Magadan (Russian: Магада́н), a port city on the Sea of Okhotsk and gateway to the Kolyma region, is the administrative center of Magadan Oblast (since 1953), in the Russian Far East. Founded in 1933 on the site of an earlier settlement from the 1920s, it was granted the status of a city in 1939. It lies in Nagaevo Bay in the Gulf of Tauisk. Geographical location:59°33′N, 150°48′E. Ship building and fishing are the major industries. The city has a seaport (fully navigable from May to December) and a small international airport, Sokol Airport. There is also a small airport close to town, Magadan 13. The unpaved Kolyma Highway leads from Magadan to the rich gold-mining region of the upper Kolyma River and then on to Yakutsk.