Depressed freight markets are to blame for Sovcomflot’s long-delayed initial public offering (IPO) but an upturn is on its way, chief executive Sergei Frank has told press in Russia.
Frank expects shipping markets to improve this year, following signs of a recovery seen in the final quarter of 2018, according to reports.
The Russian state-owned tanker company will wait for the right moment to list its shares, which will be supported by the market upturn, Frank said.
