Russia's shipbuilding industry is planning on returning to the cruise ship market as the country's shipyard JSC United Shipbuilding Corporation (USC) revealed its intentions to build the first cruise ship in 60 years.

The company announced the plans during the 6th International Forum "Marine Industry of Russia", and added that USC expects to start building the ship by the end of 2016.

The company's president Alexei Rakhmanov said that once USC reaches an agreement on the financial part of the deal, the construction process can be launched, according to Russian News Agency TASS.

Rakhmanov added that the vessel could be finished in the second quarter of 2018, and subsequently launched in 2019, after necessary testing operations are concluded.

The announcement on the cruise ship, which will reportedly feature a length of 141 meters and a width of 17 meters, marks Russia's first move into the passenger transport market since the 1950.

USC earlier said that 2016 would see the construction of passenger ships, as well as a fleet of fishing and ice-breaking vessels.

As the largest shipbuilding company in Russia, accounting for 80% of the domestic shipbuilding industry, USC integrates about 60 shipyards, design offices and ship repair facilities.