OREANDA-NEWS. December 22, 2010.  The Board of Directors of JSC Murmansk Shipping Company (MSC) at a regular meeting held in Moscow has discussed the budget of the company and its subsidiaries for 2011, the shipping company press service said. Operational revenues of the Group are planned at over 2bn rubles, up 20% from the previous year’s digits.

The Northern Sea and the Northern River Shipping companies plan for the next year plan revenue gain due to traffic growth and selling of non-core assets. This will help begin the fleet modernization programs in 2011.

MSC’s Board highlighted the program of LLC Kovdorslyuda - in 2011 the company plans to boost sales by threefold through the introduction of new equipment for processing ore.

Overall, in 2011, according to the Company’s Board, should become the starting year for a new round of MSC development through optimization of the structure of the fleet and entering new shipping markets.

Net loss of Murmansk Shipping Company (RAS) for the first 9 months of 2010 amounted to 336,488,000 rubles against a profit of 280,228,000 a year earlier. Revenues in January-September 2010 increased by 7.2% to 4,309,339,000 rubles.

JSC Murmansk Shipping Company is a highly integrated corporate structure, which includes the fleet of three Russian shipping companies: JSC Murmansk Shipping Company, JSC Northern Shipping Company and JSC Northern River Shipping Company with a total deadweight of about 1.2 million tons. Russian Government owns 25% of the Group’s authorized capital.