Sergei Frank named Chairman of Novoship’s Board

Chairman of the Board of Directors of Novorossiysk Shipping Company (Novoship, SCF Group) elected Sergei Frank at a meeting on May 22, 2012, the Company said.

JSC Novorossiysk Shipping Company (Novoship) is the largest carrier on 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 owned fleet is valued at around $1.9 billion. Net income of Novoship for 2011  (IFRS) soared 1.6 times year-over-year to $14.08 million, revenue was down 10.8% to $460.73 million.