'Modern Commercial Fleet') is Russia's largest shipping company, and one of the global leaders in the maritime transportation of hydrocarbons, as well as the servicing and support of offshore exploration and oil & gas production.

In 1973 the Government of the USSR decreed the formation of a special shipping corporation, separated from the regular state-owned marine fleet, that could use a long-term bare boat charter scheme for purchasing new and used foreign-built vessels.

In 1976 the Ministry of Merchant Marine instituted a special fund and the newly formed corporation used it to acquire two 40,000 DWT, dry cargo transports – Sovfracht and Sovinflot.

[citation needed] In 1988 these operations were reorganized as the Sovcomflot Joint-Stock Company (SCF), a then one-of-a-kind state-owned corporation with special authorization by the USSR Council of Ministers.

[3] The legal procedures were completed in early 2008 and in January 2008 Sovcomflot offered a stock buyout to the remaining minority shareholders of Novoship.

[15][18] On 23 February 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Sovcomflot, targeting its revenue from oil sales to further restrict Russia's financial capabilities in light of its invasion of Ukraine.

In July 2007 Igor Shuvalov, long-time chairman of the board and an aide to Vladimir Putin, was replaced by Sergey Naryshkin, chief of staff of Presidential Administration.