Sovcomflot posts Q1’13 net profit of $2 mln (-95.6%)
In the first quarter of 2013, IFRS net profit of Sovcomflot OJSC fell 95.6% (year-on-year) to $2.0 million, the company announced.
Gross revenue declined 16.1% to 313.2 mln t, EBITDA dropped 58.5% to 30.9 mln. Time charter equivalent ( represents shipping revenues less voyage expenses and is commonly used in the shipping industry to measure financial performance and to compare revenue generated from a voyage charter to revenue generated from a time charter) lost 16.4% making 201.8 mln.
Commenting on the Group’s results Sergey Frank, President and CEO of OAO Sovcomflot, said: “The conditions in the tanker markets remained very challenging throughout the first quarter of 2013. Whilst some of the global macro-economic indicators are beginning to show signs of improvement, the benefits have yet to flow through to the tanker markets. Overall, we expect there to be no sustained improvement in these markets before 2014.”
As at 31 March 2013, the SCF Group fleet comprised 159 vessels (including vessels in joint ownership with third parties) with total deadweight exceeding 12 mln t. The average age of tanker is 7.9 years.
Assets under construction at the period end comprised 10 vessels, with a total deadweight of some 1.2 million tonnes. This includes: two VLCCs; six gas carriers (four ice-class LNG, Ice 1C, 170,.000 cubic metres; two LPG carriers, Ice 1B, 20,.550 cubic metres); one Aframax tanker (LR2 type); one multifunctional ice-class supply vessel.