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2016 November December Marina World

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MARKET FOCUS: RUSSIA get from Istanbul to Rostov-on-Don, it is necessary to cross the Black Sea. It is not possible for a yacht to take the direct sea route as it has insufficient fuel for such a distance. The yacht therefore has to repeatedly enter ports along the coast to refuel and at each port foreigners have to enter and leave the country, filling in specific sets of documents. Our neighbours in Ukraine abandoned such a complex system a long time ago and this led to intensive growth of the Ukraine marina industry,” he added. However, since 2014 implementation of the entire project seems to have stopped, although local officials assure everyone that it is not fully abandoned. Market participants indicate that, after the annexation of the Crimea, the peninsula and southern coast of Krasnodar Krai is playing a zero-sum game with government investments. As a result, one of the main reasons why implementation of the project for construction of marinas in Sochi and nearby towns still slips is that the Crimean Government previously declared its intention to undertake the same initiative with a much higher overall investment sum of US3 million. “The project involves the construction of four marinas, including one at Lake Donuzla in Yevpatoriya for US million for 500 berths and relevant infrastructure [it should be the largest in the country]; in Lenevka Villaga north of Yevpatoriya for US million and 142 berths; in Sudak for US million for 148 berths; and another one in Kerch with an investment of US million and 200 berths. In the latter, however, we are talking mostly about modernisation as a marina is already operating,” explained Sergei Kovelenko, spokesman for the Infrastructure Department at the Crimea Government. “Direct investment from private companies is mostly welcome for the implementation of each project, but we are able to consider public and private partnership with the construction of relevant hydraulic structures. According to estimates from the Economy Development Ministry, the payback period for each project is seven years and we expect that commissioning of these marinas should give strong impetus to the development of yachting in our region,” he added. At the same time, the Crimean and Krasnodar Krai projects - initially announced in 2014 – have lacked progress over the past one and half years. According to market participants, the development of the marina business in the Crimea is potentially interesting, but most investors refrain from bringing their money to the peninsula so as not to be subject to international sanctions. Special bodies in Ukraine are making lists of Russian and foreign companies operating in the Crimea and giving these lists to European Union authorities. This means that even the largest state owned companies, like Rosatom Corporation, are barred from any projects in the peninsula. Given this and the never ending systemic problems, it is actually hard to believe that any of the publicised projects could really get off the ground within coming years. - November/December 2016 23

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