Sovcomflot Tankers Complete Northern Sea Route Transit on LNG Fuel

Russian shipping company Sovcomflot has sent two more large-capacity, LNG-powered tankers through the Northern Sea Route. According to the company, the Aframax tankers Mendeleev Prospect and Lomonosov Prospect successfully completed eastbound voyages along the NSR from the Baltic port of Primorsk to China, on October 16 and 19, respectively, using only LNG fuel. The … [Read more...]

Sovcomflot CEO to Step Down, Assume Role of Board Chairman

By Gleb Stolyarov and Darya Korsunskaya MOSCOW, Sept 17 (Reuters) - 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 … [Read more...]

Russia’s Sovcomflot IPO Hobbled by Weak Freight Markets

By Oksana Kobzeva MOSCOW, Jan 15 (Reuters) - 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 privatisation plans, but obstacles ranging from weak markets to … [Read more...]

Russia Planning Sale of Sovcomflot By End of Year

By Leigh Thomas PARIS, Aug 29 (Reuters) - Russia still aims to go ahead this year with the sale of a stake in shipping company Sovcomflot, its economy minister said on Tuesday after the deal was put on hold earlier. Russia revived a long-running privatization program to boost state revenues and overhaul its corporate management culture after sanctions were imposed over the … [Read more...]

Ice-Class LNG Carrier ‘Christophe de Margerie’ Starts Maiden Voyage Through Northern Sea Route

The ice-class LNG carrier Christophe de Margerie has entered the Arctic's Kara Sea marking the official start of its maiden voyage through the Northern Sea Route as part of its unescorted voyage from Norway to South Korea, the Yamal LNG project said Tuesday. Delivered last November by South Korea's Daewoo Shipbuilding Marine Engineering, Christophe de Margerie is the first … [Read more...]