Dry CargoEurope

Sovcomflot exits dry bulk

Russia’s shipping major Sovcomflot has completed its exit from the dry bulk segment with the sale of its last two panamax bulkers.

The move is part of Sovcomflot’s ongoing fleet modernisation and optimisation programme, which has seen the company dispose of 10 aging vessels in the first half of this year.

In addition to the bulker pair, the Moscow-listed owner also sold two MR products tankers, two panamax product tankers and a pair of aframax tankers and suezmax tankers.

“A total net sale proceeds of $112m will be used to finance Sovcomflot new projects,” the company said.

Russia’s top shipping line has a fleet of 137 vessels with a total of 11.8m dwt, including vessels owned through joint ventures.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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