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Darkin abandons Nakhodka shipyard project amid Russia's soaring shipbuilding costs

A bold shipyard dream collapses under financial strain. Why Russia's own policies made local shipbuilding too expensive—even for a powerful investor.

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1 min read
The image shows an old black and white photo of a harbor with boats in the water, surrounded by...
The image shows an old black and white photo of a harbor with boats in the water, surrounded by buildings and a hill on the left side. At the top and bottom of the image, there is text which reads "прохождение новогоровый фоторация из картикий" which translates to "The port of Moscow, Russia".

Darkin abandons Nakhodka shipyard project amid Russia's soaring shipbuilding costs

Sergei Darkin, former governor of Primorsky Krai and head of Pacific Investment Group, has scrapped plans to build a shipyard near Nakhodka. The decision comes after years of discussions and mounting concerns over Russia's shipbuilding costs. Despite this setback, his company still operates a major fishing base in the region. Darkin first proposed the shipyard project in 2017, shortly after Russia launched its 'quota-for-keel' programme to modernise the fishing fleet. He revisited the idea in 2021, but negotiations never moved beyond the planning stage.

High costs and unfavourable economic conditions ultimately derailed the plans. Darkin criticised the programme for inflating construction expenses, making domestic shipbuilding unviable. As an example, he pointed to two tugboats ordered from China at nearly half the price of Russian-built alternatives.

Instead of building locally, Pacific Investment Group turned to foreign suppliers for some vessels. The company recently took delivery of a Project 5712LS crab-fishing boat from Nobel Brothers Shipyard in Rybinsk. However, Darkin stressed that his core asset remains the Nakhodka Active Marine Fishing Base, a large enterprise with multiple subsidiaries.

Despite abandoning the shipyard project, Darkin confirmed that Pacific Investment Group will retain its stake in the Vladivostok Sea Fishing Port. He ruled out exiting the port business entirely, though high interest rates and economic pressures continue to shape his investment decisions. The cancellation of the Nakhodka shipyard marks a shift in strategy for Darkin's business interests. With cheaper foreign alternatives and persistent economic challenges, domestic shipbuilding has become less appealing. His focus now remains on maintaining existing operations rather than expanding into new construction projects.

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