Over a hundred cargo ships are reportedly set to be constructed in the next three years
The Russian government is planning to have about 150 cargo ships built by 2027 as part of a preferential leasing project, Deputy Prime Minister Denis Manturov has revealed.
“Another area that has been given particular attention under the sanctions regime is cargo ships for various purposes and deadweight,” Manturov told the Federation Council on Wednesday.
Those will include tankers, grain carriers, container ships, barges, tugboats and dry cargo ships, including icebreaking Arctic class ships, according to the official.
“This will contribute to the reorientation of export flows through the waters of the Azov, Black, Baltic, White and Caspian Seas,” he noted.
Manturov, who also heads up the Ministry of Industry and Trade, said that the Russian National Wealth Fund will help with the construction of 260 new vessels.
“This program will ensure the further development of the passenger fleet. More than 70 modern, comfortable hydrofoils, electric river buses and cruise catamarans are planned for construction,” he added.
READ MORE: Freight traffic growing in Russia’s Arctic – official
The Ministry of Industry and Trade expects a total of 985 vessels to be built in Russia by 2035. In the long-term, it aims to construct 60 large-tonnage vessels and 93 medium-tonnage ships.
For more stories on economy & finance visit RT's business section
