• 2019 April 15 09:15

    Sovcomflot BoD proposed to allocate RUB 1.435 billion for payment of dividends

    At a meeting held on 11 April 2019, the Board of Directors of PAO Sovcomflot reviewed the results of SCF Group’s operations in 2018, the company says in a press release.

    The Board gave provisional approval to the Group’s 2018 annual report and accounts.

    The Board of Directors noted that during the reporting period, conditions in almost all the segments of the global freight market remained extremely challenging, with freight rates levels reaching the lowest in the last 25 years.

    Against this background, SCF Group achieved solid operating and financial results, securing operating profit of USD 187.3 million and showing growth in key performance indicators: gross revenue (IFRS) increased by 5.9 per cent to USD 1.52 billion compared to 2017; net revenue increased by 1.6 per cent to USD 1.07 billion; EBITDA increased by 6.5 per cent to USD 580.7 million.

    “Despite the freight market downturn creating unfavorable conditions for tanker owners, Sovcomflot has fully accomplished all the objectives set by the company’s strategy. By consistently implementing its strategy, the company was able to expand the participation of its fleet in high added-value industrial projects. Revenues from offshore operations and liquefied gas transportation grew steadily, accounting of 57 per cent of 2018 total net revenue”, said Ilya Klebanov, Chairman of the Board.

    The Board noted that in 2018, Sovcomflot strengthened its position as the technology leader of the global tanker industry by successfully introducing a series of the world’s first Aframax oil tankers using LNG fuel as their primary fuel.

    “The company's work in this area is fully consistent with the state program of the Russian Federation, which provides for expansion of the use of LNG fuel in the transportation sector. Being one of the largest customers of the Russian civil shipbuilding, Sovcomflot actively contributes to localizing the construction of new-generation tankers within Russia, at Zvezda Shipbuilding Complex in Primorsky region of the Russian Far East”, stressed Ilya Klebanov.

    “In 2018, the company has grown its portfolio of long-term time-charter contracts with oil & gas majors, which enabled Sovcomflot to increase the amount of future contracted revenues by USD 1.7 billion. During Q4 2018, the conventional tanker shipping market saw the signs that the balance of the tonnage supply and demand for oil & petroleum products transportation is shifting, allowing spot freights rates to recover, a positive trend for shipowners that continued into Q1 2019. According to the management accounting system, the company's net revenue for Q1 2019 is more than 20 per cent higher than in the same period last year”, said Sergey Frank, CEO & President of Sovcomflot.

    The Board of Directors proposed to allocate RUB 1.435 billion for payment of dividends.

    Sovcomflot (SCF Group) is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production. The company’s fleet includes 146 vessels with a total deadweight of over 12.7 million tonnes. Over 80 vessels have an ice class.

    Sovcomflot is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia). The company is headquartered in Saint Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.

2019 June 19

09:15 Baltic Dry Index is up to 1,135 points

2019 June 18

18:36 Spotlighting IMO's actions on climate change
18:31 Transborders Energy signs joint study agreement with Kyushu Electric Power for FLNG Solution
18:06 Kim Heng Offshore & Marine Holdings signs MoU with HHC and Thaitan
18:03 Container service boost at Bristol Port
17:53 IMO and UN Environment – working together to keep the Mediterranean clean
17:36 ZIM introduces myZIM Personal Notifications
17:21 Incat launches a new 111-metre ferry for Spain
17:06 Hapag-Lloyd announces General Rate increase from Japan to Middle East
16:42 Nor-Shipping 2019 sets new records
16:20 Fincantieri and CNR present the results of six multidisciplinary research projects
16:04 Atlantic Towing buys Havyard 833 WE – build no 126
15:25 Live stream of IWW passenger transportation meeting, part of SmartTRANSPORT, starts on IAA PortNews website at 10:00, June 21
15:04 Port of Oakland approves Seaport Air Quality 2020 and Beyond Plan
14:33 Carnival Mardi Gras cruise ship hull assembly begins at Meyer Turku shipyard
14:02 Hapag-Lloyd announces FAK from East Asia to Europe and Mediterranean
13:30 Port of Singapore bags “Best Seaport in Asia” for 31st time and also “Best Green Seaport”
13:02 Major shipping banks to launch the Poseidon Principles in line with IMO’s Greenhouse Gas strategy
12:41 Russia's Main Department of State Expertise approves revised project for Phase 1 of dry bulk terminal in Taman
12:28 Bunker prices show slight changes at the Far East ports of Russia (graph)
12:24 Jan De Nul secures Formosa 2 OWF contract in Taiwan and underlines its expansion in Asian OWFs
12:05 AtoB@C starts to offer port towage and related services in Port of Raahe
11:39 East-Siberian Inland Navigation Company launches bunkering tanker of Project RT37 for Baikal
11:16 Regional Manager Simon Neo set to leave IBIA
10:52 IBIA board member elected President of the Panama Maritime Chamber
10:47 NAVTOR integrates environmental regulations into voyage planning with Total Marine Solutions MOU
10:27 Maritime spatial planning in the Baltic Sea region easier with BASEMAPS
09:53 Brent Crude futures price is down 0.05% to $60.91, Light Sweet Crude – down 0.1% to $51.88
09:35 MABUX: Bunker Market this morning June, 18
09:15 Baltic Dry Index is up to 1,093 points

2019 June 17

18:24 USCG saves six people, tows disabled vessel in Port Etches
17:59 Denis Krylov appointed General Director of Gazpromneft-Sakhalin
17:28 China and South Korea agree on ballast water exchange rules
17:04 Mermaid Maritime borrows a loan of USD 65 mln to extend the financing of two vessels
16:41 Neptune Lines welcomes Neptune Galene & Neptune Thalassa after scrubber installation
16:23 DG Termināls invests about 1 million euros during the year
16:17 Finnish ferry getting a diesel-electrical drivetrain system
16:04 MSC Katya R. sets record as largest container ship to boost Costa Rican export links to Europe
15:45 Singapore to host 18th Vessel Efficiency & Fuel Management Summit
15:26 Onezhsky Shipyard launches multifunctional buoy tender for Volga-Baltic Basin
15:04 Hunter Group sells one vessel
14:42 Gdansk, Poland to host 6th Operating Specialist Wind Vessels Summit
14:19 Seatrade Europe conference programme to include Marine Interiors specialist panel discussions
14:12 ClassNK releases amendments to class rules
13:55 Finland hosts an EU–China maritime meeting
13:31 AWT completed stage III of modernization and expansion of the Paskov Terminal
13:24 Average wholesale prices for М-100 HFO down to RUB 16,007 in RF spot market
13:10 The Irish Port of Cork and Port of Amsterdam to collaborate
12:48 Pella Shipyard launches tugboat of project 90600, Sadko, built for Sevmash-Shelf (video)
12:31 Port of Oakland exports up 8.4 percent in May 2019
12:01 North Carolina Ports adopts Vortex port equipment simulator
11:30 MEYER WERFT announces the keel laying for the new cruise ship IONA
11:15 Throughput of port Shanghai (China) in Jan-May’19 declined by 1.3% to 225.91 million tonnes
11:00 Panama Canal issues proposal to modify tolls structure
10:59 Bunker sales at the port of Singapore in Jan-May’2019 fell by 7.7% Y-o-Y to 19.79 million tonnes
10:37 Fincantieri's Muggiano shipyard launches PPA “Paolo Thaon di Revel”
10:21 CMA CGM announces FAK rates from Asia to the Mediterranean
10:01 Brent Crude futures price is up 0.26% to $62.17, Light Sweet Crude – up 0.19% to $52.87
09:38 Port of Singapore throughput in Jan-May’2019 was nearly flat YoY at 261.39 million tonnes
09:19 Diana Shipping commences self tender offer to purchase up to 2,000,000 shares