• 2015 March 26 08:17

    Sovcomflot posts net profit of USD 83.9 mln in 2014 vs. loss of USD 39.2 mln in 2013

    Sovcomflot says its net profit totalled USD 83.9 million in 2014 vs. a loss of USD 39.2 million in 2013.

    - Gross revenue increases 9.9 per cent to USD 1,387.4 million (2013: USD 1,262.8 million)

    - Time charter equivalent increases 19.6 per cent to 1,044.0 million (2013: 872.6 USD million)

    - EBITDA: increased 40.9 per cent to USD 538.2 million (2013: USD 382.1 million)

    - Three newbuildings delivered: two tri-fueled Atlanticmax ice class Ice2 LNG carriers (Velikiy Novgorod and Pskov  - each 170,200 m3 capacity) for long-term charter to Gazprom; a second VLCC, SCF Shanghai, for long-term charter to PetroChina International

    - 20-year contracts with Sakhalin Energy for the construction and operation of four  multi-functional icebreaking offshore support vessels for the Sakhalin-2 Project

    - Long term time charters with the Gazprom Group for three ice-class Arc-7 shuttle tankers for Novy Port project, Russia

    - Arc-6 DP2 ice class shuttle tankers Mikhail Ulyanov and Kirill Lavrov start crude oil transportation from Arctic oil field on Russia’s continental shelf (Pechora Sea)

    - Nine transit voyages across the Northern Sea Route in the 2014 Arctic navigation season as part of systematic work on development of shipping in the Arctic basin in cooperation with the Russian Transport Ministry, state agencies and oil&gas majors

    Sergey Frank, Sovcomflot President and CEO commented:

    “Sovcomflot’s strong 2014 performance resulted from two major factors. First, we consistently continued to execute our growth strategy in business areas yielding attractive rates of return. Second, our conventional tanker fleet was able to reap benefits resulting from improved market conditions, where we believe there is still some potential for the rates to firm up. These improvements to the top line coupled with enhanced organizational efficiencies being made and lower bunker costs stimulated our earnings growth and our bottom line results for 2014.

    “Looking ahead, Sovcomflot Group is well positioned to benefit from the continued positive momentum of the tanker market upswing. The first quarter of 2015 is looking quite promising. Being based on funDamentals we are pretty optimistic that earnings performance in 2015 will exceed that of the previous year”.

    In the course of 2014, SCF Group has implemented a number of new exciting projects. Our focus amongst other things is to secure a growing share of business from Sovcomflot’s industrial fixed rate gas transportation and offshore service activities, has provided a valuable cushion of stable cash flows during the market downturn.

    Our recent achievements would not be possible without commitment and support of over 8,500 members of our international team at sea and ashore. Their commitment and professionalism lie at the heart of our performance.”

    Evgeniy Ambrosov, Sovcomflot Senior Executive Vice-President, commented:

    “Sovcomflot performed well in 2014, with a number of newbuilds received during the year. We took delivery of Velikiy Novgorod and Pskov, two advanced design LNG carriers and our second VLCC. The LNG carriers operate under long-term charter agreements with PAO Gazprom and the VLCC is on long-term time charter to PetroChina International.

    “Commercial highlights for 2014 included the finalisation of significant new long-term agreements: contract with Sakhalin Energy for the construction and long term charter of four IBSV’s, the agreement with Gazprom for the construction and long term charter of three Arc-7 ice breaking shuttle tankers and the agreement with Yamal LNG for the construction and long term charter of the first ice-breaking  Arc-7 LNG carrier to serve the Yamal LNG Project. The deliveries of these vessels are scheduled for 2016 and 2017 providing prompt additions to the Group’s fixed income industrial fleet. With each new project we are reviewing and implementing the latest technology, ensuring the application of environmental protection programmes, providing our crews with the latest knowledge base of navigational, safety and environmental information.

    Nikolay Kolesnikov, Sovcomflot Executive Vice-President, Chief Financial Officer added:

    “Sovcomflot’s stronger operational performance in 2014, with EBITDA growth of forty per cent year-on-year reflecting the contribution of newly delivered vessels as well as the tanker market recovery, resulted in improving the company’s credit position, and we have enjoyed stable liquidity and retained access to the international financial markets. This was demonstrated again in December 2014, when the Group concluded a USD 319 million, 10 year project finance facility with a consortium of leading European banks.

    Our industrial shipping business model, together with long-term client relationships with the world’s oil majors, provides good earnings visibility. At the end of 2014, Sovcomflot had USD 8.8 billion of contracted future revenues including from our joint ventures. This provides a stable platform underpinning the continued growth and development of Sovcomflot.”

    Igor Tonkovidov, Sovcomflot Executive Vice-President, Chief Technical Officer of SCF Group, said:

    “In 2014 we continued to focus on investment in the development of the advanced engineering and energy saving solutions and innovative technologies for our fleet. Our commitment remains to ensure safety, quality and excellent service to our customers whilst taking due care of the environmental impact.

    “During the reporting period much attention was paid to the training and well-being of our professional crews, who represent one of SCF’s core competitive advantages. The commitment to our people, as well as being the owner and operator of one of the most technologically advanced and environmentally friendly fleets lies at the heart of our business. Our dedication to ‘Safety Comes First’ remains deeply engrained within our corporate culture at sea and on shore.”

    Sovcomflot Group (SCF) is Russia’s largest shipping company and a world leader in the maritime transportation of hydrocarbons as well as the servicing and support of offshore exploration and oil & gas production. SCF is the largest operator of ice class LNG gas carriers in the world. The company’s fleet (owned & chartered) specialises in hydrocarbon transportation from regions with challenging icy conditions and includes 153 vessels with a combined deadweight of about 12.6 million tonnes. A third of these vessels have a high ice class. Sovcomflot supports large-scale offshore energy projects in Russia and overseas, including: Sakhalin-I, Sakhalin-II, Varandey, Prirazlomnoye, Tangguh, and Peregrino. The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, Madrid, Singapore and Dubai.




2021 January 17

12:16 OOCL presents 2021 Ocean Alliance products
10:49 Hapag-Lloyd announces PSS on Turkey and Greece to USA trade

2021 January 16

15:39 New ship Silver Dawn floats out in Ancona.
14:31 Signing of MoU in relation to 2 units of 250 feet crane barges
13:28 CMA CGM to apply FAK rates for North Europe to Gulf and Red Sea trade
12:49 DuPont Clean Technologies to develop scrubbing project with BELCO® technology to control the emissions of Empresa Nacional de Petróleo (ENAP)
10:35 Hapag-Lloyd announces blank sailings on Europe - Asia trade
09:11 Golar LNG and Stonepeak Infrastructure Partners to sell 100% of Hygo Energy Transition Ltd. to New Fortress Energy

2021 January 15

18:15 Organic fertilizers and biogas from biowaste in the Helsinki region – commercial use of the Lohja biogas plant started up
18:04 New Speakers and Sponsors announced for Unmanned Maritime Systems Technology virtual conference
17:51 High reliability of Limburg Express requires expansion
17:41 Gulf of Guinea records highest ever number of crew kidnapped in 2020, according to IMB’s annual piracy report
17:38 Diana Shipping announces increase in tender offer price for its shares of common stock and extension of expiration date
17:29 OCEAN Alliance Day 5 Product signing ceremony
17:08 i4 Insight partner with FNT to integrate Condition Monitoring service
17:06 Throughput of Rostov-on-Don port in 2020 grew by 13% Y-o-Y
17:03 The effects of the coronavirus epidemic prevention regulations on Finnlines passenger traffic
16:42 Launching of Viking Glory slated for Jan 26
16:28 Carisbrooke Shipping and SMT Shipping partner with Nautilus Labs for collaboration to optimize fleet performance
16:01 Tallink Grupp appoints new Managing Director for Swedish subsidiary Tallink Silja AB
15:17 USCG cutter Joseph Gerczak to increase maritime presence in Pacific
14:47 First steel cut for new Carnival Celebration, next Excel-class ship set to debut from PortMiami in 2022
14:22 Zvezda Shipyard starts cutting steel for third MR product carrier
13:57 Bunkering of a new-generation LNG-powered container ships begins in Rotterdam
13:26 Holland America Line opens bookings for Europe 2022 cruises - four ships span the region on itineraries ranging from 7 to 21 days
13:08 SCF takes delivery of new LNG carrier to expand long-standing partnership with Shell
12:49 Anatoly Meshcheryakov appointed as Director of Transport Department
12:34 BW Offshore: Incident on FPSO Espoir Ivoirien
11:21 Sakura Kuma named as new managing director of APM Terminals Japan
10:56 Turnover of DeloPorts terminals grew by 36% in 2020
10:32 MABUX: Bunker market this morning, Jan 15, 2021
10:04 Jinling hands over Grimaldi Group’s second GG5G Class hybrid ro-ro
09:57 Biggest Dutch project for CO2 reduction, Porthos, is on schedule
09:55 Bunker prices show no significant changes at the Port of Saint-Petersburg, Russia (graph)
09:34 Crude oil prices continue decreasing in expectation of COVID-19 related lockdowns to affect the demand
09:19 Baltic Dry Index as of January 14

2021 January 14

18:25 Throughput of Russian seaports in 2020 fell by 2.3% Y-o-Y
18:03 Torvald Klaveness First Steamship joins Baumarine by MaruKlav
17:48 Exports of Transneft oil via seaports fell by 21.3%
17:31 Wärtsilä SmartMove Suite sets sail with the American Steamship Company
16:47 Marine Administration of the Russian Federation extends validity of seafarers’ documents
16:23 CMA CGM announces Empty Equipment Imbalance Surcharge for cargo from North Europe, United Kingdom, Baltic States, Scandinavia & Russia to Nigeria
16:18 Bunker Outlook, Jan 14, 2020
16:03 Contecon Manzanillo caps off 2020 with 1M TEU milestone
15:55 Enhanced requirements for shore-based personnel boarding vessels in the Port of Singapore
15:41 Dredging fleet of Rosmorport’s Astrakhan branch expanded with dredging convoy
15:23 Equinor selected for largest-ever US offshore wind award
15:03 Konecranes makes first UK installation of S-series crane
14:44 Bunker prices increased in the Far East ports of Russia (graph)
14:22 Abu Dhabi Ports to provide container transportation services between Musaffah-based facility and Khalifa Port
14:03 North Sea Port feels reports 63.5 million tons of cargo transhipment from maritime shipping in 2020
13:40 Port of Riga saw cargo structure changes in 2020
13:23 Kalmar’s straddle carrier technology to enhance operational capabilities at Iles de la Réunion
13:21 Port Houston annual container volumes near record in December 2020
12:48 Throughput of Sovetskaya Gavan port surged by 83% in 2020
12:04 Portuguese and Greek Prime Ministers visit European Maritime Safety Agency
11:59 Port of Oakland loaded imports up 11 percent in Dec. 2020
10:47 Year 2020 ended with 6.6 million tons of various cargo handled by Port of Liepaya
10:20 MABUX: Bunker market this morning, Jan 14, 2021
10:19 PGNiG received its fourth LNG delivery in Klaipėda