Shipping Company Secures Loan For 7 Ships

Ukraine's largest shipping company Ukrrichflot will reportedly get a $17.12 million loan from the European Bank for Reconstruction and Development to build seven new ships. The EBRD said on its website (www.ebrd.com) the total value of a project aiming to support modernization of the Ukrrichflot fleet and facilitate Ukrainian exports and regional trade was some $45.60 million. The seven ships are planned to be built by 2004. Ukrrichflot owns 200 ships whose average age is about 15 years.