. Last Updated: 07/27/2016

Black Sea Reduces Debt

KIEV () -- Ukraine's state-owned Black Sea Shipping Company has reduced its debts by $60 million and freed about 25 ships impounded for unpaid bills, Transport Minister Ivan Dankevych said.

Dankevych said about 17 vessels were still being detained but the company hoped to allocate a further $85 million next year to pay off its debts.

"The company's work has picked up considerably and our earnings are being channeled into paying off debts and buying new vessels," Dankevych told reporters on Thursday.