SCF posts strong financial results for Jan-Sept
Sovcomflot (SCF Group) had contracted future revenues of USD 5.5 billion as of Sept. 30, 2011, the Group’s press release said. The position reflects the solid and long-term partnership of SCF with its reliable charterers, mainly major national and international energy companies.
At the end of the period, ended September 30, the Group continued to enjoy a strong liquidity position, with cash balances of USD 334.8 million.
In June 2011, the international ratings agency Standard & Poor’s awarded SCF Group a long-term credit rating of ‘BBB-’ with a stable outlook. During the first nine months of 2011 both Moody’s and Fitch maintained their investment grade ratings for Sovcomflot, although they each downgraded their outlooks to negative (Baa 3 ‘Negative’ and BBB- ‘Negative’ respectively), reflecting in part the challenging conditions faced by the shipping industry. Meanwhile, during the period Moody’s downgraded its rating of Sovcomflot’s unsecured bond issue to Ba1 ‘Negative’.
St.Petersburg-headquartered Sovcomflot (SCF Group), the biggest shipping company in Russia, ranks the fifth top tanker company in the world. The Company specializes in global transportation of crude oil, petroleum products and other energy sources. The Group's fleet comprises 156 vessels of total deadweight of nearly 12 million tons, the average age of the tanker fleet is 6.6 years. SCF’s newbuildings program includes 15 vessels of total deadweight of about 1.73 million tons. The Group with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid, Singapore.
At the end of the period, ended September 30, the Group continued to enjoy a strong liquidity position, with cash balances of USD 334.8 million.
In June 2011, the international ratings agency Standard & Poor’s awarded SCF Group a long-term credit rating of ‘BBB-’ with a stable outlook. During the first nine months of 2011 both Moody’s and Fitch maintained their investment grade ratings for Sovcomflot, although they each downgraded their outlooks to negative (Baa 3 ‘Negative’ and BBB- ‘Negative’ respectively), reflecting in part the challenging conditions faced by the shipping industry. Meanwhile, during the period Moody’s downgraded its rating of Sovcomflot’s unsecured bond issue to Ba1 ‘Negative’.
St.Petersburg-headquartered Sovcomflot (SCF Group), the biggest shipping company in Russia, ranks the fifth top tanker company in the world. The Company specializes in global transportation of crude oil, petroleum products and other energy sources. The Group's fleet comprises 156 vessels of total deadweight of nearly 12 million tons, the average age of the tanker fleet is 6.6 years. SCF’s newbuildings program includes 15 vessels of total deadweight of about 1.73 million tons. The Group with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid, Singapore.