State-controlled Russian tanker shipping company Sovcomflot allegedly plans an IPO very soon, reports Reuters. The deal could value the company at around USD 10 billion.

The news outlet furthermore reports, based on anonymous sources, that the tanker company plans to go public on the Moscow Stock Exchange in early October. Sovcomflot plans to raise at least USD 500 million through the listing, writes Reuters.

The funds will be used for new projects as well as reducing debt in the company, the news outlet reports.

Sovcomflot most recently announced a 55 percent increase in its operating profit for the first half of 2020 compared to the same period last year, booking a profit of USD 578.6 million. The bottom line showed a profit of USD 226.4 million – a whopping 148.8 percent increase compared to the first half of 2019.

The shipping company recently announced an order for 10 LNG newbuilds with partner Novatek.

In total, the Sovcomflot group operates a fleet of 147 vessels.

English Edit: Ida Jacobsen

Sovcomflot orders 10 LNG vessels together with Russian partner

Sovcomflot grows its result by more than 50 percent in first half-year