‘Nibulon is ready to build warships for the Ukrainian Navy as soon as the state gives the go-ahead - CEO
The company will not file for bankruptcy despite losses from Russian attacks and the murder of its founder Oleksiy Vadatursky
Ukraine's largest agricultural, maritime logistics and shipbuilding company is transforming itself a year after its founder Oleksiy Vadatursky was killed by a Russian missile – investigators say it was a premeditated murder.
According to Kyiv Post, Nibulon's new CEO Andriy Vadatursky said that the company is ready to produce naval vessels, in addition to civilian cargo ships, as soon as the government gives the go-ahead.
He believes that Ukraine should have its own modern fleet to protect its ports and defend its economic share in the Black Sea.
‘You can calculate how much Ukraine has lost due to the blockade of seaports. And wouldn't it be better to spend a tenth of that on building a fleet that could protect the ports from this,’ Vadatursky added.
Mykolaiv-based Nibulon, founded in 1991, has the experience – its subsidiary Nibulon Shipbuilding and Repair Plant can produce up to ten ships a year.
The ships were built to meet the company's own transport needs: ‘Nibulon exported 60% of its cargo by river before Russia's full-scale invasion of Ukraine in February 2022 and built river freight transport in the country from scratch.
‘Nibulon continues to manufacture and repair its fleet, but this is only one of its activities. Its founder, Oleksiy Vadatursky, was 24th in the list of the richest Ukrainians with a net worth of $430 million according to Forbes Ukraine.
The cost of losses from Russian attacks is not far from this figure, according to the Kyiv Post.
The company estimates Nibulon's direct losses at $416 million and 20,000 hectares of farmland occupied by Russian troops out of the total 75,908 hectares owned by the company.
Oleksiy Vadatursky was killed by a Russian S-300 missile in Mykolaiv in July 2022. Advisor to the head of the Presidential Office Mykhailo Podolyak said that the missile hit the exact spot – the bedroom where Vadatursky and his wife were sleeping.
This led the investigation to the conclusion that the attack was deliberate and aimed at killing the well-known Ukrainian businessman.
Background. Nibulon annually produces 320,000 tonnes of grains and oilseeds and exports most of its products, ranking second among Ukraine's largest exporters. The company has been a member of the UN World Food Programme (WFP) since 2008. Its revenue in 2021 was estimated at $1.5 billion with a loan portfolio of about $570 million, Forbes Ukraine reported.
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