Novoship FY 2011 profit rises 1.6 times to $14,08 m

Net income of OJSC Novorossiysk Shipping Company (Novoship) in 2011 by the International Accounting Standards (IAS) was $ 14,080,000, which is 1.6 times higher than last year, the company said.

Revenues for the reporting period shrank by 10.8% to $ 460.73 million.

JSC Novorossiysk Shipping Company is the largest shipping company in the Russian Black Sea. Novoship operates a fleet of 49 modern vessels, of total 4.42m DWT. The average age of the tanker fleet is 6.6 years. The company’s fleet market value is around $1.9 billion.