International Auditor Company “Moore Stephens CIS” gave the conclusion of FESCO activity in 2003. For the first time during the last years Far Eastern Shipping Company reached good index of profit more than 400 mln. roubles.
Independent experts assess FESCO present position as stable and dynamically developing. This dynamic development of FESCO is defined by a number of factors. First, we can note the total increase of freight rates at the ocean shipping market. Second, the actions of company's management have played an essential role, namely: establishment of the hard checking system and budgeting of all expenses; the considerable reduction of lay time and obliged demurrage of vessels; optimisation of purchasing and fuel flow systems, constituent parts and other expandable materials.
In 2003 liner business was restructured. Particularly rates of cargo shipping in containers were revised, agreements were concluded with a number of liner carriers about joint use of capacity and determination of tariff policy.
The technical conditions of the fleet have also been improved. As a result of such technical measures, the possibility of carrying out fumigation on a number of vessels during the voyage appeared which allowed FESCO to raise freight rates of tramp fleet vessels.
Staff changes and a new structure of management permitted to attract qualified managers, avoid duplication of functions and get to the optimal number of workers and managers in accordance with standard of the international sea business.
In 2004 FESCO Board of Directors accepted Strategic Plan of the company development till 2009. This Plan provides the intensive program of the fleet renovation and container equipment, extension of the freight activity zone, improvement of quality service and implementation of modern technologies.

All of this will allow the Far Eastern Shipping Company keep the leading position on the market of the sea freight service in the future years.