The Primorsk Shipping Corporation is the Russian's
only private tanker company, involved in liquid
cargo transportation all over the world. PRISCO
has a fleet of 46 vessels with an average age
of 14 years. PRISCO has its own offices in Moscow,
Yuzhno-Sakhalinsk, Vladivostok, Singapore and
London. The Corporation consists of 5 shipping
companies and several wholly owned Russian enterprises.
PRISCO's investments also include activities such
as, banking, stone processing, insurance, hotel
service, printing and health care. Over the past
year, the Corporation has achieved significant
commercial results and proudly received numerous
awards, achievements and recognitions on national
and international levels.
 History
of the company |
1969-1971: Establishment and development of the
Oil Tanker Division.
1972: Reconstitution of the Oil Tanker Division
into the Primorsk Shipping Company (PRISCO). At
that time PRISCO became the 17th shipping company
attached to the Soviet Ministry of Marine, and
the fleet consisted of 46 vessels.
70-80: Growth of the fleet's capacity. At that
time the main objective of the company was to
provide petroleum products to settlements on Russia's
eastern seaboard and around the Artic region.
By the end of the 80s the PRISCO fleet stood at
54 tankers.
This period also saw the growth and development
of international business within Asia.
1992: Reorganization of PRISCO into a joint stock
company.
1992-2001: The Company's efforts were focused
on opening new international markets and on developing
direct relations with foreign clients.
In 1995, the company took the decision to enter
the chemical/food oil transportation markets.
| Involvement
in the Sakhalin projects |
In 1999 the transportation of Sakhalin crude
oil was undertaken by ice-class tankers with strengthened
hulls. Following on from a charter for the 46,000dwt
tanker Marchekan, to ship oil from the Sakhalin
Shelf in 2000, 2001 saw PRISCO win a tender awarded
by the Sakhalin Energy Company to ship oil from
the Vityaz oil production complex. From May to
December, the company transported some 1 million
tonnes as a result of this tender and then began
preparations for an experimental arctic voyage
to the Northern part of Sakhalin Island.
| PRISCO
Group. |
At present, JSC PRISCO is structured as a corporate
group, consisting of a number of wholly owned
management shipping companies and subsidiaries,
companies in which PRSICO has a significant equity
interest and detached unincorporated subdivisions.
PRISCO has representative offices in Moscow,
Vladivostok and Yuzhno-Sakhalinsk; with PRISCO
(U.K.) Ltd. being set up in London with a goal
to manage relations with European banks-lenders
and to take financial control of the offshore
subsidiaries.
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In order to better meet customers' needs and
improve operating efficiencies in South-East Asian
trades, Sinchart Shipping Pte.Ltd., wholly owned
by PRISCO, was established in Singapore and later
renamed PRISCO (SINGAPORE) Pte.Ltd.
Besides sharpening its focus on its core business
(the shipping of liquid bulk cargoes), PRISCO
has expanded its operations to include the provision
of agency services, rendering technical support
to the fleet and shore side divisions and support
to the training of ships' crews.
In non shipping related business, PRISCO has
equity interests in the business of wood products
manufacturing, stone mining and processing, insurance,
printing, banking, medical care and hospitality
services, etc.
The company employs around 2,700 people. PRISCO
runs its own training centre in Nakhodka. The
company, its fleet and personnel have all been
certified to be in compliance with the requirements
of the International Safety Management (ISM) Code,
by both the Russian Maritime Register of Shipping
(MRS) and Det Norske Veritas (DNV).
| Shareholders
Structure |
As of December 31, 2001, the total number of
shareholders was 6,764. The State has no equity
interest in PRISCO. 67.9% of shares are owned
by foreign shareholders, 20.51% by Russian Corporate
shareholders and 9.92% by Russian individual shareholders,
of which 1.67% is owned by PRISCO management.
| PRISCO's
main trade |
PRISCO traditionally operates its fleet in the
following three main trades:
· Russian domestic or "coastal"
trade (cabotage): Moving cargoes belonging to
Russian and foreign charterers between Russian
ports;
· Export/Import transportation trade:
Shipping Russian petroleum product and crude oil
exports from Russian ports to overseas terminals
/ delivery of imported fuel to Russia;
· International cross trade: Shipping
liquid bulk cargoes between foreign ports.
The share of crude oil transported from the Sakhalin
Is. by PRISCO continued to grow every year.
| Marine
Operation Results in 2001 |
In 2001 the tankers of the company transported
totally 10,4 million tons of cargo. It is by 14%
more than in the year 2000. In 2001, total cargo
volume handled by PRISCO vessels in coastal trade
between Russian ports amounted to 823 thousand
tons, 108 thousand tons more than in 2000. The
total cargo volume moved by PRISCO in coastal
trade in 2001 increased by 15.2% compared to the
previous year. In 2001, export/import cargo volume
handled by the company totalled 2,935 thousand
tons, 81,000 tons more than in the previous year.
The bulk of the PRISCO fleet is involved in moving
cargoes between foreign ports. The total volume
of cargoes shipped in international cross trade
in 2001 rose to 6,647,000 tons, 20.2% more than
in the previous year.
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