• 2019 November 15 17:48

    Sovcomflot reports its results for third quarter and nine months of 2019

    Sovcomflot (SCF Group), a world leader in energy shipping and offshore services to the oil and gas industries, today reported its results for the third quarter (Q3) and nine months (9M) ending 30 September 2019.

    Financial highlights for the third quarter to 30 September 2019

    USD millions

    Q3 2019

    Q3 2018        

    %

    Gross revenue (Freight and hire)

    418.8

    396.4 

    +5.7 

    Time charter equivalent (TCE) revenue

    293.9

    262.6

    +11.9

    EBITDA*

    173.1 

    146.9 

    +17.8

    Net profit (loss)

    25.9 

    0.3 

    х86

    Financial highlights for the nine months to 30 September 2019

    USD millions

    9М 2019

    9М 2018       

    %

    Gross revenue (Freight and hire)

    1,246.8 

    1,106.5

    +12.7 

    Time charter equivalent (TCE) revenue

    902.9

    774.0 

    +16.7 

    EBITDA*

    554.3 

    414.6 

    +33.7 

    Net profit (loss)

    116.9 

    (57.5)

     -

    * Earnings before interest, tax, depreciation and amortisation, calculated on the corrected basis.

    In September 2019, SCF Group and NOVATEK agreed to establish a joint venture, SMART LNG, which will own and operate the fleet of LNG carriers transporting liquefied gas for current and prospective projects of NOVATEK.

    In September 2019, the Group took delivery of Mikhail Lazarev, the latest in the Shturman Albanov series of Arctic shuttle tankers employed for the Novy Port project by Gazprom Neft.

    In September 2019, two joint venture companies belonging to SCF Group and NYK Line signed a new USD 176 million credit facility for eight years with a consortium of three leading banks: Sumitomo Mitsui Banking Corporation; Société Générale, and Shinsei Bank. The facility was used towards refinancing Grand Aniva and Grand Elena, ice-class LNG carriers employed on the Sakhalin-2 project. With this facility, SCF Group pioneered the adoption of the Poseidon Principles, an environmental initiative supported by stakeholders involved with ship finance, that promotes a low carbon future for the global shipping industry.

    In September 2019, Korolev Prospect became the first large-capacity crude oil tanker to cross the full length of the Northern Sea Route using only cleaner-burning LNG fuel.

    Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said:

    “We are satisfied with the Group’s performance over the third quarter. Sovcomflot steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio. During the reporting period, Sovcomflot achieved a major strategic milestone when we agreed with NOVATEK to establish a new joint venture, SMART LNG. This new JV is envisaged to ensure safe and sustainable shipping solutions for the year-round transportation of LNG produced by Arctic LNG-2 as well as other current and prospective projects of NOVATEK.”

    Т“Setting a standard for responsible and sustainable shipping, Sovcomflot continues to deliver on its commitment to LNG-fuelled tanker operations. In September and October 2019, three tankers of our Green Funnel series completed commercial voyages eastwards across the Northern Sea Route, using only cleaner-burning LNG fuel. Our extensive experience of operating these vessels demonstrates that using LNG as a primary fuel allows for a significant, up to 30 percent, reduction in CO2 emissions, which is crucial for vessels operating in sensitive geographies.”

    Nikolay Kolesnikov, Sovcomflot’s Executive Vice President & Chief Financial Officer, said:

    “During the reporting period SCF Group, in partnership with NYK Line, raised USD 176 million of new debt financing. So far this year, the Group has concluded credit facilities amounting to USD 473 million, clearly demonstrating Sovcomflot’s ability to access the global debt capital markets, notwithstanding the current volatility experienced within the tanker and finance industries respectively. In August 2019, S&P Global once again reconfirmed SCF Group’s BB+ corporate credit rating with a Stable outlook. Earlier this year, Moody’s Investors Service also reconfirmed the Group’s Ba1 rating with a Stable outlook, whilst Fitch upgraded Sovcomflot’s long-term debt rating to BB+ with a Stable outlook.”

    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 147 vessels with a total deadweight of over 12.8 million tonnes. More than 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 December 8

16:47 ABS and CINS facilitate development of risk-based approach to minimize risk of container fires
15:32 Sea Machines & HamiltonJet collaborate to merge capabilities of autonomous control and jet propulsion systems
14:46 GWS installing turbines at Northwester 2 Offshore Wind Farm
13:22 Norsepower collaborates with SWS for cost and energy efficient VLCC designs
12:14 Grieg Star adds 64000dwt bulk cargo carrier to its fleet
11:05 ABS grants AIP for first Jones ACT SOV

2019 December 7

16:55 USCG Cutter Steadfast returns to port after 60-day counter drug patrol
15:42 TEN announces charter extension for an LNG carrier
13:08 FMT and Indian Register of Shipping sign MOU on strategic cooperation
11:34 AET secures long-term DPST charter contracts with Shell
10:37 Titan LNG tenders for 8000 cbm LNG bunker barge

2019 December 6

18:11 Lithuania aims to ensure state management of „Rail Baltica“ infrastructure
17:55 More operative services of towboats in the Port of Klaipėda
17:28 Acceptance/delivery certificate for Kalas, first rescue tugboat of Project MPSV12
17:06 APM Terminals Gothenburg takes another major step in their journey towards climate neutrality
16:04 Damen Shiprepair Amsterdam MD receives Harbour Medal
15:57 Northern Sea Route cargo traffic totaled 27.59 million tonnes YTD, up almost 70% Y-o-Y
15:26 IAPH Women’s Forum’s initiative “Women in Ports Mentoring Program” now extended to female Harbour Masters
15:03 Seabourn brings a new experience to guests with unique “Bow Lounge”
14:22 Throughput of port Ventspils (Latvia) in 11M’19 grew by 4% to 19.47 million tonnes
14:03 The container terminal at the Port of Gothenburg to be fossil-free by 2020
13:05 Carnival Corporation's Costa Cruises welcomes LNG-powered Costa Smeralda to fleet
12:54 Yacht Zarya with Russian team wins ARC+St.Vicent 2019
12:23 UN maritime agency commits to further action on gender equality
12:01 Jan De Nul sets new sustainability standards for maintenance dredging works in the marinas of Nieuwpoort on the Belgian coast
11:30 Canada Infrastructure Bank invests $300 million in Port of Montreal’s expansion project in Contrecoeur
11:20 Costa Smeralda delivered from Meyer Turku shipyard
11:02 Yang Ming sets up subsidiary in China
10:45 Largest Latvian transit companies represented at 2019 Russian Transport Week
10:17 GTT receives an order from Samsung Heavy Industries for the tank design of two new LNG Carriers
10:12 Joint Russian-Vietnamese exercise underway in Cam Ranh
09:59 MAN Energy Solutions and Orcan Energy agree to collaborate
09:49 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Dec 06
09:30 Brent Crude futures price is down 0.44% to $63.11, Light Sweet Crude – down 0.33% to $58.23
09:14 Baltic Dry Index is down to 1,575 points
08:31 DNV GL awards Hudong-Zhonghua AiP certificate for gas-fueled 25000 TEU containership design

2019 December 5

18:05 ABS, MAN & SDARI join forces to develop ammonia-fueled feeder vessel
17:46 Throughput of Rostov-on-Don port in 11M’19 fell by 7% Y-o-Y to 21.1 million tonnes
17:21 Extraordinary general shareholders meeting of LUKOIL approves interim dividend
17:05 NORDEN enters new biofuel collaboration with Kvasir Technologies
16:28 Cargo traffic on Northern Sea Route can grow to 160 million tonnes by 2035 – Aleksandr Krutikov
16:05 ABS and CATL sign battery research agreement
15:54 Port of HaminaKotka published its statistics for November 2019
15:30 Ministry for Development of Russian Far East and Arctic expects special economic regime to come into force in Arctic in 2020
15:03 DNV GL and Huangpu-Wenchong sign JDP on 5,000 TEU LNG dual-fuel containership
14:49 Global project launched to tackle plastic litter from ships and fisheries
14:33 IMO Assembly approved renewal of Kitack Lim’s appointment as secretary-general of UN body
14:06 Torqeedo powers all-electric harbour water clean-up boat
13:06 YILPORT Puerto Bolívar now operates with four mobile harbor cranes
12:44 Bunker prices increase at the Far East ports of Russia (graph)
12:25 Norfolk, Virginia to host Port & Terminal Technology USA on 21-22 April 2020
12:17 MABUX: Bunker market this morning, Dec 05
12:08 Inmarsat launches Fleet LTE service in the North Sea
11:50 Forum «Arctic: Today and the Future» kicked off in Saint-Petersburg
11:29 “K” Line completes additional development (Phase-2) of “Kawasaki Integrated Maritime Solutions”
11:05 PIL upgrades Redsea Gulf Service and Intra-Redsea Feeder 5
10:37 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
10:01 Bunker sales at port Vladivostok in 11M’19 grew by 53.2% to 1.58 million tonnes
09:36 Brent Crude futures price is down 0.1% to $62.94, Light Sweet Crude – down 0.38% to $58.2