and hardly will favorably affect shipping company activity.
IGOR - FEODORS