During 2013, Sovcomflot Group took delivery of seven vessels amounting to 681,824 tonnes dwt in total. As IAA PortNews learnt from the Group’s press center, the new vessels comprised: one VLCC (Svet); two LPG carriers (Sibur Voronezh and Sibur Tobol); two Aframax (LR2) tankers (Anatoly Kolodkin and Viktor Bakaev); one Panamax bulk carrier (NS Yakutia) and one multifunctional ice breaking supply vessel (Aleksey Chirikov, ice class Ice10).
As at 31 December 2013 the Group’s had five vessels on order, comprising one VLCC and four LNG carriers, due for delivery between January 2014 and April 2015. The total contracted cost of these vessels is USD 881.9 million, of which USD 217.9 million had been paid as of the year end.
As at 31 December 2013, the Group’s fleet (owned and chartered) represented 158 vessels of nearly 12.6 million tonnes deadweight (31 December 2012: 158 vessels of 11.7 million tonnes deadweight), including nine escort tugs operating on a bareboat charter to an associate company.
As of 31December 2013, the Group’s gross revenue was USD 1,262,800,000 down 6.7% against USD 1,353,000,000 in 2012). Revenue in time charter equivalent climbed by 1.5% to $872.6 mln against $859.4 mln in 2012.
EBITDA: USD 382.1 million, down 5.9% against USD 406.1 million in 2012.
Net loss: USD 39.2 million in 2013 against USD 32.9 million net profit in 2012.
Adjusted net profit (excluding non-cash impairment provisions and results on disposal of assets) USD 11.6 million.
As Nikolay Kolesnikov, Senior Executive Vice-President of Sovcomflot, comments: “The Group remained free cash-flow positive in 2013 despite the challenging freight market conditions and a substantial investment programme provided for by the SCF Group’s strategy. Last year we took steps to further strengthen the Group’s liquidity position. In two separate transactions, with leading international financial institutions, we arranged around USD 400 million of long-term non-recourse credit facilities on competitive terms to finance our new build gas carriers. “The Group’s stable financial position and good earnings visibility have helped us retain access to sources of debt capital, on favourable terms, throughout the shipping cycle.”
Sovcomflot Group is Russia’s largest shipping company and one of the world’s leading shipping companies specializing in the maritime hydrocarbons transportation and supporting continental shelf exploration and oil & gas production. The SCF fleet includes 158 vessels with a combined deadweight of around 12 million tonnes. One third of them have a high ice class. The Group specialises in hydrocarbon transportation from regions with challenging ice conditions. Sovcomflot supports large-scale offshore energy projects in Russia and the rest of the world, including: Sakhalin-I, Sakhalin-II, Varandey, Prirazlomnoye, Tangguh, Escobar, and Peregrino.
The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid, Singapore and Dubai.