North Western Shipping Company Follow-on Loan

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 6296

Status Complete

Location

Russia

Business Sector

Transport

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 6296

Status Complete

Location

Russia

Business Sector

Transport

Notice Type

Private

Environmental Category

Approval Date

27 Apr 1999

Disclosure date

09 Apr 1999

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

US$ 3.4 million (EUR 3.1 million) follow-on loan to a subsidiary of North-Western Shipping Company (NWSC). Cumulative exposure to NWSC after disbursement will be US$ 21.9 million.

The original project was not completed due to time delays that resulted in the cancellation of the final tranche of the original loan. This loan provides funds for safety upgrading of vessels and other working capital purposes.

Transition Impact

The loan will support the restructuring of NWSC, which will have a substantial impact on the transition process.

The Client

The loan is to a NWS Ten Balt Shipping Company, a special-purpose Cyprus-based subsidiary of NWSC. NWSC, together with North-Western Fleet (NWF), its ship-owning subsidiary, are acting as sponsors and guarantors. The ships will be managed by NWF in St. Petersburg.

EBRD Finance

US$ 3.4 million (EUR 3.1 million) senior loan. The original transaction was syndicated; the new loan will be solely for the account of the EBRD.

Project Cost

US$ 21.9 million (EUR 20.0 million)

Environmental Impact

The sponsor has confirmed, through inspection reports, that the vessels involved in this operation are in good condition and comply with the conditions of class, including both the MARPOL (Marine Pollution) and SOLAS (Safety of Life at Sea) conventions. The sponsor will be required to ensure that all ships continue to be operated and maintained in accordance with international requirements, and to report to the Bank annually on issues related to environment, health and safety.

Technical Cooperation

None

Transition impact

ETI Score:60

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

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Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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