The history of the soviet innovation of purchase foreign vessels and the prospect of using bareboat charter as way for replenishing the fleet in current circumstances

Abstract

The anniversary date, 50 years since the beginning of the grandiose project on chartering foreign vessels with the right to buy them, which became the history of the formation of the shipping company «Sovcomflot», gives an additional reason to consider its details. The analysis of the successful experience of off-budget replenishment of the merchant fleet implemented in the Soviet period is given. It will allow us to come to the conclusion that the financial schemes developed and applied at that time to attract foreign capital through shipping companies specially created in a foreign jurisdiction, acquiring a fleet using tax and other benefits provided for by national legislation for subsequent bareboat charter and compensating for all the expenses by income from transportation of Russian foreign trade cargoes, are fully relevant today to replenish the fleet of domestic shipping companies. Also, the advantages of acquiring a merchant fleet using leasing in combination with bareboat charter already considered in the article in modern conditions have shown that this is the optimal mechanism for both preferential leasing and commercial financing schemes. The disadvantage of bareboat charter, which limits its use in modern conditions, is associated with its narrow specialization, both legal and commercial. As appropriate as possible to the traditions and peculiarities of world commercial shipping, it meets the interests of shipping companies, but is little understood by financial institutions. In this regard, it is of particular importance to develop or adapt the available methodological support for assessing the key indicators of the financial scheme for chartering a vessel without a crew (bareboat charter) on the terms of a financial lease (leasing).