The fleet was transferred to the Novorossiysk Shipping Company, founded in 1964, with the aim of effectively managing the operations of the oil tanker fleet and ports in the Black Sea basin, eliminating multi-tiered management, and more promptly addressing transportation issues with the Ministry of Foreign Trade of the USSR and other interested organizations.
In mid-June 2007, Russian President Vladimir Putin signed a decree to form a new company based on Sovcomflot and Novoship.
The main business of the shipping company was the maritime transportation of oil, dark and light petroleum products.
[4] On 5 May 2010, Somali pirates in the Gulf of Aden hijacked the Moscow University tanker, which was flying the Liberian flag and belonged to Novoship.
[7] The hijacked tanker was freed the next day by the crew with the assistance of the Russian anti-submarine ship Marshal Shaposhnikov.