To Muratov D.A. Editor in chief “Novaya Gazeta” 101990, Moscow, Potapovsky per., 3 From: Law firm “Ivanyan and partners”, lawyers of “Gunvor” company of T. Tornqvist and G.N. Timchenko Subject: Publication in “Novaya gazeta” dated 24.08.09 and letters addressed to T. Tornqvist and G.N. Timchenko dated 11.08.09 and 31.08.09. September 4th, 2009. Dear Dmitry Andreyevich,

by John Helmer - Sunday, October 4th, 2009
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By John Helmer in Moscow On Thursday, the Russian state shipping company Sovcomflot (SCF) opened its three-year old, $800 million claim in the UK High Court; Justice Andrew Smith is presiding. Preliminary applications were heard on the first day, along with a presentation by the barrister representing Sovcomflot. Presentations for the defence commence today. Next […]

by John Helmer - Friday, October 2nd, 2009
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By John Helmer in Moscow Russia’s Economic Development Minister, Elvira Nabiullina (pictured left), has confirmed the government’s intention to privatize the shares of the oil tanker group, Sovcomflot (SCF), which is currently 100% owned by the state. Nabiullina, speaking at an investment conference in Moscow, said that in order to increase state budget revenues, the […]

by John Helmer - Wednesday, September 30th, 2009
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By John Helmer in Moscow The state-owned tanker company Sovcomflot will try to sell up to 20% of its shares in a public offering, the former board chairman Igor Shuvalov (pictured right) said yesterday. But the timing may be delayed if a UK High Court trial, focusing on the company’s internal affairs, goes against the […]

by John Helmer - Wednesday, September 23rd, 2009
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By John Helmer in Moscow Hard on the heels of a Russian Foreign Ministry warning to Canada against denying an entry visa to Senator Mikhail Margelov last week, a veteran of Volgotanker, once Russia’s largest oil transportation fleet, announced today that he is challenging Interpol for encouraging the arrest of travellers on charges trumped up […]

by John Helmer - Tuesday, September 15th, 2009
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By John Helmer in Moscow Port logs for the MV Arctic Sea — the small Turkish-built, Russian-owned vessel recently reported at the centre of an alleged piracy and extortion attempt — reveal that the timber-carrier has been making regular voyages between Finnish ports and either Algerian or French Mediterranean ports for the past three years. […]

by John Helmer - Wednesday, September 9th, 2009
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By John Helmer in Moscow Depending on how fanciful you wish to be, the Flying Dutchman is either a reference to the nautical refraction phenomenon that makes phantom ships appear at sea, like mirages, in conditions of temperature inversion; or else it’s a tale of a half-mad Dutch sea captain, whose 17th century navigational ineptitude […]

by John Helmer - Thursday, September 3rd, 2009
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By John Helmer in Moscow Despite sinking Russian consumer incomes, the banana is holding firm, enabling the St. Petersburg-based Joint Fruit Company (JFC), to increase its share of sales at the expense of its domestic rivals. With turnover of $500 million in 2007 (the latest figure JFC has released), JFC says there has been no […]

by John Helmer - Tuesday, September 1st, 2009
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By John Helmer in Moscow The Far Eastern Shipping Company (Fesco), owned by Sergei Generalov, is likely to run a loss of at least $72 million this year, before foreign exchange losses and writedowns are counted, according to a new report on the company issued today by Moscow investment bank, Renaissance Capital. With total debt […]

by John Helmer - Sunday, August 23rd, 2009
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By John Helmer in Moscow Novorossiysk Commercial Seaport Company (NCSP is the London ticker), the only internationally listed Russian port, crashed Friday [August 7] by almost 6% in Moscow stock market trading, despite a stable report and ratings confirmation from Standard & Poors. S&P’s August 6 report said that continuing growth of Russia’s seaborne trade […]

by John Helmer - Sunday, August 23rd, 2009
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