PRISCO is going down

April 13, 2013 at 07:16 by Mikhail Voytenko in Container Shipping

Not only FESCO found itself in rough waters, another major shipowner in Russian Far East is sinking, too.
read http://www.news.odin.tc/index.php?page=view/article/303/FESCO-doomed-to-extinction

One of the biggest Russian tanker shipowners, PRISCO, is losing its’ fleet and business, according to the information from the inside sources. The fleet is now down to 10 vessels, from twenty plus some 4 years ago.
Company yielded its’ position of one of the main carriers of Sakhalin crude oil, to Sovcomflot. Company’s vessels don’t call their home port Nakhodka (old oil terminal, which in fact, gave birth to PRISCO in Soviet times, and new one, Kozmino) for years, working elsewhere except their native grounds.
Wages are going down, and with wages goes the staff, many officers who’d been working for 20-30 and more years, can’t stand it anymore, resign and sign in with other companies. A friend of mine was among them, he resigned in 2011 after PRISCO sold several brand new aframaxes to Sovcomflot together with crews. He refused to go to SCF, and found another employer.

Partially, or mainly, SCF is to blame for PRISCO woes, as SCF is fiercely elbowing out the competitors from the market of Russian crude sea transportation. SCF is too powerful player in Russian oil market to compete with.

I’ve been working in PRISCO for quite a time, as an AS and then as a deck officer, the fate of PRISCO has for me, a personal touch.

Voytenko Mikhail

  PRISCO is going down

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