Net profit of JSC Novorossiysk Shipping Company (Novoship) in the I half of 2011 (to RAS) shrank by 4.7 times compared with the same period of 2010, to RUB 110 499 000, the company said.
Revenues for the period fell 23.9 percent to RUB 323 867 000.
Novorossiysk Shipping Company is the largest Russian shipping company, part of SCF Group. Novoship operates a fleet of 51 modern vessels of total 4.42m DWT, valued at $1.9 billion. The average age of the tankers is 6.6 years.