EuropeTankers

Sovcomflot IPO due this year

Sovcomflot’s long mooted listing has moved a step closer. Economy minister Alexei Ulyukayev has discussed how privatisation plans are moving ahead across a number of industries as the Kremlin looks to rein in its budget deficit.

Ulyukayev was quoted by local Russian news agencies as saying that the government might get around RBL24bn ($357m) roubles from selling a 25% stake in the nation’s top line, Sovcomflot. He said the IPO would happen this year.

The shipping line has more than 100 tankers in its fleet including crude and LNG plus nine bulk carriers. A listing has been on the cards for the Sergei Frank controlled company for a number of years.

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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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