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2010 October 22   16:03

Sovcomflot and USC set shipbuilding contact terms for 5-6 aframax tankers

Russian shipping company Sovcomflot has agreed with the United Shipbuilding Corporation options of a contract for the construction of aftramax class 5 or 6 tankers of 117,000-120,000dwt tons each. As Sovcomflot said the vessels are scheduled to be delivered in 2011-2014, PortNews reported.

"On energy efficiency and technical solutions, these vessels will be best in this class," Sovcomflot authorities said.

Other parameters of the future contract were not disclosed.

Currently, Sovcomflot operates the second largest in the world fleet in the segment of Aframax tankers. The state-owned corporation books shipbuilding orders for such vessels, taking into account the volume of Russian cargoes and expanding marine oil terminals in the North West, the Far East and Southern regions of Russia.

Construction of vessels of this size on existing domestic shipyards is not yet possible, the company says. However, the emerging in the Russia’s Far East new shipbuilding facilities gives hope that the Russian shipyards would be able to build such large-capacity tankers in 2014.

JSC Sovcomflot (Modern Commercial Fleet) is Russia's largest shipping company, one of the world's leading energy carriers. Sovcomflot is listed among the five top tanker companies in the world. The company operates the fleet of 150 ships of total deadweight of 10,93 million tons. Sovcomflot’s current shipbuilding program - 9 vessels with total deadweight of about 0.69 million tons. The average age of its tanker fleet is 6.4 years. Net income of Sovcomflot (IFRS) in the first half of the year shrank by 5% over the same period of 2009, to $111.2 million. Revenues for the period totaled $678.6 million (+10.9%).

United Shipbuilding Corporation, founded in 2007, incorporates three regional shipbuilding centers: JSC Western Shipbuilding Center (St. Petersburg), JSC Northern Center of Shipbuilding and Ship Repair (Severodvinsk), JSC Far Eastern Center of Shipbuilding and Ship Repair (Vladivostok), as well as leading marine design offices.

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