Russian tycoon Vladimir Lisin's UCL Holding is consolidating its tanker operations under the ownership of group company Volga Shipping (Volga-Flot).
Shareholders have approved a move to merge VF Tanker, Volgo-Balt Tanker and VF Tanker Invest into Volga-Flot, PortNews reported.
The aim is to build up and diversify the company’s business.
Volga Shipping has more than 66 vessels - largely MPPs and general cargoships, plus a tanker, 50 tugs and barges.
