Ferrexpo suspends Black Sea exports due to Russian attacks. This is stated in a company statement published on the London Stock Exchange, reports UNN.
Ferrexpo plc provides the following updated information regarding recent events in which, unfortunately, a crew member of a vessel carrying the group's products died. The incident has also affected the Group's logistics operations and, consequently, the group's current liquidity. The Group expresses its deepest condolences to the family of the crew member who died as a result of an unprovoked attack on a civilian vessel
It is reported that after the group optimized its product range towards sales, the company produces "DR-grade pellets" and exports the product to meet customer demand in the Middle East region.
The company regrets to inform that a vessel loaded with its FDP inventory, while sailing in Ukrainian waters of the Black Sea, was struck and damaged by Russian drones. As it became known, the vessel currently remains afloat, but the condition of the cargo and the structural integrity of the vessel remain unknown. The crew was evacuated from the vessel, however, unfortunately, one crew member died. The company understands that efforts are currently being made for a possible salvage of the vessel, but such an operation remains difficult under current conditions
It is noted that the company currently has approximately 189,000 tonnes of pellets intended for shipment (including 55,000 tonnes of FDP loaded on the affected vessel and approximately 90,000 tonnes of FDP in warehouses). The cost of production and delivery of these inventories is approximately USD 20 million.
Due to ongoing drone and missile attacks in the port and its vicinity, as well as on loaded vessels departing from Ukrainian ports, the group does not expect to be able to load additional vessels via this export route in the near future, given that shipowners have previously notified the cancellation of their vessel charter contracts
Update
The Ferrexpo Group owns in Ukraine the Poltava and Yeristovo mining and processing plants (GOKs), which extract iron ore and process it into iron ore pellets.
This raw material is used for steel smelting using coke-free production technology, which has a lower environmental impact. Since 2007, the company's shares have been traded on the London Stock Exchange. The largest shareholder of Ferrexpo is Kostyantyn Zhevago.
In June, the SAP sent an indictment to the court against the owner of the "Finance and Credit" group, Kostyantyn Zhevago. He is accused of providing undue benefits to the former chairman and judges of the Supreme Court.
Also in May, the National Agency for Asset Recovery and Management continues work on assessing seized assets and selecting managers. In particular, ARMA announced a competition for the management of real estate owned by sanctioned oligarch Kostyantyn Zhevago.
In March, in Paris, in execution of a request for international legal assistance, a notice of suspicion was served to former people's deputy and owner of the "Finance and Credit" bank, Kostyantyn Zhevago.
Recall
The Russian Federation again attacked the Odesa region; in the Black Sea waters, a civilian vessel flying the flag of Liberia was struck.