Novorossijsk Shipping Company to increase its fleet by six new tankers in 2007

In the second half of 2007, Novorossijsk Shipping Company (Novoship OJSC) plans to increase its fleet by six new tankers including four Aframax tankers, AK&M reports. The acquisition is a part of the company’s Program on Novoship’s Fleet Renovation till 2010.
Novoship is Russia’s second largest shipping company. Its vessels fly Russian, Maltese and Liberian flags. As of December 31, 2006, the fleet of Novoship numbers 62 modern vessels with a total deadweight of 3.8 million tons and average age of about 10 years. As of today, average market value of the deployed fleet totals about $2.4 billion. In 2005, the company’s net profit totaled RUR 1.252 billion. Novoship’s authorized capital makes RUR 501.12 million. It numbers 375840500 ordinary and 125280000 preferred shares with nominal value of RUR 1 each. Major shareholders of Novoship are Rosimushchestvo (Federal Property Management System) - 60.73% of voting shares, RFFI (Russian Fund of Federal Property) – 6.4%, Novoshipinvest OJSC – 8.49%, Intrigue Shipping – 14.41%. In 2006, Novoship increased volume of cargo transportation by 30%, year-on-year, to 66.7 million tons.