Shipyards in Russia have collectively incurred losses amounting to RUB42 billion (US$560 million) from the construction of new fishing vessels, the head of the country’s Federal Agency for Fishery (Rosrybolovstvo) recently told local news outlet RBC.

Rosrybolovstvo head Ilya Shestakov said the losses were incurred despite an orderbook totalling 105 vessels to help fulfill investment quotas.

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