Sovcomflot’s half-year revenue up 6.2 percent, to $777.7m
OAO Sovcomflot (‘SCF Group’) gross revenue for the fist half of this year increased by 6.2% year-on-year to US$777.7 million. Half-year net profit dropped 20.7% to $50.9 million, the Group’s financial report said.
As of June 30, 2012, the Group had cash of $319.6 million which was 21 per cent higher than in the same period in 2011. Meanwhile, net debt to equity stood at 48.3 per cent at the period end, compared with 47.6 per cent at 31 December 2011.
At the end of the period, the Group had committed capital expenditure in support of its new building programme of $1,579.6 million of which $1,138.1 million remained outstanding at 30 June 2012.
A dividend of RUB 0.21 per share was declared on 30 June 2012, totalling RUB 420.6 million which is equivalent to USD 12.8 million (H1 2011 RUB 0.51 per share, totalling RUB 1,000.0 million).
Sergey Frank, President & CEO of OAO Sovcomflot, comments:
“Despite continued depression in the global tanker markets resulting from a combination of sustained weak demand and increased supply from the ongoing delivery of new buildings into operation, the Group has in the first half of 2012 demonstrated resilience to these factorsand achieved substantial operational profit for the period.”
“Over the first six months of 2012, the Group has met its targets under the development strategy to expand further its business portfolio in the offshore and liquefied gas transport sectors with significant milestones being achieved.”
In the reporting period Sovcomflot entered into long-term time charter agreements with Shell Trading & Shipping Company (STASCO) for two 170,000 cbm ice class LNG carriers and with Russian oil and chemical company SIBUR for two 20,600 cbm ice-class LPG tankers.
A joint venture of SCF Group and Glencore International AG expanded its fleet with additional four 74,000DWT LR1 product tankers, delivered in Q1 2012.
In Q2 NS Parade became the first vessel to load at Rosneft’s new deepwater loading facility at Russia’s Tuapse refinery with a maximum throughput capacity of 7 million tons a year. The Nevsky Prospect was the first Aframax vessel to call at new Ust-Luga terminal with annual capacity of 38 mln mt.
Sovcomflot completed 1,800 nm towage of the 140,000 t GBS platform for the Arkutun-Dagi project (Sakhalin 1).
The shipping company signed with Citi and Bank of America Merrill Lynch a $140 million credit facility for financing Sovcomflot’s first two VLCC tankers on long-term charter to Petrochina.
About Sovcomflot
SCF Group of companies (SCF) is one of the world's leading shipping companies, specializing in crude oil, petroleum products and liquefied gas transportation. The fleet includes 156 vessels with a total deadweight of 12 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid and Singapore.
The Group offers a wide range of vessels highly concentrated in the market segmentsmost demanded by major Russian oil and gas companies. With its own technical development and unique approach to advanced technologies, Sovcomflot has the ability to meet the most demanding customer requirements, providing effective transportation for oil&gas companies.