Putin prioritises Sovcomflot IPO

Putin prioritises Sovcomflot IPO

With the Russian economy in trouble president Vladimir Putin has this week summoned the heads of a number of leading state-owned firms, including the country’s top shipping line, Sovcomflot, to the Kremlin for urgent talks of quick fire privatisation deals.

The line is joined by the likes of Rostelecom, Transneft, Aeroflot, Rosneft and Russian Railways in being on Putin’s privatisation drive.

An IPO for Sovcomflot could take place later this year. The current fleet of Sovcomflot numbers 142 vessels, totalling 12.4m dwt.

Russia’s gross domestic product declined by 3.7% in 2015, the state statistics service said on Tuesday – the nation hit hard by the slump in oil prices.

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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