Sovcomflot IPO Soon
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.
Ulyukayev has discussed how privatisation plans are moving ahead across a number of industries as the Kremlin looks to rein in its budget deficit.
Meanwhile, the first quarter ending March 31st saw a 9.2 percent increase in Sovcomflot’s net profit reaching USD 103.1 million.
Time charter equivalent (TCE) revenues were up by 0.4 percent to USD 290.8 million, while the company’s EBITDA rose by 6.6 per cent to USD 187.5 million.