Sovcomflot and Novoship merge
Independent experts in Russia consider that benefits from the recently announced merge of «Sovcomflot» and «Novoship» are obvious. The Ministry of Economic Development and the Ministry of Finance of Russia approved the deal between the two shipping companies of the nation. In this way the new company becomes the world’s second-largest among the tanker shipping businesses (after Frontline). The assets of the company will exceed 4 billion dollars, the fleet totals 113 ships among which 97 are tankers. An important stipulation from the state regarding this merger is that the new company is supposed to order new ships at Russian shipyards and develop sea clusters in St.-Petersburg and Novorossisk.
However, both could have become the customers of OSK without merger as well. «Sovcomflot» is 100% state owned, the share of the state in «Novoship» is 87%. Sovcomflot even before the merger intended to invest $ 1 billion in the national shipbuilding.
