Alla Borisovna Krasiuk, Artem Aleksandrovich Butsanets, Arina Aleksandrovna Mordasova

Analysis of prospects for renewal of river tanker fleet under leasing and life-cycle contract conditions

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Today, a number of state programs are aimed at the development of water transport, in particular, financing the construction of new sea vessels and inland navigation. Leasing is a key financial mechanism for building ships at domestic shipyards. Currently, life cycle contracts are successfully used, a significant advantage of which is the coverage of all stages of the life cycle of an object: design, construction, operation and disposal of an object. The expediency of updating the fleet with the help of life cycle contracts, as well as the comparability of costs when using a life cycle contract and leasing, was noted. A tanker with a carrying capacity of 4,800 tons was chosen as a representative vessel comparable in terms of its technical and operational characteristics to the m/v Volgoneft project No. 1577 after its renovation in order to meet the requirements of the International Association of Classification Societies (IACS), which caused a decrease in carrying capacity compared to the design values. The results of calculations of the estimated cost of a representative vessel supervised by the Russian Classification Society (RCS) are presented, as well as an assessment of economic results for two main options for financing the acquisition of a vessel: leasing and a life cycle contract. The calculations were carried out according to the design version of the representative vessel for the entire period of its useful life. It should be noted that given the modernization of all tankers of the Volgoneft type, and not just their parts, the forecast for the retirement of vessels may be more optimistic, which does not make the issue of building a new fleet less urgent. The average annual costs for scheduled repairs were determined based on the experience of operating river bulk tankers taken as a prototype (in our case, these are the Volgoneft type vessels), with the frequency of scheduled repairs specified in the rules for repairing river fleet ships. In order to evaluate and compare the efficiency of operating a leased vessel from the position of the company, its operating, cash flows were calculated for the entire useful life of the vessel. It is concluded that the life cycle contract will allow the shipping company to accumulate more own funds in the early life of the facility compared to leasing, which makes it possible to direct them to finance the renewal of the company's tangible assets both for the acquisition of new ships and for the modernization of existing property.

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