Sovcomflot set for IPO, the Group’s executive says
Sovcomflot (SCF Group) is set for IPO, Nikolai Kolesnikov, Executive Vice-President, Chief Strategy & Financial Officer confirmed, the Group’s corporate edition said.
The Russian government had planned to hold an action in the second quarter of 2012 to sell state-owned stake in SCF Group (25% minus 1 share). The privatization was to be held as early as 2011, but was postponed due to unfavorable environment at the charter market.
In April 2012, Deputy Transport Minister Viktor Olersky suggested that privatization could take place without an IPO. The official explained that the market situation at the time was not favorable for IPO success. At the same time, some part of proceeds from the stake sale should be invested in the company’s own investment programs. Therefore, the Group could implement another scheme of privatization, which might be more profitable for the company than IPO. However, neither the company nor the government have yet unveiled the mechanism of privatization.
St.Petersburg-headquartered Sovcomflot (SCF Group), the biggest shipping company in Russia, ranks the fifth top tanker company in the world. The Company specializes in global transportation of crude oil, petroleum products and other energy sources. The Group's fleet comprises 157 vessels of total deadweight of nearly 12 million tons, the average age of the tanker fleet is 6.6 years. SCF’s newbuildings order book includes 15 vessels of total deadweight of about 1.58 million tons. The Group has offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid and Singapore.