Abstract
The article considers the current state of the merchant and fishing fleet of the Russian Federation carrying out domestic cargo transportation and fishery operations in the Eastern sector of the Arctic and the adjacent seas of the Far East. Taking into account the high degree of physical and moral wear of the greater part of vessels under Russian flag as well as the necessity to accomplish the goals set by Maritime Strategy of Russia, a mechanism for radical fleet modernization has been proposed. The leasing of merchant and fishing vessels from the Republic of Korea and the introduction of cooperative arrangements between shipbuilding enterprises of the two countries represent two possible options for this modernization program. Regional authorities in the Far East of Russia may act as the guarantees for the foreign investments utilizing recent changes in domestic legislation.
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