Finnish owner ESL Shipping is shifting bulkers into other trades as it halts Russian operations.
Managing director Mikki Koskinen told TradeWinds that “most” of the company’s business operations in Russia will be discontinued in the coming days due to sanctions.
The aim is to transfer the freed-up capacity to other traffic areas, the shipowner’s parent, Aspo, said on Friday.
ESL has also suspended start-up measures for its Russian subsidiary, which has an office in St Petersburg.
Koskinen did not give further details of these changes, but said: “Our earlier plan was to strengthen our position in that [Russian] market.”