19 December, 2018
The procedure of V.F. Tanker LLC merger into Volga Shipping Company JSC was completed on 14 December 2018. Both of them are companies of VBTH, a shipping division of international transportation group UCL Holding.
The merger of V.F. Tanker into Volga Shipping Company is a part of the process aimed at optimization of the management structure and at improving the efficiency of VBTH business related to cargo shipping by water transport.
The reorganization will let make the best use of the existing fleet, expand business opportunities, strengthen the company’s position in the river transport market, improve the quality of services and financial stability of the reorganized shipping company. It will become not only the largest but also the most advance company in the segment with its 31 state-of-the-art tankers and 10 ships of RSD44 design put into operation in 2012.
The merger of V.F. Tanker into Volga Shipping Company was approved at the annual general meeting of Volga Shipping Company’s shareholders in June 2018. Volga Shipping Company JSC is a successor taking over all assets, rights and obligations of V.F. Tanker LLC which ceased its activities as a separate legal entity on 14 December 2018.
About UCL Holding
Universal Cargo Logistics Holding (UCL Holding) is an international transportation group that consolidates companies specializing in railway and water transportation of cargo, handling of cargo in Russian ports, providing logistics and shipbuilding services. According to their activities, the ?ompanies of the holding make three divisions – UCL Rail (railway), UCL Port (stevedoring) and VBTH (shipping).
Volga Shipping Company press release