• 2017 November 20 16:44

    Sovcomflot posts operating profit over 9M’17 rising by 50.5% to USD 131.2 million

    PAO Sovcomflot (SCF Group), a world leader in energy shipping and servicing offshore upstream oil and gas projects, today reported its results for the nine-month (9M) period ended 30 September 2017.

    Nine months 2017 highlights:

    • A strong performance from the Group’s Offshore business division saw 9M 2017 time charter equivalent (TCE) revenue grow by 55.9 per cent to USD 274.6 million (9M 2016: USD 176.1 million), with operating profit over the period rising by 50.5 per cent to USD 131.2 million (9M 2016: USD 87.1 million)
    • Ice-breaking platform supply / standby vessels Gennadiy Nevelskoy and Stepan Makarov were delivered into long-term time-charters with Sakhalin Energy Investment Co Ltd. (SEIC) to serve the Sakhalin-2 project
    • In August, the ice-class shuttle tanker Vasily Dinkov’s (LU6, 71, 254 tonnes dwt) long-term time-charter with Lukoil Group, serving the Varandey project, was extended for a further five years 
    • The world’s first ice-breaking LNG carrier, Christophe de Margerie (Arc7 class, 172,600m3 cargo capacity), was delivered into long-term time-charter with Yamal LNG. In August, she successfully completed her first commercial voyage, transporting LNG through the Northern Sea Route (NSR) from Norway to South Korea, becoming the world’s first merchant vessel to travel the full length of the NSR without  icebreaker escort
    • Completion of series of refinancing deals totalling USD 324.0 million, including an additional USD 150 million tap of the 2016 USD 750 million Eurobond issue and a new USD 174.0 million long-term Sberbank facility for the Prirazlomnoye Project vessels, Kirill Lavrov and Mikhail Ulyanov
    • The Group has received a number of industry awards and notations including Seatrade’s ‘Deal of the Year’ award for its USD 750 million 7-year Eurobond bond offering and subsequent tap in 2017, and Lloyd’s List’s ‘Tanker Operator of the Year’ award at its annual Global Awards, as well as shortlistings in September for four separate Platts Global Energy Awards.

    Commenting on the results, Sergey Frank, President and CEO of PAO Sovcomflot, said:

    “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tanker shipowners is especially severe. An over-supply of tonnage and reduced demand, resulting from oil capacity cut-backs led by OPEC, have resulted in low freight rates over a sustained period which have weighed upon the earnings of all participants in the tanker shipping industry.  With tanker freight rates in some segments of the spot market declining by more than 50 per cent year-on-year, Sovcomflot’s results have not been immune from the earnings weakness affecting our industry". 

    Nikolai Kolesnikov, Executive Vice-President, Chief Financial Officer, commented:

    Sovcomflot’s performance in the first nine months of 2017 reflects the harsh realities of the tanker market. However, the significant decline in tanker market freight rates over the period was countered by our higher value-added industrial shipping activities in offshore and gas transportation which we have been growing consistently over the past years and which currently account for up to 50 per cent of the Group’s total invested capital.”

    PAO Sovcomflot (SCF Group) is one of the world's leading shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as servicing offshore upstream oil and gas installations and equipment. The Group’s fleet comprises 150 vessels with a total deadweight of over 13.1 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.

    Read more at the Group’s website: www.scf-group.com




2018 November 22

14:15 Krasnoye Sormovo to build one more series of RSD59 dry cargo carries for Pola Rise
14:03 Diana Shipping commences self tender offer to purchase up to 4,166,666 shares
13:03 PIL upgrades Pakistan-Mundra Express Service
12:28 PGNiG Group: sustained improvement in Q3 2018 YTD financial performance
12:00 CMA CGM announces FAK rates from Asia to the Middle East Gulf
11:30 DEME, Quadran Energies Marines and Shell present wind farm partnership Moulins de Flandre
11:19 BIMCO aims to publish cyber security clause in spring 2019
11:02 Maersk Line implements Low Water Surcharge for the terminals on Rhine River
10:55 Eyes on Asia as BIMCO develops new gas contracts
10:32 GTT receives an order from DSME for the tank design of two new LNG carriers for a European ship-owner
10:13 Albwardy Damen celebrates its tenth anniversary
09:57 Brent Crude futures price up 2.54% to $64.12, Light Sweet Crude – up 3.65% to $55.38
09:18 Baltic Dry Index is up to 1,008 points

2018 November 21

18:06 YPF awards EXMAR a long - term contract to produce and export the first LNG from Argentina Barge - based floating liquefaction unit
17:36 Teesport container volumes up to 54,400 TEU in October 2018
17:06 Jan De Nul wins DPC Award in Amsterdam
16:45 Rosmorport and First Ore Mining Company sign agreement on construction of port facilities on Novaya Zemlya
16:32 DEME’s next generation offshore installation vessel ‘Orion’ launched in China
16:16 Damen Shiprepair Vlissingen supporting construction of Offshore Substation for Deutsche Bucht offshore wind farm
15:54 Production development in Port of Riga will contribute to national economy
15:21 Optimarin consolidates Fednav relationship with retrofit and newbuild orders
14:57 Sovcomflot is working towards supply of MR ships running on LNG
14:38 Port Management Company holds photo exhibition at Transport Week 2018
14:21 ICTSI wins fifth straight The Asset ESG tilt
14:00 Russia needs large Ro-Ro ships for Caspian Sea – Igor Levitin
13:42 Scrubbers to lose ground in five-six years - Sergey Frank
13:21 Port of Oakland sees second trucker turn to all-electric cargo rig
12:49 Commercial speed of 10-12 knots to be ensured for cargo shipments along the Northern Sea Route – Vyacheslav Ruksha
12:03 Rail project at Port of Long Beach wins $14 mln grant
12:00 Capacity of Russian ports exceeds 1 billion tonnes per year – Yevgeny Ditrikh
11:37 TurkStream gas pipeline’s offshore section completed
11:12 NYK looks to FinTech to realize cashless ships
10:56 Nobel laureate will speak at VIII International Forum "Arctic: Today and the Future" with a report on climate change
10:33 Transport Week participants named imperfect regulations the key problem of seaborne transport
10:10 Brent Crude futures price up 1.63% to $63.55, Light Sweet Crude – up 1.7% to $54.34
09:49 SHI receives AiP from LR for INTELLIMAN smart ship solution
09:35 Bunker prices continue decreasing at the Port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index is down to 1,003 points

2018 November 20

18:21 Igor Levitin suggests separating positions of Deputy Transport Minister and head of Rosmorrechflot
18:06 MAN Energy Solutions wins order to supply the engine for a new dredger in southern China
17:53 Workshop aimed at building oil pollution preparedness and response capacity held in the Republic of Guinea
17:36 “K” Line announces delivery of new LPG carrier for Gyxis Corporation
17:18 Atomflot: first delivery of fish by NSR expected in summer-autumn season of 2019
17:04 Diana Shipping announces time charter contract for m/v Sideris GS with Berge Bulk
16:47 Rashid Sharipov as Chairman of the Board of Directors NCSP BoD
16:25 NIBULON Shipbuilding and Repair Yard launched second POSS-115 Project tug
16:04 OOCL announces improvements to Asia – Middle East 1 and Asia – Middle East 3
15:50 Storage area line launched at Vostochny Port’s Phase 3
15:34 New overpass at Maasvlakte 2 opens
15:03 Port of Oakland works to reduce impact of trucks
14:33 The port of Marseille Fos is engaged in reducing shipemissions by developing LNG as a marine fuel
14:03 Teesport Intermodal Rail Terminal celebrates fourth anniversary
13:43 12th Transport of Russia Forum and Exhibition opens in Moscow
13:10 Damen signs with Rimorchiatori Spezzini for two new Damen ASD Tugs 2411
13:02 Bunker prices are going down in the Far East ports of Russia (graph)
12:38 CCCC Dredging supports the 6th Forum of Dredging Companies as its Sponsor
11:54 Concession agreement signed for construction of coal terminal “Lavna”
11:30 OOCL introduces the new West Africa Service 2
10:45 Major ASW ship Severomorsk of RF Navy's Northern Fleet escorts Indian civilian vessel in the Gulf of Aden
10:23 Russian Railways’ BoD makes decision on discounts for cargo transportation in 2019