• 2016 August 25 13:07

    Sovcomflot’s H1 2016 net profit down 23.3%, y-o-y, to $165.9 mln

    Sovcomflot says its IFRS net profit for the six month ending June 30, 2016 declined by 23.3%, year-on-year, to $165.9 mln. In the reported period, gross revenue fell by 9.2% to $680.2 mln, EBITDA – by 1.9% to $385.8 mln.

    The statement also marks the following highlights: successful issue of USD 750 million, 5.375 per cent coupon, seven-year term unsecured Eurobonds; USD 260 million long-term loan agreement signed with VTB Bank in June; Five new vessels launched: pioneering 172,600 m3 capacity ice breaking LNG carrier (Arc7 ice class) for Yamal LNG project (January), three new Arctic shuttle tankers for Novy Port project (February, April, June), and a new ice-breaking supply vessel to serve Sakhalin-2 project (June).

    Commenting on the Group’s performance Sergey Frank, President and CEO of PAO Sovcomflot, said: “From January to July, there was a notable downswing in the global tanker market, with spot rates in certain market segments dropping by one third year-on-year, which has affected the financial performance of the entire industry.”

    “Analysts foresaw this downturn, so, as part of its Development Strategy, Sovcomflot has focused its efforts on diversifying its business by beefing up its portfolio of long-term industrial projects with a fixed high rate of return. Participation in projects such as Sakhalin-1, Sakhalin-2, Varandey, Prirazlomnoye, Novy Port, and Yamal LNG will guarantee a reliable source of constant income for Sovcomflot even in times of market uncertainty and ensure the stable employment of a significant proportion of our fleet. As of 31 July 2016, future contracted revenue stood at USD 8.2 billion.”

    Nikolay Kolesnikov, Executive Vice President, Chief Financial Officer, commented: “Despite the tanker market downturn which has seen rates decline by 30% in some market segments, Sovcomflot’s net profit adjusted for non-operating revenues decreased by only 5.8 per cent. This matches the Group’s performance dynamics during 1H2016. Sovcomflot was able to enhance its debt repayment profile significantly following a highly successful unsecured USD 750 million Eurobond issue. The funds raised were used to refinance the Group’s debut Eurobonds issued in 2010.”

    “The success of the Eurobond issue gave Moody’s sufficient grounds to upgrade the Group’s corporate rating from Ba2 to Ba1. Together with a new long-term loan agreement signed with VTB Bank, the amount of external debt financing raised by Sovcomflot during 1H2016 exceeded USD 1 billion, and SCF’s contracted shipbuilding programme is now fully financed.”

    Business segment highlights when it comes to Crude Oil Transportation: Time charter equivalent (TCE) revenues in the first half (H1) ended 30 June 2016 were USD 266.2 million (H1 2015: USD 280.5 million); Oil Products Transportation: Time charter equivalent (TCE) revenues in the first half (H1) ended 30 June 2016 were USD 105.7 million (H1 2015: USD 126.6 million); Gas Transportation: Time charter equivalent (TCE) revenues in the first half (H1) ended 30 June 2016 were USD 72.6 million, a notable increase on the previous first half period (H1 2015: USD 63.6 million); Offshore Development Services: Time charter equivalent (TCE) revenues in the first half (H1) ended 30 June 2016 were USD 115.1 million (H1 2015: USD 114.4 million); Other: Time charter equivalent (TCE) revenues in the first half (H1) ended 30 June 2016 were USD 16.9 million (H1 2015: USD 32.5 million).

    As at 30 June 2016, Sovcomflot’s fleet (including vessels owned, chartered-in, and in joint ownership with third parties) comprised 140 vessels with a combined deadweight of approximately 12.3 million tonnes. At this time, there were eight vessels under construction (one Arc7 ice-breaking LNG carrier of 172,600 m3 capacity, one multifunctional ice breaking (“MIB”) supply vessel, three MIB standby vessels, and three ice-class shuttle tankers).




2021 January 22

18:00 Rosmorport's icebreaker Mudyug starts providing icebreaking assistance in the Baltic Sea
17:36 Andrey Lavrishchev appointed as head of Federal Marine and River Transport Agency
17:13 Aleksandr Poshivay appointed as Deputy Minister of Transport of the Russian Federation
16:34 Rosmorport starts providing geodesic and hydrographic services in the water area of Petropavlovsk-Kamchatsky seaport
16:05 APM Terminals Gothenburg offers certified climate impact calculations to customers
15:49 Sredne-Nevsky Shipyard commences outfitting of yet another minesweeper of Project 12700, Pyotr Ilyichov
15:21 Norsepower installs first tiltable Rotor Sails on Sea-Cargo Ro-Ro
14:58 Container terminal in Świnoujście is in line with sustainable development vision
14:32 Cargo turnover of NCSP Group in 11M’2020 totaled 101.4 million tons, down 21.2% YoY
14:07 Petersburg Oil Terminal in 2020 increased shipments of oil products by 16.6%
14:03 Jan De Nul adds two new vessels to its fleet
13:45 DHT Holdings announces acquisition of two VLCCs
13:29 Iridium partner MetOcean Telematics provides SaR buoys to the USCG
12:52 Havyard develops hydrogen zero-emission vessels in new segment
12:11 THE Alliance announces Transatlantic Service Network adjustments for 2021
11:30 Rosmorport successfully completed formation of Ultramar terminal’s water area
11:06 Training ships Nadezhda and Professor Khlyustin welcome first cadets of 2021 season
11:05 Inmarsat passes 10,000-vessel fleet xpress installation milestone as data demand accelerates maritime digitalisation
10:39 Scottish Ports Group welcomes Scottish Goverment's establishment of 'Greenports'
10:21 Throughput of Kaliningrad port in 2020 fell by 6% Y-o-Y
10:02 MABUX: Bunker market this morning, Jan 22, 2021
09:48 Bunker market sees mixed price movements at the Port of Saint-Petersburg, Russia (graph)
09:30 Crude oil prices decrease amid aggravation of the epidemiological situation
09:12 Baltic Dry Index as of January 21

2021 January 21

18:07 Port of Houston awarded new start for Ship Channel
17:50 Throughput of port Vyborg in 2020 fell by 46% Y-o-Y
17:27 Rolls-Royce secures research contract with US Navy to develop innovative debris detection technology
17:03 Galeon Yachts announce new outbourd model
16:42 Throughput of port Vysotsk in 2020 fell by 4% Y-o-Y
16:32 Jan De Nul Group is the first dredging company to carry out 100% sustainable beach replenishments in Belgium
16:23 Yaskawa Environmental Energy develops a permanent magnet propulsion system for superyachts
16:09 MABUX Bunker Weekly Outlook, as of Jan 21, 2021
16:00 Throughput of port Primorsk in 2020 fell by 19% Y-o-Y
15:36 Bunker market see mixed price movements in the Far East ports of Russia (graph)
15:13 Battle stations for boat-handling systems
14:58 Port of Ust-Luga throughput in 2020 declined by 1% Y-o-Y
14:43 MasterCraft Boat Company launches digital boat show experience to connect with consumers amidst dynamic boat show season
14:22 ABS grants AIP for DSME’s Solid Oxide Fuel Cell technology
14:05 20% global e-commerce growth fast tracks supply chain tech adoption from 5 year plans into 2021 action
13:43 Sovcomflot and Total sign time charter agreement for up to 7 years for a newbuilding 174,000-cbm LNG carrier
13:21 TFG Marine to start bunkering operations from Falmouth in the United Kingdom
13:11 Ocean carriers battle the Covid cargo crunch
12:52 Throughput of Port St. Petersburg in 2020 remained flat, year-on-year
12:36 UECC opening doors to a sustainable future
12:08 Crowley awarded fuel distribution contract for Arctic North Warning System
12:03 FESCO transported first containers with grain from Khabarovsk to China
11:41 Wilhelmsen Ship Management becomes a member of the Sustainable Shipping Initiative
11:24 Russian Crab Company Group reports annual operational results for 2020
11:05 MABUX: Bunker market this morning, Jan 21, 2021
10:36 MSC earns maritime sustainability certificate
10:20 Maritime UK welcomes Associated British Ports to the Diversity in Maritime Charter programme
10:05 New container service connecting Port of Immingham with Bilbao
09:37 Crude oil prices decrease as US resources grow
09:19 Baltic Dry Index as of January 20
09:01 Maersk Tankers sees 28% pool expansion in 2020
08:58 ICTSI Manila completes berth expansion

2021 January 20

18:54 Galeon Yachts announce new outboard model
18:15 CMA CGM announces FAK rates from Red Sea to North Europe & the Mediterranean
17:46 Håkan Agnevall assumes the position of CEO of Wärtsilä on 1 February 2021
17:16 SMM DIGITAL to stream conference programme online free of charge