OREANDA-NEWS. On 31 July 2009 was announced, that Novorossiysk Commercial Sea Port (LSE: NCSP, RTS and MICEX: NMTP) is purchasing new marine tugboats to renew its tugboat fleet and expand tug and towing operations.

Commenting on the event, Chairman of the Board of NCSP Alexander Ponomarenko said: "The financial crisis not only poses new challenges, but offers new opportunities as well. Today NCSP Group has an opportunity to buy newly built modern tugboats at a beneficial price, which allows us to expand existing tugboat fleet in a very short time and will boost the development of the Group’s tug and towing business".

Contracts have been sighed to purchase four new marine tugboats which are already built or near completion. The investments amounting to EUR 25 million will be financed from the Group’s own funds.

The first tugboat priced at about EUR 6 million will be supplied in the nearest future, other tugboats are expected to arrive in 2009-2010.

The tugboats will be owned by the specially created new company -- Longbranch Shipping Enterprises Ltd. registered in Cyprus – which has been set up as a subsidiary of PJSC Fleet of NCSP, where the latter holds 80% interest. The other 20% of the new company are owned by partners of the Group who have extensive experience in tug and towing business in ports of Eastern Europe.