skip to Main Content
Ukrainian Danube Shipping Company Reports Third Quarter Profit

Ukrainian Danube Shipping Company reports third quarter profit

Source: Ukrainian Sea Ports Authority
Despite the pandemic and the crisis, PJSC Ukrainian Danube Shipping Company (UDSC) continues to develop and achieve new positive results. For nine months of this year, the company received UAH 41.8 million in profit against UAH 10.3 million in losses for the same period in 2019 – November 18, 2020 The company’s net income from sales in January-September this year amounted to UAH 491.6 million. “We
are always for the effective use of state property and enterprises. After the replacement of the previous ineffective management, the Ukrainian Danube Shipping Company has been proving for several months in a row that our companies can be successful, and where there is a crisis, there are always new opportunities for development. For the nine months of this year, UDSC has received almost UAH 42 million of profit. And this is in contrast to the more than 10 million losses that the company had in January-September last year. Keep it up! I hope that by the end of the year this positive trend will continue”, commented Vladislav Krykliy, the Minister of Infrastructure, on the results of the UDSC’s activities. The company’s EBITDA amounted to UAH 44.1 million, and profitability on this indicator reached +9%. The UDP also paid UAH 25.9 million in contributions to state trust funds and UAH 30.6 million in taxes to local budgets and other mandatory payments. During the reporting period, the Ukrainian Danube Shipping Company transported 983,800 tons of cargo, of which 824,100 tons – river transport. This year, the UDSC fleet did not carry out passenger transportation. “In the difficult conditions caused by COVID-19 and the introduction of quarantine measures, the company has proven that it has the right vector of development and is able to generate significant profits. We are currently looking for all possible ways to save the shipping business and attract critical additional investments of up to $ 200 million, which will be used to finance the construction of a new fleet for the development of inland water transport in Ukraine and lay the foundation for the company’s financial capacity for the next 10-15 years”, – said Acting Chairman of the Board of Alexei Khomyakov. We will remind that earlier the Ukrainian Danube Shipping Company started digitalization of the enterprise. The company signed a memorandum of cooperation with Vodafone Ukraine on November 4 this year. Within the framework of cooperation, the parties will implement online monitoring of vessel movement, provision of facilities with communication on the territory of Ukraine and in roaming, tracking of cargo, condition of container contents, status logging, etc. The companies also agreed to use the capabilities of Big Data analytics to further create performance forecasting and loss prevention systems. Source: Ukrainian Danube Shipping Company

To continue reading please subscribe or log in.

PortSEurope offers an English-language daily coverage from over 200 ports in the Mediterranean, Black and Caspian Seas as well as a fully indexed and easily searchable database with more than 15,000 articles.

Subscribe now
Back To Top