Sergei Frank News

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…

Sergei Frank will step down as president and chief executive of Russian state-controlled shipping giant Sovcomflot after 15 years at the helm, four sources familiar with the decision told Reuters on Tuesday.Frank will give up operational control of Sovcomflot and take over as chairman of the company's board, two of the sources said.It was not immediately clear why Frank, 59, was moving position.

Russian state-owned shipping company Sovcomflot said on Tuesday that uncertain conditions in the freight market are delaying its long-planned initial public offering (IPO).The Russian government has weighed a listing of Sovcomflot for years as part of broader privatization plans, but obstacles ranging from weak markets to international sanctions placed on Russians over Moscow's role in Ukraine crisis have prevented an IPO.The Russian economy ministry has said it had hoped to raise…

Russia plans to sell part of state shipping firm Sovcomflot next month, hoping to draw in a wide range of small-stake investors rather than a strategic buyer who could threaten Moscow's control of the group, banking and industry sources say. The current era of low tanker market prices is far from the ideal time for Sovcomflot to raise revenue with a share offer, as freight rates were at their highs in 2015. Sovcomflot operates the world's second largest fleet of oil tankers. But…

The long-awaited initial public offering (IPO) of Sovcomflot, which runs one of the world’s largest tanker and gas carrier fleets, has moved a step closer. Economy minister Alexei Ulyukayev was quoted by local Russian news agencies as saying that the government might get around RBL24bn ($357m) roubles from selling a 25% stake in the nation’s top line, Sovcomflot. He said the IPO would happen this year. The Russian state-controlled tanker giant was waiting for investor sentiment to turn before embarking on its listing. The shipping line has more than 100 tankers in its fleet including crude and LNG plus nine bulk carriers. A listing has been on the cards for the Sergei Frank controlled company for a number of years.

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According to RIA Novosti, Russian President Vladimir Putin signed a decree ordering the country's two largest tanker companies to be reorganized into a single corporation. The objects of the merger are 100% state-owned Sovkomflot in St. Petersburg, the country's largest tanker company by capacity, and Novoship, the second largest, in which the government owns an 87.4% stake, in Novorossiisk on the Black Sea coast. It will take nine months to complete the merger and hold an IPO. The new company will then become the fifth or possibly the third largest tanker operator in the world. Putin recently met Sovkomflot CEO and former Transport Minister Sergei Frank and said this project was largely the idea of the ministry and Frank himself.

Russia expressed optimism about plans for a short-cut Arctic sea route between Europe and the Pacific Ocean despite skepticism from the Russian military and some foreign shipowners. "Of course there are problems...but we look at the future of the Northern Sea Route with optimism," Russian Transport Minister Sergei Frank said. The seaway is almost 40 percent, or up or 4,000 miles (6,400 km), shorter than conventional routes via the Suez or Panama canals between Europe and Japan. The end of the Cold War has revived mariners' dreams of creating a commercial passage through the ice. Frank said Russia is studying the building of a new generation of nuclear ice-breakers…