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
No Comments »

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
No Comments »

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
No Comments »

By John Helmer in Moscow Steady as she goes — that isn’t exactly the message from Sovcomflot, Russia’s largest shipping company, and one of the five largest energy shipping, oil and gas tanker fleets in the world. Analysts at Moody’s Investors Service have issued a rating downgrade for the state-owned shipping company Sovcomflot, with a […]

by John Helmer - Monday, May 4th, 2009
No Comments »

By John Helmer in Moscow Russia’s maiden LNG terminal became operational in late 2008, after years of controversy over seismic and ground contamination onshore; threats to whale habitats at sea and tax evasion claims in Moscow. Gazprom, Russia’s dominant gas producer and monopoly exporter, now has shareholding control of the project operator, Sakhalin Energy, replacing […]

by John Helmer - Tuesday, April 28th, 2009
No Comments »

By John Helmer in Moscow Russia’s leading maritime fleet executives, who were keen to announce newbuild orders and fleet renewal plans a year ago, have become very coy in the face of falling cargo volumes and freight rates, and the expiry of long-term charters. The principal lenders to the Russian shipping companies are even more […]

by John Helmer - Monday, February 2nd, 2009
No Comments »

By John Helmer in Moscow After Far Eastern Shipping Company (Fesco), Russia’s dry-cargo fleet leader, lost 22% off its share price in the past week, Moscow investment bank Renaissance Capital has issued an investment warning that the plummeting rate for container shipping between Asia and Europe “creates a major headwind for FESCO”. Fesco (ticker FESH:RU), […]

by John Helmer - Thursday, January 15th, 2009
No Comments »

By John Helmer in Moscow Prime Minister Vladimir Putin has finally put in writing what Gunvor owner, Gennady Timchenko, has been lobbying the Kremlin to support for several years, ousting Transneft pipeline boss, Semyon Vainshtok, in the process. This is a new state-backed crude oil pipeline for the purpose of putting in business a new, […]

by John Helmer - Wednesday, December 3rd, 2008
No Comments »

By John Helmer in Moscow The first sign of a Russian economic crisis is a line of desperate people, pushing and shoving outside a locked door, on which a scribbled sign has been posted indicating that the cash those outside thought they owned would be unavailable until further notice. In the classic Soviet tradition, a […]

by John Helmer - Wednesday, October 15th, 2008
No Comments »

By John Helmer in Moscow Russia’s vice premier for energy and resources, Igor Sechin — who is also chairman of Rosneft, the state owner oil producer and lead exporter — met behind closed doors on the weekend with the heads of Russia’s oil and gas majors to discuss their refinancing problems. State intervention to support […]

by John Helmer - Tuesday, October 14th, 2008
No Comments »