OAO Novoship

The Novorossiysk Shipping Company (Novoship) has always been the largest shipping company in the South of Russia. Founded in 1964 as the tanker branch of the Black Sea Shipping Company, the NSC was separated from the parent company on 20 January, 1967, and became the independent enterprise with the aim of effective management of bulk-oil fleet and ports on the Russian coast of the Black Sea. On 10 November, 1992, it was registered as a Joint Stock Company. At that time the fleet consisted of 101 vessels totaling 4.70 million deadweight tons and 14.3 years old on average. More than a half of those vessels was built in 1960-1970s and thus was noncompetitive in the world market. But in 1993 Novoship seized an opportunity of developing an independent Fleet Renewal Program. In 1993-2000 the NSC had invested about 854 million dollars in purchase and construction of 34 modern vessels aggregating 1.37 million deadweight tons. These vessels became the basis for one of the youngest tanker f...