• 2019 May 15 15:54

    Net profit of Sovcomflot in 1Q’2019 totaled $70.1 million versus loss of $16.1 million in 1Q’2018

    PAO Sovcomflot (SCF Group), a world leader in energy shipping and offshore services to the oil and gas industry, today reported its results for the first quarter (Q1) ended 31 March 2019.

    Financial highlights for Q1 2019

    USD million

    Q1 2019

    Q1 2018

    %

    Gross revenue

    410.7

    345.4

    +18.9

    Time charter equivalent (TCE) revenue

    313.9

    248.9

    +26.1

    EBITDA*

    206.8

    127.3

    +62.5

    Net profit (loss)

    70.1

    (16.1)

    -

    Korolev Prospect and Vernadsky Prospect delivered - the fourth and fifth vessels in a pioneering ‘Green Funnel’ series of six LNG-fuelled 114,000 DWT Aframax tankers ordered by Sovcomflot. Compliant with new international conventions on emission controls, applicable from 2020, the tankers also conform fully with environmental and safety standards for ships operating in ECA-controlled areas (including the Baltic and North Sea basins).

    In March, the Group celebrated the 10th anniversary of the start of LNG shipments from the Sakhalin-2 project. Over the past decade, Grand Aniva and her sister ship Grand Elena have successfully completed over 300 voyages, delivering some 43.5 million cubic metres of LNG to Asian customers.

    Yevgeny Primakov, an icebreaking standby vessel employed under long-term time-charter with Sakhalin Energy, was awarded ‘2019 Support Vessel of the Year’ by Offshore Support Journal.

    Gagarin Prospect and Lomonosov Prospect, the world's first LNG-fuelled Aframax tankers, received Green Award certificates, a quality mark for vessels that significantly surpass Convention requirements related to environmental protection.

    Sovcomflot received the annual Marine Money 'Deal of the Year' award, in the category Green Ship Finance - West. The publication recognised Sovcomflot's USD 252M seven-year credit agreement, with a consortium of foreign banks, to finance the construction of a series of the world's first large-capacity LNG-fuelled tankers.

    Sergey Frank, President and CEO of PAO Sovcomflot said: “Sovcomflot started 2019 with a strong Q1 performance, boosted by a return to profitability in our conventional crude and product tanker markets following an upswing in the first months of 2019. Profits from our crude fleet in particular increased 53 per cent year-on-year compared to Q1 2018.

    “Although spot market rates for conventional tankers have yet to reach their historic averages, they have come off the low levels witnessed in the  2017-Q3 2018 period and, whilst we remain cautious for Q2 2019, we believe that a sustainable market recovery in the conventional tanker markets appears likely towards the end of 2019 and through 2020.

    “Despite cautious optimism about conventional tankers, it is our industrial fleet working in the Offshore and Gas sectors where Sovcomflot specialises in delivering safety-focused operations, with high quality assets, under long-term contracts that remains central to Group strategy going forward. We have a number of such projects delivering in the next two years, and a pipeline of opportunities that we are looking to develop over the next five year window that will further increase Sovcomflot’s participation in these core strategic sectors.”

    Evgeniy Ambrosov, Senior Executive Vice-President of PAO Sovcomflot said: “During the quarter, we witnessed several landmark events in the history of the development of remarkable Russian Oil & Gas projects, in which Sovcomflot participated directly, including the 10th anniversary of LNG shipments from the Sakhalin-2 project, using SCF’s two LNGC’s Grand Aniva and Grand Elena to export natural gas to Asian markets. We also saw the 10th million tonne of crude oil loaded on SCF’s ice-breaking shuttle tankers serving the Prirazlomnoye project, operated by Gazprom Neft. The willingness of key customers to employ SCF vessels for extended periods of time is the best proof of SCF’s highest level of reliability as a business partner and an ocean carrier of hydrocarbons.”

    Igor Tonkovidov, Executive Vice-President, Chief Operating & Chief Technical Officer of PAO Sovcomflot said: “During the period, the Group took further steps to reduce its environmental footprint by increasing the use of LNG as primary fuel on two more Aframax tankers. The move represents a significant commitment by the Group to improve the environmental profile of oil transportation and is part of our ‘Green Funnel’ project developed in collaboration with Shell. Our track record of innovation was duly recognised by an award to our IBSV Yevgeny Primakov with her unique specifications as ‘Offshore Support Vessel of the Year’.

    Nikolay Kolesnikov, Executive Vice President and CFO of PAO Sovcomflot said: “With a stable balance sheet and positive cash-flow during the first quarter, supported by good earnings visibility, Sovcomflot is well positioned to continue with the implementation of its strategy and fulfilling the evolving needs of our clients. Sovcomflot’s contracted capex is fully funded, and the company maintains access to international and domestic sources of long-term capital.”

    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 August 19

18:41 Andrey Zubarev takes the helm at Sea Port St. Petersburg
18:36 Hapag-Lloyd announces General Rate Increase from East Asia to South America Eastcoast
18:26 Rosterminalugol YTD coal exports volume hits the 15-millionth-tonne mark
18:04 CMA CGM Group to take part in the Asia Fruit Logistica 2019 in Hong Kong
17:36 MPA launches Singapore’s first Maritime Sustainability Reporting Guide
17:04 ACO Marine commissions a series of Clarimar wastewater treatment plants for Jadrolonija
16:35 Suez Canal Container Terminal announces plans to open reefer repair hub to all brands
16:19 Jumbo and GoodFuels partner to take sustainable bio-fuel oil to the offshore support market
16:11 Main phase of Beloomut hydro engineering system rehabilitation project to be completed by the end of 2019, Moscow Canal authority says
15:58 LR awards world’s first digital type approval to HHI
15:32 d’Amico International announces the sale of one of the vessels
15:09 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
14:17 JFD signs strategic partnership with Aquacentrum Den Helder to provide submarine escape training
13:09 Samsung Heavy Industries to win orders for 10 LNG-fueled vessels
12:53 Kraken’s ThunderFish® delivered to DRDC, Canada
12:09 Sinanju signs 2-year time charter agreement with ExxonMobil for LNG-powered “Marine Vicky”
11:18 MODEC announces issuance of project bond for FPSO charter project
11:16 Registration underway for “Import Substitution in Russian Shipbuilding: Ambition and Reality” Roundtable
11:09 Busan Port-Qingdao Port concludes MOU to promote cruise business
10:08 RAN signs two year lease extension with the National Australia Bank for its two Cape Class Patrol Boats
09:43 Brent Crude futures edge up to $ 59,28, WTI – to $ 55,34
09:08 The BPA and the Port of Rotterdam Authority concludes a development agreement to construct and operate the Rotterdam Distribution Center
09:01 Baltic Dry Index rises 2% to 2088 points
08:56 MABUX: Bunker market this morning, Aug 19
08:49 Hapag-Lloyd announces General Rate Increase from East Asia to Latin America

2019 August 18

16:51 USCG responds to ferry aground in Boston Harbor
15:09 NOAA awards $2.7 million in grants for marine debris removal and research
13:02 BAE Systems cuts steel for UK Royal Navy's HMS Cardiff
12:46 Kongsberg Digital simulation and software selected to fast-track R&D at new autonomous ship centre in Korea
11:05 NYK sponsors endangered Sea Turtle Research
10:56 Coast Guard cites passenger vessel for operating illegally, terminates voyage

2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities
13:31 Damen Shipyards Cape Town joins Women’s International Shipping & Trading Association
12:28 CMA CGM announces rate restoration for Asia to West Africa trade
11:32 APL informs on voil sailing on Asia-Indian Subcontinent Service in August
10:58 Pre-commissioned USCG's Cutter Midgett makes second cocaine seizure within five days

2019 August 16

18:16 Port of Vyborg volumes in Jan-Jul plummet 29% to 687,700 tons
18:06 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
17:36 Norwegian Encore leaves MEYER WERFT's building dock
17:06 Balltec secures North Sea decommissioning contract from Heerema Marine Contractors Nederland
16:35 Canada Infrastructure Bank signs MoU with the Port of Montreal on Contrecoeur port expansion project
16:05 Vår Energi AS awarded an EPCI contract to Rosenberg Worley AS
16:03 Low-sulphur marine fuel sales by Gazprom Neft in the first half of the year increased by 11% to 121,400 tonnes
15:48 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
15:36 Throughout of oil port Primorsk in Jan-Jul 2019 increased 14% to 35.74 million tonnes
15:14 New mid-year record for container volumes through the Port of Vancouver
15:11 USCG repatriates 25 migrants to the Dominican Republic
14:27 Port of Vysotsk throughput in January-July rose 7% to 11.14 million tonnes
14:10 Austal signs A$126 mln contract to export two Cape Class Patrol Boats
13:14 Seven-month cargo volumes of Port of Ust-Luga increase 10% to 62 million tonnes (update)
13:05 NORDEN signs multiple long-term global contracts
12:05 APM Terminals Poti to implement uninterrupted 24/7 operations
11:39 Port of St. Petersburg seven-month volumes rise 2% to 35 million tonnes (update)
11:05 Steel cutting ceremony for the next AIDA LNG cruise ship at MEYER WERFT
10:48 Tekmar Energy selected for Formosa 1 Phase 2
10:44 Port of Hamburg seaborne cargo throughput up 4.1 percent to 69.4 million tons in H1 2019
09:55 Crude futures prices tend upward again: Brent Crude rises to $ 58,88, WTI – to $ 55,16
09:34 Baltic Dry Index leaps 97pts to 2047 points
09:27 Bunker prices show mixed movements at Port of St. Petersburg
08:41 MABUX: Bunker market this morning, Aug 16