The Russian Government has granted $51m (R1.5bn) in loan guarantees to Far East Shipping Company (Fesco).

The fall in global container shipping demand has forced the company to report revenue for the year 2009, which was less than half that in 2008.

The company is expected to raise R2.5bn from the Russian bank VTB, which will be spent on debt repayment.

Fesco is the first company to receive state guarantees of such an amount.