Sovcomflot and Novoship integrate the commercial management of their fleets

JSC Sovcomflot (Sovcomflot) has announced a further step in its integration with JSC Novorossiysk Shipping Company (Novoship), following the consolidation of both companies in December 2007. With effect from 1 July 2008, the two fleets will be operated commercially as one entity and a unified international chartering operation will be run from the Sovcomflot (UK) offices at 1 Finsbury Square, London, UK. Callum Ludgate will continue as Managing Director of Sovcomflot (UK) and John Salmon (currently Chartering Manager of Novoship) becomes Deputy Managing Director in charge of chartering.

The Sovcomflot Group constitutes one of the world’s largest, most modern and technically advanced fleets, specialised in energy transportation. The chartering team will market a consolidated fleet of 129 vessels with a capacity of some 9.0 million tonnes dwt. The decision to create a unified chartering and commercial operation is a further significant step in the integration process of both companies.

Sergey Frank, President & CEO of JSC Sovcomflot and Chairman of the Board of Directors of Novoship, commented:

“With a harmonised chartering strategy and operation, we are even better placed to satisfy the needs of our customers. This is an important step for Sovcomflot and Novoship, as the Group establishes itself as a global leader in seaborne energy transportation and logistics.”