STLC sued €220 million in London for ferries seized by Norwegian customer

STLC ordered the construction of four ferries for the Norwegians at the Turkish shipyard Tersan Shipyard in 2019. After the EU sanctions , the Norwegians refused to pay for the delivered vessels, but the London COURT sided with the GTLK, Dietrich explained Ferry Havila Castor

The State Transport Leasing Company (GTLK) has recovered compensation of €220 million from the Norwegian shipping company Havila Kystruten, for which the foreign subsidiaries of the Russian corporation built four cruise ferry ships at the Turkish shipyard Tersan, Evgeny Ditrikh, CEO of STLC, said in an interview with Vedomosti .

He explained that when STLC and its subsidiaries were included in the sanctions lists, Havila stated that it would not give up the first ferry, which had already been built, and would not pay for it, and the second one, which was under construction, “they just took away, promising the Turks to make the final payment." Dietrich noted that the shipyard never received money for its work, and the scheme was the same for the two remaining ferries.

“[The High Court of London] sided with GTLK Europe and ordered Havila to pay €220 million for the ferries. We expect that this money will go to the accounts of GTLK's foreign structures in the coming months. This is an illustrative case when even foreign courts do not support such behavior of former partners,” said the HEAD of the corporation.

STLC in 2019 ordered the construction of four ferries for Norwegians - Capella, Castor, Polaris, Pollux - at the Turkish shipyard Tersan Shipyard, located near Istanbul. The length of each vessel is 124 m, width is 22 m, draft is 5.2 m, the ferry can take on board more than 600 passengers. All four vessels are equipped with LPG hybrid engines and batteries. In the future, hydrogen fuel can be used on ships.

Hong Kong's GTLK Asia (a subsidiary of STLC) invested €171 million in the construction of two of them. The construction of two more ships was financed by another company of the group, the Irish GTLK Europe DAC.

STLC (100% of the shares at the disposal of the Ministry of Transport) has been leading the history since 2001 and ranks first in the segments of aviation (305 aircraft at the end of 2021), railway (101.6 thousand units of rolling stock) and water transport (201 ships) in terms of volume leasing portfolio (1.4 trillion rubles).

The corporation and its subsidiaries have been under European and British sanctions since April last year, and since August they have also been under American ones. This resulted in the termination of payments on Eurobonds issued by GTLK Europe Capital Dac, guaranteed by GTLK Europe and STLC.

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Due to sanctions, the company in 2022 received a record net loss of 55.8 billion rubles. against 0.99 billion rubles. net profit in 2021. Thus, due to Western restrictions, the activities of the international leasing platform GTLK Global, which accounted for up to a third of the group's total revenue and assets of about $4.6 billion (over 377 billion rubles), were stopped, the press service of GTLK reported. According to the company, a RUB20bn depreciation of GTLK Global assets, a RUB26.5bn extraordinary provisioning and a strong impact from the result of operations denominated in foreign currencies (RUB14.5bn) were the main contributors to the negative financial result. .