Sovcomflot and Novoship under one flag

Moscow: Russia's two largest commercial fleets, Sovcomflot and Novoship, will operate as a single commercial entity from 1 July.
The single chartering location will be operated out of Sovcomflot's London office.
Sovcomflot is Russia's biggest shipping company with a fleet of 66 vessels totalling 4.97m dwt which will expand to 130 vessels of 9.3m following the merger with Novoship.
An initial public offering for the 15% of the combined entity could happen as soon as the end of this year.  [30/6/08]