• 2015 November 18

    Sergey Frank, President and CEO of OAO Sovcomflot

    On nine months results of Sovcomflot and on prospects of tanker market development in 2016-17

    - Sovcomflot is satisfied with a strong set of third quarter results, which in turn have contributed to a very positive operating and financial performance for the nine months of 2015 results. This has been possible through a combination of positive underlying tanker market conditions, and the Group’s proven business model that continues to serve us well. We continue to improve the efficiency of our operations, and firmly believe that our significant industrial shipping activities are a source of strength and stability going forward.

    Whilst the geopolitical and economic outlook remains especially difficult to predict, we remain optimistic about the prospects for further tanker market growth during the final quarter of this year, with the outlook for both crude and oil product tankers in 2016-2017 looking positive, based on favourable supply-demand fundamentals across most tanker market segments.

    From Sovcomflot statement.

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