Sovcomflot

Sovkomflot (Russian: ПАО «Совкомфлот», ПАО «Современный коммерческий флот», Modern Commercial Fleet) is a Russian maritime shipping company specializing in petroleum and LNG shipping, a 100% state-owned corporation founded in 1995. Since December 5, 2006, its headquarters are located in Saint Petersburg. It is headed by Director General Sergei Frank. In 2007-2008 Sovcomflot absorbed the assets of state-owned, Novorossiysk-based Novoship and thus became the largest shipping company in Russia.

History

In 1973 the Government of the USSR decreed formation of a special shipping corporation, separated from the regular state-owned marine fleet, that could use long-term bare boat charter scheme for purchasing new and used foreign-built vessels. In 1976 the Ministry of Merchant Marine institited a special fund and the newly formed corporation used it to acquire two 40,000 ton (deadweight, DWT) dry cargo transports - Sovfracht and Sovinflot.

In 1988 these operations were reorganized as Sovcomflot Joint-Stock Company (SCF), a one-of-a-kind state-owned corporation with special authorization by the USSR Council of Ministers. By 1990 its assets reached 1,800,000 DWT tons. A further reorganization in June 1995 confirmed the special status of Sovcomflot as a state-owned business, effective to date (July 2008).