Frank in no hurry to push ahead with Sovcomflot listing

Frank in no hurry to push ahead with Sovcomflot listing

One of the longest awaited IPOs in the history of shipping is facing further delays.

Russian state-owned shipping line Sovcomflot yesterday cited the weak freight rate for the latest delay to its listing, something that has been under discussion for much of the past decade.

Sovcomflot’s chief executive Sergei Frank told reporters that he was waiting for a more consistently healthy freight rate environment before ploughing ahead with a listing, which the Russian government had earlier suggested could raise around $358m.

“We need the markets to return to their historical average,” Frank said.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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