January 15, 2019 / 9:00 AM / 7 months ago

Russia's Sovcomflot CEO says freight markets not good for IPO

MOSCOW, Jan 15 (Reuters) - Russian state-owned shipping company Sovcomflot said uncertain conditions in the freight market are delaying its long-planned initial public offering (IPO).

Sovcomflot's chief executive Sergei Frank told reporters that shipping markets are expected to improve this year, with signs of recover already seen in the fourth quarter of last year.

But the company will wait for the right moment in the future to list its shares on the market, Frank added.

Reporting by Oksana Kobzeva Writing by Katya Golubkova Editing by Louise Heavens

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