• 2019 April 15 09:15

    Sovcomflot BoD proposed to allocate RUB 1.435 billion for payment of dividends

    At a meeting held on 11 April 2019, the Board of Directors of PAO Sovcomflot reviewed the results of SCF Group’s operations in 2018, the company says in a press release.

    The Board gave provisional approval to the Group’s 2018 annual report and accounts.

    The Board of Directors noted that during the reporting period, conditions in almost all the segments of the global freight market remained extremely challenging, with freight rates levels reaching the lowest in the last 25 years.

    Against this background, SCF Group achieved solid operating and financial results, securing operating profit of USD 187.3 million and showing growth in key performance indicators: gross revenue (IFRS) increased by 5.9 per cent to USD 1.52 billion compared to 2017; net revenue increased by 1.6 per cent to USD 1.07 billion; EBITDA increased by 6.5 per cent to USD 580.7 million.

    “Despite the freight market downturn creating unfavorable conditions for tanker owners, Sovcomflot has fully accomplished all the objectives set by the company’s strategy. By consistently implementing its strategy, the company was able to expand the participation of its fleet in high added-value industrial projects. Revenues from offshore operations and liquefied gas transportation grew steadily, accounting of 57 per cent of 2018 total net revenue”, said Ilya Klebanov, Chairman of the Board.

    The Board noted that in 2018, Sovcomflot strengthened its position as the technology leader of the global tanker industry by successfully introducing a series of the world’s first Aframax oil tankers using LNG fuel as their primary fuel.

    “The company's work in this area is fully consistent with the state program of the Russian Federation, which provides for expansion of the use of LNG fuel in the transportation sector. Being one of the largest customers of the Russian civil shipbuilding, Sovcomflot actively contributes to localizing the construction of new-generation tankers within Russia, at Zvezda Shipbuilding Complex in Primorsky region of the Russian Far East”, stressed Ilya Klebanov.

    “In 2018, the company has grown its portfolio of long-term time-charter contracts with oil & gas majors, which enabled Sovcomflot to increase the amount of future contracted revenues by USD 1.7 billion. During Q4 2018, the conventional tanker shipping market saw the signs that the balance of the tonnage supply and demand for oil & petroleum products transportation is shifting, allowing spot freights rates to recover, a positive trend for shipowners that continued into Q1 2019. According to the management accounting system, the company's net revenue for Q1 2019 is more than 20 per cent higher than in the same period last year”, said Sergey Frank, CEO & President of Sovcomflot.

    The Board of Directors proposed to allocate RUB 1.435 billion for payment of dividends.

    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 company’s fleet includes 146 vessels with a total deadweight of over 12.7 million tonnes. Over 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.

2019 July 19

18:10 NYK holds fleet safety promotion conferences for shipowners and ship-management companies
18:04 Incat Tasmania exports new 111 metre ferry to Spain
17:49 World's largest air-cushioned landing craft takes part in Navy Day parade rehearsal in Baltiysk
17:25 Caspian Flotilla ship crews prepare for Naval Parade
17:03 FortisBC secures first export contract for Tilbury LNG facility
16:22 Project documentation for construction of Nizhny Novgorod hydroengineering facility completed - Victor Vovk
16:03 CMA CGM announces GRR from Asia to East and South Africa
15:50 East Mining Company to invest RUB 11.5 billion in development of its coal project in Sakhalin
15:33 Moby names Damen ASD Tug 2813 Vincenzino O. in Cagliari
15:12 Cargotec posts financial report for January–June 2019
14:47 Blagoveshchensk shipyard completed state trials of hydrographic survey vessel of Project 19910
14:33 NYK recognized for implementation of advanced navigation support tool
14:12 Global Ship Lease announces new charter agreement
13:51 150 graduates of Moscow State Water Transport Academy awarded with diplomas
13:30 RF Government includes NOVATEK’s LNG terminal project into area planning scheme
13:12 Port of Long Beach releases draft Master Plan update
13:07 Epic Gas Ltd. completes acquisition of two vessels of four LPG carriers
12:24 USCG finds federal fisheries violations aboard 5 recreational fishing vessels
12:11 IMO Council condemns tanker attacks in Strait of Hormuz and Sea of Oman
11:31 Naval Group reports order intake growth in H1 to 3.9bn euro
11:14 Ice-breaking LNG carrier for Yamal LNG Project named NIKOLAY URVANTSEV
10:58 Minister of Transport of Malaysia visits World Maritime University
10:26 Saudi Arabia accedes to two important IMO treaties
09:55 Bunker prices are slightly down at the port of Saint-Petersburg, Russia (graph)
09:50 MABUX: Bunker market this morning, July 19
09:33 Brent Crude futures price is up 1.91% to $63.11, Light Sweet Crude – up 1.48% to $56.12
09:16 Baltic Dry Index is up to 2,130 points

2019 July 18

18:05 Future expectations for MPS Terminal 3 in the port in Tema outlined with Government delegation
17:24 PGNiG acquires interest in another gas field in the North Sea
17:18 DNV GL supports 2020 sulphur compliance with online Ship Implementation Plan
17:05 OOCL announces new Middle East / Indian Subcontinent – North Europe Service
16:35 Consortium including DEME and Jan De Nul explores pioneering high-wave offshore solar technology
16:07 Large maritime market players join hands to create high-wave offshore solar panels
15:52 State Duma makes it easier for foreign tourists to visit Russia’s Arctic
15:35 Incat Tasmania delivers new 111-metre ferry to Spain operator Naviera Armas
15:18 Hapag-Lloyd launches South-East India – Europe Express Service // IEX to start operations in October 2019
15:01 Operation ATALANTA welcomes ESPS CANARIAS
14:26 Bunker prices are slightly down at the Far East ports of Russia (graph)
14:00 Diana Shipping announces time charter contract for m/v Selina with Ausca
13:44 PortNews Media Group's anniversary celebration photo release
13:22 Aleksey Khaidukov as President of Novoship
13:00 Global Ports Holding invites proposals for Duty Free and Travel Retail operations at Malaga, Zadar, Cagliari and Catania cruise ports
12:47 East Mining Company eyes arranging offshore transshipment of coal in Kamchatka under Tata project
12:09 Wärtsilä posts financial results for January-June 2019
11:53 Construction of LNG-powered icebreakers to be financed by NOVATEK – Vyacheslav Ruksha
11:31 RF Deputy PM Maksim Akimov set a task to begin dredging in the Gulf of Ob not later than on 1 August 2019
11:09 Port of Muuga strengthened with new ferry connection to Finland
10:48 Primorsky MRC terminal to offer fully closed transshipment of loose cargo
10:30 MAN Energy Solutions gets subsea compression FEED order from Chevron
10:09 Port of Lowestoft names new state-of-the-art pilot boat
09:56 MABUX: Bunker market this morning, July 18
09:50 APM Terminals Callao launches Peru’s first digital customer platform
09:34 Brent Crude futures price is up 0.17% to $63.77, Light Sweet Crude – up 0.02% to $56.79
09:16 Baltic Dry Index is up to 2,064 points

2019 July 17

18:13 USCG responds to boat collision, assists 4 injured
17:55 LNG vessels to protect environment and increase container turnover at the Port of Riga
17:32 YAMAL LNG obtains certification for the new ISO 45001:2018 and confirms compliance with ISO 14001:2015
17:03 Qatargas delivers 3000th LNG cargo to Japan
16:48 Maslovoz-2 tanker left floating dock of Novorossiysk Ship Repair Yard
16:21 Krasnoye Sormovo delivers the Aleksandr Zuyev, dry cargo carrier of Project RSD59, to STLC