Net income of NovoShip (Novorossiysk Shipping Company, of SovComFlot) under IFRS dropped as much as 2.87 times year-over-year, to $75.5 million in 2009, the NovoShip’s statement said. The Company’s revenues dipped 31.5% to $513 million in 2009, and EBITDA was $219.3 million vs $367.7 million a year earlier.
The Board of Directors of NovoShip has approved the 2009’s performance results of the Company. NovoShip’s fleet as of December 31, 2009 comprises 55 modern ships of total deadweight of 4.5 million tons, the book value of assets reached $2.38 billion.
According to Sergei Frank, Chairman of the Board of Directors of Novoship, "the progressive realization of the development strategy of Sovcomflot Group’s Novoship and the effect from the companies’ merger provided the stable funding of the investments project to maintain a competitive level of wages and social security of the employees of the Group.
"2009, the worst year for the industry over the past decade as analysts say, turned the test for the NovoShip’s business model. The company has withstood the test and fulfilled completely its obligations and liabilities to stockholders and customers,” Mr. Frank was quoted as saying.
The Board of Directors of NovoShip has approved the 2009’s performance results of the Company. NovoShip’s fleet as of December 31, 2009 comprises 55 modern ships of total deadweight of 4.5 million tons, the book value of assets reached $2.38 billion.
According to Sergei Frank, Chairman of the Board of Directors of Novoship, "the progressive realization of the development strategy of Sovcomflot Group’s Novoship and the effect from the companies’ merger provided the stable funding of the investments project to maintain a competitive level of wages and social security of the employees of the Group.
"2009, the worst year for the industry over the past decade as analysts say, turned the test for the NovoShip’s business model. The company has withstood the test and fulfilled completely its obligations and liabilities to stockholders and customers,” Mr. Frank was quoted as saying.