Nibulon is ready to build Ukrainian warships without filing for bankruptcy

Nibulon’s new CEO Andriy Vadaturskyy said the company is ready to produce warships, in addition to civilian cargo ships, as soon as the government gives it the green light.

He believes that Ukraine should have its own modern fleet to protect its ports and economic interests in the Black Sea.

“It is possible to calculate how much Ukraine has lost due to the blockade of seaports. And wouldn’t it be better to spend a tenth of it on building a fleet capable of protecting ports from such things,” Vadaturskyy added.

Nibulon, a Mykolaiv-based company founded in 1991, has the necessary expertise: its sister company Nibulon Shipbuilding and Ship Repair Yard can produce up to ten ships per 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 the country’s river freight transport from scratch.

Nibulon continues to produce and repair its fleet, but this is only one of the company’s areas of activity. Its founder, Oleksii Vadaturskyy, is ranked 24th in the list of the richest Ukrainians with a fortune of $430 million, according to Forbes Ukraine.

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The cost of damage caused by Russian attacks is not far from this figure.

The direct damage caused by Nibulon is estimated by the company at $416 million and 20,000 hectares of agricultural land occupied by Russian forces out of the total 75,908 hectares owned by the company.

The company produces 320,000 tons of grain and oilseeds per year and exports most of its production, making it the second largest Ukrainian exporter. The company has been participating in the United Nations World Food Programme (WFP) since 2008.

Its revenue in 2021 was estimated at $1.5 billion with a loan portfolio of about $570 million, according to Forbes Ukraine.

Oleksii Vadaturskyy was killed by a Russian C-300 missile in Mykolaiv in July 2022. Chief adviser to the President’s Office Mykhailo Podolyak reported that the missile hit the exact spot – the bedroom where Vadaturskyy and his wife were sleeping.

The investigation concluded that the attack was deliberate and aimed at assassinating the famous Ukrainian entrepreneur.