United Shipbuilding Corporation USC

The United Shipbuilding Corporation is 80% of all shipbuilding projects in Russia. USC brings together the best shipbuilding, ship repair enterprises and design bureaus.

USC's strategic line is aimed at developing industry niches with high profitability.

In civil shipbuilding - drilling and production platforms, offshore equipment, specialized ice-class vessels for the development of the Arctic, vessels for work on inland waterways.

In military shipbuilding - meeting the needs of the Russian Navy, design and construction of the fleet of the XXI century. A significant share of USC military products are exported.

USC is an open joint stock company with 100 percent state capital. Depending on the scale and significance of the order for the country's economy, the state is ready to consider the possibility of co-financing contracts and credit rates.

Performance indicators

2023: Revenue growth up to 400 billion rubles

The revenue of the United Shipbuilding Corporation (USC) in 2023 increased to 400 billion rubles from 350 billion rubles in 2022. Its general director Andrei Puchkov spoke about the tangible increase in the holding's turnover at a meeting of the Federation Council Committee on Economic Policy on January 23, 2024.

As Kommersant writes with reference to Puchkov's data, in 2023, civilian products took 17% of USC sales. USC plans to submit a more detailed report on the company's financial results after the completion of the financial audit in the first quarter of 2024, the newspaper notes.

Revenue of the United Shipbuilding Corporation (USC) in 2023 increased to 400 billion rubles

According to the general director of USC, in the period from 2024 to 2035, the Russian fleet will need almost 2.3 thousand new ships. He also said that the consolidated order plan for the named period is 780 vessels. In 2023, USC transferred 25 to civilian customers. That was a record high. For 2024, the corporation plans to increase the number of such ships to 36.

According to USC estimates, the need of Russian shipowners for new civil ships in the period until 2035 is 589 units, the cost of their construction is 1.36 trillion rubles. At the same time, compared to an earlier assessment of the Ministry of Industry and Trade, plans have decreased. In April 2023, Boris Kabakov, at that time the director of the department of the shipbuilding industry and marine equipment of the ministry, claimed that in accordance with the plan, 985 ships were supposed to be built in the same period, and even before that it was about 1101 units.

USC offers the following volumes of construction: 161 bulk carriers, 103 passenger vessels, 55 container ships, 42 crab ships, 40 tankers, 30 trawlers and rescue vessels each, 27 dredgers, 22 research vessels, 20 barges, 10 seiners and 5 icebreakers. It is proposed to build less than 10 units of other types of ships

In monetary terms, most of the funds will be spent on bulk carriers (329.3 billion rubles), emergency rescue (287.6 billion rubles) and research vessels (155.5 billion rubles). Icebreakers will cost another 143 billion rubles.^[1]

History

2023: Andrey Puchkov - the new CEO of USC

On August 23, 2023, it was announced the appointment of Andrei Puchkov as the new general director of the United Shipbuilding Corporation (USC). Prior to that, he served as First Deputy Chairman of the Management Board of VTB. Read more here.

2022: Rostec transferred a Feodosia shipyard worth 0.5 billion rubles to USC

Rostec donated 100% of the shares of the Feodosia shipyard More to the ownership of the United Shipbuilding Corporation (USC). The corresponding agreement was concluded on March 14, 2022, the market value of the transferred shares is estimated at 432 million rubles. Read more here.

2021: Foreign suppliers refuse to service supplied equipment

In March 2021, it became known that USC began to face systemic refusals of foreign companies from servicing already supplied equipment. "If earlier this happened once a year, now we are almost every month faced with the refusal of foreign companies to come for commissioning, or to service already supplied equipment, or to supply spare parts," said the head of USC Alexei Rakhmanov.

2019: No. 25 on the list of the largest arms manufacturers in the world

The United Shipbuilding Corporation in 2019 lost 4% of its revenue and dropped to the last place in the top 25 in the world with arms sales of $4.5 billion.

2014: 15th on the list of the largest arms manufacturers in the world

At the end of 2014, the company took 15th place in the list of 100 leading world arms manufacturers prepared by the Stockholm Institute for Peace Research (SIPRI). Arms sales of the enterprise in 2014 amounted to $5,980 million ^[2]

Notes