The Sovcomflot Executive Board has reviewed the results and performance of the Sovcomflot Group for the nine month period ended 30 September 2008.
In the nine months to 30 September 2008, Sovcomflot Group revenue was USD 1.26 billion, a 36.2 per cent increase on the corresponding period in 2007. The Group’s net profit was USD 484.1 million, a 20.9per cent increase on the previous period. Total assets at 30 September 2008 were USD 5.8 billion, an increase of 10.0 per cent on the position at 30 September 2007.
The first nine months of 2008 saw significant progress made with the integration of Sovcomflot and Novoship, as commercial operations were merged and international sales activities unified.
Going forward, the Group benefits from the fact that some two thirds of its fleet operates on a time charter basis, with more predictable and stable earnings through time-charter agreements with the first-class charterers. The remainder of the fleet operates on the spot market, mainly under COAs and on consecutive voyages basis.