Novoship shareholders introduce changes in the Board of Directors

The extraordinary general meeting (EGM) of Novorossiysk Shipping Company’s (JSC Novoship) shareholders was convened in Novorossiysk, Russia on September 25, 2009, the com pany reports. 
The shareholders made changes in the list of members of the Board of Directors. The members of the new Board of Directors of JSC Novoship are: 

• Evgeny N. Ambrosov, JSC Sovcomflot – Executive Vice-President; 
• Nikolay L. Kolesnikov, JSC Sovcomflot - Executive Vice-President / Chief Strategy and Financial Officer; 
• Evgeny V. Kostyuk, JSC Novoship – Adviser to President; 
• Marlen G. Manasov, UBS Securities - CEO; 
• Vladimir A. Mednikov, JSC Sovcomflot – Executive Vice-President; 
• Sergey G. Popravko, Unicom Management Services Ltd. – CEO; 
• Robert Sasson, UFG Asset Management Group, UFG Private Equity – Senior Managing Partner; 
• Igor V. Tonkovidov, JSC Novoship – President; 
• Sergey O. Frank, JSC Sovcomflot – President and CEO. 

Two highly experienced top managers, Evgeny N. Ambrosov and Igor V. Tonkovidov, were included in the list in order to make the Company stronger in view of the current instability in the world market which is a great challenge for the shipping industry. 

After the EGM the newly-elected JSC Novoship Board of Directors held its first meeting. Sergey O. Frank, JSC Sovcomflot President and CEO, was elected Chairman of the Board of Directors.
 
JSC Novoship (Novorossiysk Shipping Company) is one of the largest shipping companies in the world. Novoship's fleet totals 53 modern vessels aggregating 4.14 million deadweight tons. Average age of the company’s tanker fleet is 6.3 years.