Sovcomflot
 |
|
| State-owned corporation | |
| Industry | Shipping |
| Founded | 1995 |
| Headquarters | Saint Petersburg |
|
Area served
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Worldwide |
|
Key people
|
Sergey Naryshkin, Sergey Frank |
| Revenue | USD 1,443 million (2012) |
| USD 33.2 million (2012) | |
| Owner | Government of Russia (100%) |
|
Number of employees
|
5,437 (2012) |
| Website | http://www.sovcomflotgroup.com/ |
Sovcomflot (Russian: ПАО «Совкомфлот», ПАО «Современный коммерческий флот», Modern Commercial Fleet) is a Russian maritime shipping company specializing in petroleum and LNG shipping, a 100% state-owned corporation founded in 1995. Since December 5, 2006, its headquarters are located in Saint Petersburg. It is headed by Director General Sergei Frank. In 2007-2008 Sovcomflot absorbed the assets of state-owned, Novorossiysk-based Novoship and thus became the largest shipping company in Russia.
In 1973 the Government of the USSR decreed formation of a special shipping corporation, separated from the regular state-owned marine fleet, that could use long-term bare boat charter scheme for purchasing new and used foreign-built vessels. In 1976 the Ministry of Merchant Marine instituted a special fund and the newly formed corporation used it to acquire two 40,000 ton (deadweight, DWT) dry cargo transports - Sovfracht and Sovinflot.
In 1988 these operations were reorganized as Sovcomflot Joint-Stock Company (SCF), a one-of-a-kind state-owned corporation with special authorization by the USSR Council of Ministers. By 1990 its assets reached 1,800,000 DWT tons. A further reorganization in June 1995 confirmed the special status of Sovcomflot as a state-owned business, effective to date (July 2008).
In June 2007 Vladimir Putin authorized merger of Sovcomflot and Novoship; the state 'invested' its share in Novoship (50.34%) in Sovcomflot capital. The legal procedures were completed in early 2008 and in January 2008 Sovcomflot offered a stock buyout to the remaining minority shareholders of Novoship. The integration of Novoship assets into Sovcomflot operations continues as of August 2008 (fleet management and sales were unified in July 2008).
As of January 2005, according to the Maritime Board (Morskaya Kollegiya) of the Russian Government, Sovcomflot owned 45 vessels, with the total capacity of 3,263,000 tons.
As of July 2008, the company operates 101 tankers with 8,352,000 deadweight ton capacity, 9 dry cargo vessels with 135,000 deadweight ton capacity, 6 LNG carriers and one passenger vessel (SS Maxim Gorkiy). According to Sovcomflot statement, the company's tanker fleet is one of the youngest in the world, with an average age of 5.7 years. Most recent additions, spherical-hold LNG carriers Grand Aniva and Grand Elena, were delivered in January 2008 and October 2007. Four Aframax class tankers (114,000 DWT tons each), three Panamax class tankers (70,000 DWT tons each), two membrane-type LNG carriers, Velikiy Novgorod and Pskov, (73,300 DWT tons each) are under construction in South Korean shipyards. Most of Sovcomflot ships operate under Liberian registry (flag of convenience).
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Wikipedia