Yury Tsvetkov Elected President of Novoship

The Board of Directors of Novoship (Novorossiysk Shipping Company, SCF Group) announces the appointment of Yury A. Tsvetkov President of Novoship as from 6 October 2012.

Before the appointment, Yury Tsvetkov, member of Novoship’s Board of Directors, had held a post of Vice President and Head of Internal Audit of Sovcomflot.

The former President, Igor Tonkovidov, Sovcomflot’s Executive Board member, has been appointed Executive Vice President - Technical Director of Sovcomflot. He will continue to be involved with Novoship’s development as a member of the company’s Board of Directors.

Notes to editors:

Yury Tsvetkov was born in 1965 in Novgorod. He graduated from the Admiral Makarov State Maritime Academy with a degree in Navigation. He is also a graduate of the Russian Presidential Academy of National Economy and Public Administration gaining degrees in Economics, Management Economics and Public Finance. He later studied at the University of Durham (UK) Business School, as well as the Maastricht School of Management (The Netherlands). Yury Tsvetkov started his career at the Baltic Shipping Company and Unicom as a Deck Officer and finished his seagoing career in these companies as a Second Mate. He then represented the interests of shipowners at German shipyards. From 1996 to 2008 he worked in the Accounts Chamber of the Russian Federation, where he was in charge of the transport industry, headed audit inspections at the Ministry of Transport of the Russian Federation, the Federal Agency of Sea and River Transport, and various companies and organisations related to sea and river transport, including shipping companies. In January 2008 he started work at OAO Sovcomflot as a Vice President, and was involved with the integration of Novoship and Sovcomflot. From July 2008 to October 2009 he was First Vice-President of JSC United Shipbuilding Corporation. He then returned to OAO Sovcomflot as a Vice President and Head of Internal Audit. From 2008 to 2011 Yury Tsvetkov was Head of the audit committee at Novoship. Since 2011 he has been a Member of the Board of Directors of Novorossiysk Shipping Company, as well as the Chairman of the audit committee.