Net income of JSC Novorossiysk Shipping Company (SCF Novoship, of SCF Group) for the 9 months period of 2010 ended Sept, 30 amounted according to Russian Accounting Standards (RAS) to 1,286,546,000 rubles versus net loss of 5,863,000 rubles a year ago, the Novoship’s financial statement said. The company’s revenue for the period made up 621,867,000 rubles, down 1.5 times from Jan-Sept, 2009. The increase in net income was generated by proceeds obtained from other assets. Revenue cutback was due to the situation on the freight market, to lower freight rates and a decrease in the average number of vessels in operation caused by decommissioning of old ships.
SCF Group’s Novorossiysk Shipping Company (SCF Novoship) is the largest Russian shipping line. Novoship owns and operates a fleet of 56 modern vessels, of total 4.42m DWT, valued at $3,19 billion. The average age of the Company’s tanker fleet is 6.3 years. Novoship placed orders for 5 newbuildings of total 480,000 DWT, to be delivered by the end of this year.
SCF Group’s Novorossiysk Shipping Company (SCF Novoship) is the largest Russian shipping line. Novoship owns and operates a fleet of 56 modern vessels, of total 4.42m DWT, valued at $3,19 billion. The average age of the Company’s tanker fleet is 6.3 years. Novoship placed orders for 5 newbuildings of total 480,000 DWT, to be delivered by the end of this year.