The History of the Maritime Fleet of the USSR

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THE HISTORY OF THE
Maritime Fleet of the USSR
VICTOR OLERSKIY Member of the Board of Directors
at Russian Fishery LLC
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The History of the
Maritime Fleet
of the USSR The Maritime Fleet of the USSR was a
forerunner to Sovcomflot, which today is the
largest shipping company in Russia. The Maritime
Fleet of the USSR was established in March 1973
as a way to break the monopoly in foreign trade.
Victor Olerskiy
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Vessel Purchase
Sovcomflot
The formation of the Maritime Fleet of the USSR
facilitated the purchase of a num- ber of
vessels through arrangements for long-term
leasing, At the end of the lease terms, the new
or second-hand vessels came under ownership of
the Fleet. These arrangements were known as
bareboat charters.
In 1988, the Maritime Fleet of the USSR joined
with six major shipping compa- nies to form
Sovcomflot. Sovcomflot was transformed in 1995
into a joint-stock company, operating under full
ownership by the state.
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Foreign Exchange Operating Fund
A Foreign Exchange Operating Fund was
established in 1976 to fund commercial
operations, including the purchase of more than
100 vessels over a 15-year pe- riod. The
earnings generated by bareboat charter vessels
and other commercial op- erations fed into this
fund.
A Foreign Exchange Operating Fund was
established in 1976 to fund commercial
operations, including the purchase of more than
100 vessels over a 15-year period.
Victor Olerskiy
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Victor Olerskiy
You can learn more about the history and
operations of Sovcomflot by visiting the blog
of Victor Olerskiy.