FESCO buys its way into Baltic feeder market
FESCO Transport Group, Russia’s largest intermodal transportation provider, and Rotterdam-based short sea operator ESF Euroservices B.V., have reached final agreement to create a joint venture FESCO ESF Ltd. Financial details were not disclosed.
The Russian group will own 70 percent of the new company that will own assets of ESF and its affiliates that relate to ESF’s Baltic feeder services between Continental Europe and Russia.
ESF moved 130,000 TEUs in 2006 on its three services:
* Rotterdam, Hamburg, Antwerp and St.Petersburg.
* Hamburg, Kotka and Helsinki.
* Hamburg, Klaipeda and Riga.
“The establishment of FESCO ESF Ltd. is yet another step in the implementation of the group’s strategy to create a national leader in container operations, able to offer a full spectrum of integrated services,” said Evgeny Ambrosov, FESCO’s president and chief executive officer.