• 2020 April 9 09:35

    Sovcomflot’s Board of Directors acknowledges Group’s performance in 2019

    At a meeting held on 7 April 2020, the Board of Directors of PAO Sovcomflot reviewed the results of the Group’s operations in 2019, the company says in a press release.

    The Board gave provisional approval to the Group’s 2019 annual report and consolidated financial statements under IFRS.

    The Board noted that in 2019, the Group was operating against the backdrop of a recovery in conventional tanker freight rates, after nearly three years of depressed tanker markets (2016-2018). At the same time, the Group continued to focus on longer term projects and consolidated its positions within industrial shipping business segments.

    As a result, SCF Group significantly improved its key performance indicators in 2019: time charter equivalent revenue increased by 17.8 per cent to exceed USD 1.27 billion, EBITDA increased by 41.7 per cent to USD 823 million, while net profit exceeded USD 225 million.

    In light of the results, the Board of Directors recommended to allocate RUB 7.18 billion in dividend payments for the year ending 31 December 2019. 

    Sergey Frank, Chairman of the Board of Directors, said: “In May 2019, the Board of Directors approved the Group's development strategy for 2019-2025, which aims to ensure a steady and sustainable increase in Sovcomflot’s shareholder value through further expansion of its industrial portfolio, with a focus on large-scale energy projects. The Board notes with satisfaction that in the first year of implementing the Strategy-2025, the Group has achieved all the key performance indicators set for 2019, whilst outperforming on several.”

    Igor Tonkovidov, the President and CEO of PAO Sovcomflot, said: “The positive 2019 results owe much to our constant efforts aimed at increasing the efficiency and quality of our fleet operations, and steady fleet renewal, with a special emphasis on introducing and adopting cutting-edge engineering solutions. SCF’s fleet remains among the most technically advanced in the global energy shipping. 

    “We are pleased that the large-scale cooperation between Sovcomflot and Russia's leading energy companies is facilitating domestic construction of state-of-the-art LNG carriers and LNG-fuelled Aframax and MR tankers. The total value of shipbuilding orders placed by SCF Group at the Russian yards has already exceeded USD 1.5 billion. It is important that this fleet will operate under long-term industrial contracts, which will be conducive to reaching the goals set by SCF’s Strategy-2025 and contribute to increasing the stability of our revenues, offsetting the volatility inherent within the conventional tanker market.”

    David Moorhouse, the member of the Board of Directors, said: “The Green Charter is one of the key elements of SCF’s Strategy-2025. When we couple this with the Company’s knowledge and experience of working safely in harsh environments, we are clearly travelling in the right direction. SCF’s Green Agenda has been and remains truly positive for the Group and has reinforced its credentials. Our major customers such as Shell consider Sovcomflot as an industry leader and innovator.”

    During the meeting, Igor Tonkovidov informed the Board of Directors of the preliminary results from the first quarter ended 31 March 2020. Indicative performance data shows that the Group has exceeded the targets planned for first quarter of this year, as well as for the Q1 2019 results.

    The President and CEO of Sovcomflot also informed the Board of the measures taken by the Company to ensure the integrity and stability of its operations, both at sea and ashore, during the coronavirus infection outbreak and measures to protect the safety of its personnel. The Company makes all possible and necessary efforts to fully meet its obligations to employees, customers, and shareholders, while upholding the highest standards of safety, environmental protection and quality of services.

    Sovcomflot (SCF Group) is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production. The Group’s fleet includes 146 vessels with a total deadweight of 12.6 million tonnes. More than 80 vessels have an ice class.

    Sovcomflot is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia). The company is headquartered in Saint Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.

2020 June 2

18:24 Consortium of Boskalis, Bouygues and Saipem selected for Fecamp Offshore Wind Farm foundations
18:07 Alfaport-Voka, Antwerp Port Authority and Maatschappij Linkerscheldeoever agree to extend payment period for concessions
17:39 About forty ships, boats and vessels of RF Navy's Black Sea Fleet went to sea for training
17:34 Stena Line is now ten years ahead of the international shipping targets for reducing emissions
17:17 Nuclear-powered container carrier Sevmorput returned to Murmansk, its port of registration
16:51 The world's second largest container ship begins operating in the Port of Barcelona
16:15 Rosmorport announced successful bidder for adjustment of Pionersky terminal project
15:36 Associations call for accelerating digitalisation of maritime trade and logistics
14:51 POT celebrates its 25th anniversary on 16 June 2020
14:28 Nakhodka Ship Repair Yard lays down a series of eight crab catching ships
14:02 Ole Martin Grimsrud to leave his position as CFO of Aker Solutions
13:53 Effects of coronavirus epidemic prevention regulations on Finnlines Passenger traffic
13:35 WMU joins On Shore Power Supply in the Nordic Region project
13:02 DCSA establishes IoT standards for container connectivity
12:48 Bunker market sees mixed price movements at the Far East ports of Russia (graph)
12:26 Qatar Petroleum signs the largest LNG shipbuilding agreements in history to secure more than 100 ships valued in excess of QR 70 billion to cater for its LNG growth plans
12:00 Diana Shipping announces direct continuation of time charter contract for m/v Phaidra with Uniper
11:47 Research vessel of RF Navy's Baltic Fleet completed round-the-world route
11:22 Financial and operating results of FESCO Transportation Group for 2019
11:03 Ocean Network Express to extend the suspension of China-Australia service
10:29 “Zigh” Ship Repair and Construction Yard completes high-quality overhaul of “Nakhchivan” ferry vessel
09:58 Oil prices rise within $1
09:40 RS specifies requirements to roadster and harbor craft
09:23 MABUX: Bunker market this morning, June 02
09:12 Baltic Dry Index on June 1

2020 June 1

18:37 KIZAD breaks ground on largest rest, refuelling facility in region
18:21 Christophe de Margerie completes eastbound transit of NSR two months earlier than usual
18:13 Tallink Grupp to reroute its vessel Isabelle to operate on the Paldiski-Kapellskär route from 7 June 2020
18:07 ZIM starts eCommerce Xpress
17:52 Tallink to provide weekly sailings to Mariehamn in June and July 2020
17:29 Tallink adds more departures and additional vessel to Tallinn-Helsinki route
17:05 CMA CGM has announced FAK rates from North Europe to Mexico East Coast, USEC and USGULF & USWC
16:48 Throughput of port Azov in 5M’2020 fell by 9% YoY
16:30 Speakers announced for webinar “River fleet of the USA and Europe. What is useful for us or how do they make profit?”
16:05 MV Barracuda makes the first switch from dry cargo to jet fuel
15:26 Oil shipments via CPC Marine Terminal in 5M’20 climbed by 8.3% YoY
15:01 CMA CGM announces FAK rates from the Mediterranean to USEC, USGULF, Mexico East Coast and Canada East Coast
14:57 CANDEN Marine Fuel Services joins Glander International Bunkering Group
14:55 Average wholesale prices for М-100 HFO rose to RUB 6,641 in RF spot market
14:33 Northern Sea Route cargo traffic in 5M’2020 rose by 2.95%
14:10 Bollinger Quick Repair takes delivery of new dry-dock – “MR. Eddie”
13:52 Shuttle tanker Mikhail Ulyanov loads 200th crude oil cargo for Prirazlomnoye project
13:10 Neptune Energy welcomes DEME as a partner in the PosHYdon offshore green hydrogen pilot
12:46 Russian Railways' network loading fell by 4.5% in 5M’ 2020
12:10 Tanger Med partners with the initiative of the largest world ports to guarantee the continuity of international supply chains
11:57 Vladimir Putin approved a list of instructions following a meeting on transport sector development
11:31 CMA CGM ends PSS for exports from East Russia
11:05 Van Oord develops Green loan framework
10:30 CMA CGM announces PSS for Reefer Exports from Europe to West Africa (Nigeria excepted)
10:03 Oil prices decrease by about $1
09:46 Royal IHC to deliver design package and key components for new TSHD of Weeks Marine
09:42 Shipbuilding and Ship Repair Yard named after Lenin launched crane ship built for RF Navy
09:20 Baltic Dry Index on May 29
08:39 MABUX: Bunker market this morning, June 1

2020 May 31

16:57 RINA: shareholders’ meeting approves the financial statement for 31 December 2019 and appoints a new Board of Directors
15:31 Board appoints non-executive director at V.Group
14:48 MM&P seeks help from Congress in battle to repatriate offshore crews
13:24 Svitzer A/S names new CEO
12:31 Subsea 7 announces cost reduction measures
10:52 Drydocks World begins second project for the Hollandse Kust Zuid Windfarm