Russia sells 7.8% of Sovcomflot amid budget deficit
4.11.2026 - 13:14
After Sovcomflot, the Kremlin also plans to sell shares in the Novorossiysk port and Aeroflot.
Russia is preparing to sell 7.8% of the shares of the state-owned shipping company Sovcomflot, looking for additional sources of budget funding. Splash reports.
The Federal Agency for State Property Management has announced the selection of the organizer of the sale of a package of 7.8% minus one share. Applications are accepted from November 3 to 17, and the envelopes will be opened on November 18. Based on current quotes on the Moscow Exchange, the deal could bring in about 15 billion rubles, or $184 million.
The winner of the selection must estimate the market value of the package, sign a purchase and sale agreement on behalf of the state, and propose a structure of the deal that “will maximize the flow of funds to the federal budget.”
The state will retain control over the company. It now owns 82.8% of the shares, minority shareholders hold 15.5%, and a quasi-treasury stake accounts for another 1.7%. After the sale, the state’s share will be reduced to 75% plus one share. The first 17.2% of the company was placed on the stock exchange in 2020.
However, the market reacted negatively. As of November 3, Sovcomflot shares had fallen by almost 4% due to concerns that placing such a volume would require a significant discount.
The sale is being prepared despite the company’s recovery in financial performance amid growing tanker markets. In the first half of the year, Sovcomflot earned $284 million in net profit compared to a loss of $435 million a year earlier. Revenue on a time charter equivalent basis increased by 61% to $809 million, and EBITDA more than doubled to $547 million.
The company remains under sanctions from the US, EU and UK for its involvement in the illegal transportation of Russian energy resources and financing of aggression against Ukraine.
Sovcomflot is not the only asset on the list. Moscow also expects to sell 20% of the Novorossiysk Commercial Sea Port and 23.8% of Aeroflot.
Also, the day before, USM wrote that Russia had lost 94% of grain shipments through southern ports.
