In 2008, net profit of Novorossiysk Shipping Company (Novoship OJSC, Sovcomflot Group) calculated according to international financial reporting standard (IFRS) fell by 12.9%, year-on-year, to $217.2 mln. It was announced by Sergei Frank, Sovcomflot Director General, at the general meeting of the shareholders in his report on the company’s results in 2008.
According to him, EBITDA fell by 7.8% to $367.7 mln, while book value of assets increased by 4% to $2.39 bln.
Earnings of the company and its subsidiaries reached $749.1 mln (+21.7%, year-on-year). The company’s operational profit increased by 7% to $322.9 mln;
Today Novoship owns and operates 51 modern vessels aggregating 3.93 million deadweight tons. Novoship has one of the youngest tanker fleets in the industry – the vessels are 6,3 years old on average. The current market value of the fleet is around USD 3.19 billion. The Company's newbuildings portfolio includes 13 vessels with total deadweight of 1.3 million tons due before the end of 2010. The company’s authorized capital totals RUR 501.121 mln divided into 375,840,500 ordinary and 125,280,000 preferred shares with nominal value of RUR 1 each. As of today, Sovcomflot and affiliated entities own 98.2% of Novoship voting shares.