Motor ships of FESCO Transportation Group (“FESCO”, the “Group”) FESCO Magadan and FESCO Moneron continue their operation within the framework of marine coastal service FESCO Magadan Line connecting Vladivostok and port Vostochny with Magadan.
FESCO Magadan loaded with containers and general cargo is currently en route to port Magadan. Estimated date of arrival is February 28. In its turn, FESCO Moneron is moving in the opposite direction, heading from Magadan to port Vostochny. Estimated date of arrival is February 25.
Motor ships FESCO Magadan and FESCO Moneron appeared on the sanctions list of Treasury Department of the US solely due to the status of their lessor – PSB Leasing LLC. Accordingly, US sanctions have nothing to do with activities of the Group.
FESCO has already started procedures of withdrawal of vessels from leasing and termination of relations with PSB Leasing LLC with the purpose of further exclusion of motor ships from the sanctions list.