Sovkomflot plans IPO
Russia’s largest shipping company, Sovkomflot, plans to prepare for an initial public stock offering in 2008.
The Russian news agency RIA Novosti quotes Sergei Frank, the company’s chief executive officer, as saying, “we would like the company to be ready for that by 2008” without specifying the time frame or volume of a future IPO.
Sovkomflot, 100 percent owned by the state, owns a fleet of 56 vessels with total deadweight topping 4.3 million metric tons. The fleet includes 45 tankers, five gas tankers, five bulkers, and one passenger ship.