According to Sergei Terekhin, President of Novorossijsk Shipping Company (Krasnodar region), the company’s net profit may total $150 million in 2006, Commersant reports according to kuban.info. In 2005, Novoship’s net profit under IFRS amounted to $244.57 million (1.5-times growth against year-on-year result). Terekhin attributes growth of net profit to correct proportion of spot contracts and time-charters, transition from the Baltic Sea and cooperation with wider range of shipping brokers. According to Novoship's President, the company will get 8 vessels in 2007 including Aframax vessels and product carriers. Novoship has recently ordered 6 Suezmax 150,000-dwt tankers in China for delivery in 2008-2009. Besides, Novoship will get 4 more Aframax tankers for transportation of large batches of oil products. As of today Novoship has 18 vessels on order, the President says. According to hip the company intends to finance these orders without IPO.
Novorossijsk Shipping Company to get $150 million of net profit in 2006
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%.