International rating agency Moody's has placed depositary foreign currency rating Baa1 of Sovcomflot OJSC under review for possible downgrade, the agency reports according to Fincake.
Moody's attributes it to the fact that the degree of the company’s state support has decreased despite the strategic importance of the company.
However, Moody's notes Sovcomflot strong position, its strategic significance at the market of oil and gas export as well as at the market of icebreakers and Arctic tankers. The revision is to take place within a month.
Sovcomflot OJSC is Russia’s largest shipping company and one of the world’s five largest tanker companies. Its fleet comprises 132 vessels with total deadweight of some 9.4 million tonnes. TheGroup’s current backlog of orders numbers 32 vessels with total deadweight of 2.64 million tonnes. The average age of the Group’s tanker fleet is 6.5 years. Sovcomflot Group holds a leading position in the global market of product carriers, Aframax tankers, ice-class LNG-carriers and Arctic shuttle tankers, those of special demand in Russia’s foreign trade.
Moody's attributes it to the fact that the degree of the company’s state support has decreased despite the strategic importance of the company.
However, Moody's notes Sovcomflot strong position, its strategic significance at the market of oil and gas export as well as at the market of icebreakers and Arctic tankers. The revision is to take place within a month.
Sovcomflot OJSC is Russia’s largest shipping company and one of the world’s five largest tanker companies. Its fleet comprises 132 vessels with total deadweight of some 9.4 million tonnes. TheGroup’s current backlog of orders numbers 32 vessels with total deadweight of 2.64 million tonnes. The average age of the Group’s tanker fleet is 6.5 years. Sovcomflot Group holds a leading position in the global market of product carriers, Aframax tankers, ice-class LNG-carriers and Arctic shuttle tankers, those of special demand in Russia’s foreign trade.