Russia has launched a procedure to sell 7.8% of the shares in “Sovcomflot” - the country’s largest shipping company and a major operator of tankers from Russia’s “shadow fleet”. The Federal Agency for State Property Management has announced a selection process for organizers of the deal, The Moscow Times reports.
The state owns 82.8% of the company’s capital, meaning that the stake on offer represents approximately one-tenth of the state’s holding. The proceeds are expected to be directed to the federal budget, which is under strong pressure due to the continued increase in war-related spending.
Vladimir Chernov, an analyst at Freedom Global, estimates the market value of the stake at around 15 billion rubles. He warns that the final amount could be lower if the shares are offered at a discount in order to secure interest from a sufficient number of buyers.
It is also possible that the shares will be sold through a private deal to an investor preselected by the state. According to analysts cited by The Moscow Times, placing the entire stake on the stock exchange could put pressure on the market. Currently, the freely traded shares of “Sovcomflot” account for around 16%, and the new sale would increase this share by approximately half.
Rising military spending and deficit
The sale is being prepared at a time when the Russian budget is planned with a deficit of 7.3 trillion rubles for this year. For the period 2027-2029, the authorities expect a total shortfall of more than 15 trillion rubles.
Military spending for next year is set at 17.1 trillion rubles - 35% of all state expenditure and one-third more than the figures in the 2026 budget. The planned deficit is 5.4 trillion rubles in 2027, 5.1 trillion in 2028 and 5.2 trillion in 2029.
Before the start of the war, “Sovcomflot” owned the world’s largest fleet of medium-sized Aframax-class tankers, as well as 10 icebreakers. The company is among Russia’s key oil carriers, including through vessels linked to the “shadow fleet”.
No final price, buyer or date for completing the deal has yet been announced.
Sources: ukrinform.ua, ru.themoscowtimes.com