PAO Sovcomflot said on January 15, 2019 that uncertain conditions in the freight market are delaying its long-planned Initial Public Offering (IPO). The Russian government has weighed a listing of Sovcomflot for years as part of broader privatization plans, but obstacles ranging from weak markets to international sanctions placed on Russians over Moscow’s role in Ukraine crisis have prevented an Initial Public Offering. Sovcomflot’s Chief Executive Officer Sergei Frank told reporters that shipping markets are expected to improve this year, with signs of a recovery seen in the fourth quarter of last year. But the company will wait for the right moment to list its shares on the market, Frank added.