Russian billionaire Vladimir Lisin sells Sea of Azov shipping company | News. az
Russian steel billionaire Vladimir Lisin has sold Volga Shipping, a company operating cargo vessels in the strategically important Sea of Azov, to agricultural logistics group Demetra, according to four. . .
Russian steel billionaire Vladimir Lisin has sold Volga Shipping, a company operating cargo vessels in the strategically important Sea of Azov, to agricultural logistics group Demetra, according to four industry sources familiar with the transaction. The sources told Reuters that negotiations for the deal were completed before recent Ukrainian drone attacks on commercial vessels prompted Russia to impose restrictions on shipping in the Sea of Azov,News. Azreports, citingReuters. Neither Demetra, Volga Shipping nor Lisin's steel company NLMK responded to Reuters' requests for comment. Reuters was also unable to determine the financial value of the transaction. RECOMMENDED STORIESUkrainian drone strikes Russian tanker in Sea of AzovRussia halts Don-Azov shipping after Ukraine attacks, hitting grain tradeInside Ukraine's largest-ever drone assault on Russian tankersUkraine claims strike on 8 Russian fuel tankers bound for Crimea -VIDEOVolgaShipping transports more than 15 million metric tons of cargo annually, including grain, steel and coal, using small bulk carriers that operate along the Volga and Don rivers before entering the Sea of Azov and the Black Sea. The ownership change comes as Russia, the world's largest wheat exporter, faces mounting challenges to maritime trade after repeated drone attacks on commercial vessels raised security concerns and disrupted shipping along one of the country's key export routes. Lisin, who controls steelmaker NLMK, has seen his ranking among Russia's wealthiest individuals fall from third place in 2024 to sixth, reflecting the broader downturn in Russia's steel industry. The acquisition further strengthens Demetra's position in Russia's agricultural logistics sector. The company plays a major role in handling grain exports destined for customers across the Middle East, Africa and Asia. Russian corporate records from the second quarter of 2024 showed that 91% of Volga Shipping was owned by Rumelko, a company controlled by Lisin. Demetra's current ownership structure has not been publicly disclosed. State-owned lender VTB sold its 45% stake in Demetra in 2023 after consolidating several agricultural assets under the company. Later that year, Demetra announced that a company whose ultimate beneficiary is Oman's state investment fund would become a shareholder, although it did not identify the investor. The reported sale highlights the growing importance of agricultural logistics in Russia as exporters seek to maintain grain shipments despite increasing security risks in the Sea of Azov and Black Sea regions. News. AzBy Aysel Mammadzada