Economic Aspects of Modernization of Vessels Operating on the Northern Sea Route

Abstract

Aim. The presented study aims to develop methodological tools for assessing the economic aspects of the modernization of vessels operating on the Northern Sea Route.Tasks. The authors address the problem of economic justification for the modernization and improvement of efficiency of mixed river-sea cargo transport vessels operating on the Northern Sea Route; develop an algorithm and methodology for assessing the economic aspects of the modernization of vessels operating on the Northern Sea Route; determine the economic effect of upgrading the register class of modernized river vessels. Methods. This study proposes an algorithm for the economic assessment of the modernization of river and sea vessels, which includes the constructed mathematical models for upgrading the class of the vessel and forecasting net income.Results. The authors assess the economic viability of upgrading the register class of modernized vessels of the Omskiy and Sibirskiy type, which could become more competitive in the future and continue to operate on the Northern Sea Route with high economic efficiency, ensuring the supply of goods to northern Russian territories; form the financial profile of investment projects for the modernization of the considered types of vessels.Conclusions. Modernizing and upgrading the register class of river vessels and mixed river-sea vessels is a promising direction for adding modern cargo ships to the Russian fleet operating on the Northern Sea Route, particularly in the context of deliveries of goods to northern Russian territories. The performed economic assessment of the modernization of a Sibirskiy-type vessel according to the developed algorithm confirms the economic viability of modernizing mixed river-sea vessels.