OREANDA-NEWS. November 16, 2007. Novorossiysk Shipping Company (Novoship OJSC) is holding negotiations on acquisition of ports located at the Black and the Baltic Seas.

“We thoroughly consider the ports of Ukraine and the North-Western Basin of Russia. I believe, there will be possibilities for merger,” Mr. Ryabin said. He also added the negotiations have been lasting for two years and make be completed in the nearest future. According to Mr. Ryabin, Novoship is interested in Ukrainian assets as its ports handle considerable volumes of Russian cargo – some 40 million tonnes every year. As for the Baltic Sea, it is a possibility of geographical diversification. Mr. Ryabin did not disclose the value of the above assets but said that by 2011 the company plans to have some $1 billion of free funds with $500 million in debt.