EuropeFinance and InsuranceGasTankers
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.