The consolidation of Sovcomflot and Novoship takes effect today after transfer of the Russian government's 50.34% shareholding in Novoship. The enlarged Sovcomflot group will comprise 124 vessels of 8.7M dwt in total, with a further 31 newbuildings of 2.8M dwt on order. The average age of the tanker fleet is just six years. Most of the remaining Novoship shares are owned by the company itself.
Sovcomflot chief executive Sergey Frank told Fairplay in Moscow yesterday that financial advisor Morgan Stanley had proposed making a 'fair offer' for the final 9% stake in Novoship based on a value for the group of $3.1-$3.7bn. The combined group will be the world leader in the MR product carrier (30,000-60,000dwt) sector with 1.56M dwt, second in Aframax tankers after Teekay and fifth in Suezmax.
Frank emphasised that Novoship would be operated as a separate brand: the bulk carriers will be retained. The long-awaited sale by the Russian government of a stake in Sovcomflot can be expected "soon", said Frank, without specifying when or what size the stake would be.
Sovcomflot chief executive Sergey Frank told Fairplay in Moscow yesterday that financial advisor Morgan Stanley had proposed making a 'fair offer' for the final 9% stake in Novoship based on a value for the group of $3.1-$3.7bn. The combined group will be the world leader in the MR product carrier (30,000-60,000dwt) sector with 1.56M dwt, second in Aframax tankers after Teekay and fifth in Suezmax.
Frank emphasised that Novoship would be operated as a separate brand: the bulk carriers will be retained. The long-awaited sale by the Russian government of a stake in Sovcomflot can be expected "soon", said Frank, without specifying when or what size the stake would be.