News / Putin nationalises box line Fesco and eyes NSR development

Photo 54377352 © Vladimir Serebryanskiy | Dreamstime.com

Russian container shipping line Fesco has been nationalised – Russian president Vladimir Putin signed a decree on Friday, transferring ownership to state nuclear power entity Rosatom.

Rosatom CEO Alexey Likhachev said the move would help Russia develop shipping along the Northern Sea Route (NSR).

On Russian TV station Rossiya 1, he said: “Our objective is to reorient a significant portion of existing global marine shipping between the growing economy of Asia, South-east Asia and the, perhaps conservative but fairly large, market of ...