Sovcomflot JSC states that its IFRS earnings increased by 31.5% to $1.634 mln in 2008, EBITDA climbed by 30.1% to $834.7 mln, profit from core business grew by 20.2% to $550.7 mln, net profit fell by 13.7% to $406.2 mln (revised in compliance with IFRS requirement).
As of December 31, 2008, the company’s fleet comprised 132 vessels with total deadweight of 9.4 million tonnes. The average age of vessel in the tanker fleet is about six years (the world average age is 12 years). It owns the world’s largest ice fleet and holds the top position in the product carrier, Aframax tanker and Arctic shuttle-tanker market segments, and is the leading ice-class tanker operator for the transportation of liquefied natural gas (LNG). These market segments are the most in demand for Russia’s foreign trade and its oil and gas companies.
The company’s backlog of orders numbers 31 vessels with total deadweight of 2.8 million tonnes including six vessels being built by Russian shipyards (total value $277.3 mln). Sovcomflot shipbuilding program has been completely financed by the company’s own and raised funds.
When commenting the company’s operating results of 2008, Sovcomflot BOD Chairman and Head of RF President’s Administration Sergei Naryshkin noted that high achievements amidst slowdown of global economy and trade confirm timeliness of the decision on consolidation of state assets of Russia’s two largest shipping companies – Sovcomflot and Novoship.
According to the decision of the company’s BOD, RUR 1 bln will be paid as dividends for 2008 (+4.2%, against that for 2007).
In 2008, investment in renovation of the company’s fleet totaled $652.2 mln. 11 new tankers with total deadweight exceeding 700,000 tonnes were put into operation in 2008.