• 2019 October 1 11:15

    Auditors confirm compliance of USPA’s preliminary financial statements for 2018 with IFRS

    The “Ukrainian Sea Ports Authority” SE (USPA) is one of the first state enterprises to have finalized the transition to International Financial Reporting Standards (IFRS). On September 27th, 2019, Baker Tilly Ukraine LLC, which is an independent member of the Baker Tilly international network, has completed its audit and prepared an independent auditor report on the USPA’s preliminary financial statements for 2018, USPA says in a press release.

    “The switch to international financial reporting standards is a necessary step for the enterprises the development strategies of which provide for maximum transparency and fruitful cooperation with foreign investors and financial institutions. We have been repeatedly discussing this issue with the USPA Supervisory Board members and will provide them with the audit report. In addition, the transition to international standards is a mandatory requirement of the current legislation within the framework of bringing it into line with the EU directives. I am very much pleased that USPA has become one of the first state enterprises of public interest which managed to switch to international reporting standards,” — Mykola Poltoratsky, Deputy CEO for Economics at USPA said.

    He also added that the transition to IFRS makes USPA more open and understandable to global businesses which used to operate under international standards. Accordingly, the opportunities of the state enterprise to attract financing for the implementation of large investment projects will be greatly expanded.

    A number of milestones have been included in the road map for the USPA transition to IFRS. First, the differences between the National Accounting Regulations (Standards) and IFRS were detected. Second, the USPA accounting policy was developed. The revaluation of property, plant and equipment made it possible to generate IFRS-based financial statements at fair value as for the date of transition to IFRS. Transformation of the data as for the comparative (preliminary) period in order to prepare the first financial statements under international standards was accompanied by the training of the USPA staff with the involvement of the PwC practitioners, which is listed among the four leading audit companies worldwide.

    The final step in the integrated IFRS transition project was the audit of the USPA’s preliminary financial statements for 2018 prepared under IFRS. According to the conclusion of the audit company Baker Tilly Ukraine LLC, the preliminary financial statements of USPA for 2018 as for all material respects have been prepared in compliance with IFRS.

    USPA recently announced in the ProZorro electronic procurement system a tender to select a company to perform an independent audit of its financial statements for 2019–2021. As the Head of USPA Raivis Veckagans said earlier, the transparency of the annual financial statements with the respective independent auditor opinion is required by the current legislation and constitutes another step towards further corporatization of USPA.

2021 August 3

18:17 Iridium Connected® Viettel S-Tracking Vessel Monitoring System wins Top 10 Sao Khuê Award
17:59 Lead passenger ship Meteor 120R of new generation launched in the Nizhny Novgorod Region
17:25 A subsidiary of KCC has signed a new Contract of Affreightment for its CLEANBU fleet with a major international charterer in the tanker market
16:47 Petersburg Oil Terminal obtains permit for construction of its new handling facility
16:24 Nigerian Chamber of Shipping becomes full ICS member
15:22 Vard delivers “Le Commandant Charcot” to Ponant
15:00 Bunker sales at Vladivostok port in 7M’2021 fell by 30% YoY
14:41 Construction of new facilities to commence at Onezhsky Shipyard in autumn 2021 года
14:23 CMA CGM announces PSS for cargo bound for East Russia
13:42 The Panama Canal resumes seasonal measures to protect migrating marine life
13:12 CMA CGM announces THC for Novorossiysk, Russia import/export
12:57 ABP’s Ports of Ipswich and Ayr enable wheat cargo to be shipped more sustainably
12:22 Wärtsilä to provide efficient service support for Brazilian river tugs despite challenging operating conditions
11:59 MOL to build series of 4 LNG-fueled car carriers
11:58 FESCO starts seasonal delivery of cargo from ports of China and the United States to Chukotka
11:36 Finnlines announces adjustment of bunker surcharge in its own container traffic
10:54 Baltiysky Zavod shipyard casts third one-piece propeller for Project MR-50 product tankers
10:30 Tallink Grupp published its statistics for July 2021
10:09 Maersk raises full-year guidance
09:57 Oil prices decrease amid coronavirus related restrictions
09:41 Baltic Dry Index as of August 2
09:23 Yaroslavsky Shipyard launches non-self-propelled dredging ship of Project RDB 66.42М
09:08 Japan’s Ministry of Internal Affairs and Communications gives the green light to Iridium services
08:58 MABUX: Global bunker prices may drop on Aug 03 following sharp decline on crude market yesterday
08:09 The largest water-rail intermodal terminal of the Yangtze River starts operations

2021 August 2

19:09 Seven dredging ships deployed for operation on Sea Canal in the Gulf of Ob
18:35 LR unveils key appointment for its Maritime Performance Services business
17:54 CMA CGM announces PSS for cargo from the Middle East Gulf to North Europe, Scandinavia, Poland, Baltic, West Med & Adriatic, East Med, Black Sea, North Africa & Morocco
17:46 LUKOIL announces new oil finding in Sayulita prospecting area of Block 10 offshore Mexico
17:30 CMA CGM has announced PSS for cargo from India to North Europe & the Mediterranean
17:28 CMA CGM announces PSS for cargo from North Europe, UK, Scandinavia, Poland & North Spain to Colombia Atlantic & Dominican Republic
17:27 Large hydrographic survey vessel of Project 23370G, Grigory Shadrin, launched in Murmansk
17:23 CMA CGM to launch a new Express Shuttle service linking East Asia to Russian Far East
17:05 Sri Lanka Ports Authority successfully reworks leaked chemical container on board
16:54 Rhenus Group plans to acquire the Polish freight forwarding and logistics company C. Hartwig
16:30 Sea Port of Saint-Petersburg enhanced its environmental safety
16:03 Maersk’s digital logistics platform Twill increases its presence in Gdansk
15:38 Maersk launches new system notification for containers at BCT Gdynia port
15:14 FESCO dispatches its first full-length train with Korean cargo as part of the new Asia-Europe service
14:49 Diana Shipping announces signing of a supplemental agreement with Nordea Bank
14:38 Average spot market price for Russian M100 product rose to RUB 25,045 pmt
13:59 Tallink Grupp to increase share capital and to conduct public offering of new shares
13:13 Seventh ship of Project RSD59, Valentin Smyslov, put into operation
12:30 Russian Railways' network loading climbed by 4.5% in 7M’2021
12:05 Tuapse Sea Commercial Port increased its half-year throughput by 11.8%
10:52 Baltic Workboats delivers Patrol 22 WP model to Belgian Police
10:26 Aker Arctic representative to report on development of icebreakers effectivity at IAA PortNews’ conference on NEVA Exhibition zero day
10:04 Austal Australia delivers 12th Guardian Class Patrol Boat
09:58 Operations poised to begin at “Mitsubishi Heavy Industries Maritime Systems”
09:31 Oil prices decrease amid coronavirus concerns
09:14 Baltic Dry Index as of July 30
08:49 MABUX: Global bunker prices may rise slightly on Aug 02

2021 August 1

14:43 Siem Offshore secures contract from Seaway 7
13:22 NYK issues first transition bonds in Japan
12:37 Minerva Bunkering Partners with rise-x.io adding end to end workflow to the Advanced Delivery Platform (ADP)
11:04 Silversea Cruises officially names newest ship, Silver Moon, in Athens

2021 July 31

13:08 Ammpower Corp signs MOU to provide green ammonia energy solutions to Porto Central in Brazil
11:47 Tiel-Waardenburg dyke reinforcement awarded to Van Oord, Dura Vermeer and Ploegam
11:12 Holland America Line takes delivery of new cruise ship at Fincantieri's Marghera shipyard
10:56 IMI and CSM sign agreement for cooperation in various business areas