• 2019 November 15 17:48

    Sovcomflot reports its results for third quarter and nine months of 2019

    Sovcomflot (SCF Group), a world leader in energy shipping and offshore services to the oil and gas industries, today reported its results for the third quarter (Q3) and nine months (9M) ending 30 September 2019.

    Financial highlights for the third quarter to 30 September 2019

    USD millions

    Q3 2019

    Q3 2018        

    %

    Gross revenue (Freight and hire)

    418.8

    396.4 

    +5.7 

    Time charter equivalent (TCE) revenue

    293.9

    262.6

    +11.9

    EBITDA*

    173.1 

    146.9 

    +17.8

    Net profit (loss)

    25.9 

    0.3 

    х86

    Financial highlights for the nine months to 30 September 2019

    USD millions

    9М 2019

    9М 2018       

    %

    Gross revenue (Freight and hire)

    1,246.8 

    1,106.5

    +12.7 

    Time charter equivalent (TCE) revenue

    902.9

    774.0 

    +16.7 

    EBITDA*

    554.3 

    414.6 

    +33.7 

    Net profit (loss)

    116.9 

    (57.5)

     -

    * Earnings before interest, tax, depreciation and amortisation, calculated on the corrected basis.

    In September 2019, SCF Group and NOVATEK agreed to establish a joint venture, SMART LNG, which will own and operate the fleet of LNG carriers transporting liquefied gas for current and prospective projects of NOVATEK.

    In September 2019, the Group took delivery of Mikhail Lazarev, the latest in the Shturman Albanov series of Arctic shuttle tankers employed for the Novy Port project by Gazprom Neft.

    In September 2019, two joint venture companies belonging to SCF Group and NYK Line signed a new USD 176 million credit facility for eight years with a consortium of three leading banks: Sumitomo Mitsui Banking Corporation; Société Générale, and Shinsei Bank. The facility was used towards refinancing Grand Aniva and Grand Elena, ice-class LNG carriers employed on the Sakhalin-2 project. With this facility, SCF Group pioneered the adoption of the Poseidon Principles, an environmental initiative supported by stakeholders involved with ship finance, that promotes a low carbon future for the global shipping industry.

    In September 2019, Korolev Prospect became the first large-capacity crude oil tanker to cross the full length of the Northern Sea Route using only cleaner-burning LNG fuel.

    Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said:

    “We are satisfied with the Group’s performance over the third quarter. Sovcomflot steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio. During the reporting period, Sovcomflot achieved a major strategic milestone when we agreed with NOVATEK to establish a new joint venture, SMART LNG. This new JV is envisaged to ensure safe and sustainable shipping solutions for the year-round transportation of LNG produced by Arctic LNG-2 as well as other current and prospective projects of NOVATEK.”

    Т“Setting a standard for responsible and sustainable shipping, Sovcomflot continues to deliver on its commitment to LNG-fuelled tanker operations. In September and October 2019, three tankers of our Green Funnel series completed commercial voyages eastwards across the Northern Sea Route, using only cleaner-burning LNG fuel. Our extensive experience of operating these vessels demonstrates that using LNG as a primary fuel allows for a significant, up to 30 percent, reduction in CO2 emissions, which is crucial for vessels operating in sensitive geographies.”

    Nikolay Kolesnikov, Sovcomflot’s Executive Vice President & Chief Financial Officer, said:

    “During the reporting period SCF Group, in partnership with NYK Line, raised USD 176 million of new debt financing. So far this year, the Group has concluded credit facilities amounting to USD 473 million, clearly demonstrating Sovcomflot’s ability to access the global debt capital markets, notwithstanding the current volatility experienced within the tanker and finance industries respectively. In August 2019, S&P Global once again reconfirmed SCF Group’s BB+ corporate credit rating with a Stable outlook. Earlier this year, Moody’s Investors Service also reconfirmed the Group’s Ba1 rating with a Stable outlook, whilst Fitch upgraded Sovcomflot’s long-term debt rating to BB+ with a Stable outlook.”

    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 147 vessels with a total deadweight of over 12.8 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.




2019 December 10

13:30 Bunker prices are almost flat at the Far East ports of Russia (graph)
13:03 DFDS has acquired 100% of the Dutch logistics company Huisman Group
12:45 Throughput of Russian seaports in 11M’19 grew by 2.7% to 766.83 million tonnes
12:24 Research vessel Admiral Vladimirsky of RF Navy's Baltic Fleet reaches the Atlantic Ocean
12:03 APM Terminals Gothenburg takes another major step in their jour-ney towards climate neutrality
11:30 Ships powered by electricity can prove to be more economically efficient than ships running on LNG – Aleksey Rakhmanov
11:26 MABUX: Bunker market this morning, Dec 10
11:02 New low-sulphur bunker oil popular in the port of Rotterdam
10:25 Pella Sietas secures construction of icebreaker of ice class "Icebreaker7" and largest single order in company history
10:21 Igor Belousov, rescue vessel of RF Navy's Pacific Fleet, concluded its visit to Vietnam
09:59 Baltiysky Zavod concerned about possible delay in construction of Ural icebreaker amid slow delivery of turbines
09:32 Brent Crude futures price is down 0.17% to $64.14, Light Sweet Crude – down 0.22% to $58.90
09:16 Baltic Dry Index is down to 1,551 points
09:08 CSSC and DNV GL sign new strategic cooperation agreement
08:07 Alewijnse delivers complete portfolio on AMELS 60
07:54 Tramarsa purchases Damen Cutter Suction Dredger for 30-year strategy of expansion

2019 December 9

18:24 Lead chemical carrier of Project 00216М, PortNews, to be delivered as scheduled – USC President
18:06 Vard Marine supports New York’s Gowanus repowering project through design package for two power barges
17:53 Navigation season of 2019 closed in Volga Basin of Russia’s IWW
17:36 Oldendorff Carriers announces its membership in the Getting to Zero Coalition
17:19 Average wholesale prices for М-100 HFO down to RUB 7,795 in RF spot market
17:06 Bahri joins Maritime Anti-Corruption Network to promote collective anti-bribery efforts in maritime sector
16:48 Delo Group and ROSATOM defined procedure for acquisition of 30-pct stake of MC “Delo”
16:30 Puerto Aguadulce services largest vessel to dock in Colombia
16:14 GT Morstroy expands its fleet with jack-up platform of Project RCP 250, Varzina
16:01 His Majesty the King to open Johan Sverdrup
15:57 Risk Intelligence signs agreement for the Risk Intelligence System with Hafnia
15:50 Port of Liepaja (Latvia) handled 6.67 million tonnes of cargo in 11M'2019, down 3.2% Y-o-Y
15:27 Lead hydrographic survey vessel of Project 23370G completed state trials
15:03 Maritime and Port Authority of Singapore revokes Inter-Pacific Petroleum bunker supplier licence
14:35 MSC becomes first major shipping line to use 30% biofuel blends
14:32 Teachers of Marine College upgraded their skills at Marine Recruiting Agency
14:03 ABS grants AIP to Deltamarin and GTT for dual-fuel Newcastlemax design
13:11 Martin Ackermann steps down as CEO of BW LPG
12:28 Oboronlogistics provides stability of the ferry line Ust-Luga — Baltiysk
12:04 Rotterdam to host 4th European Environmental Ports Conference on 24-25 June 2020
11:40 BIMCO to publish new shortened law and arbitration clause
11:16 BIMCO submits biofouling survey results to IMO
11:09 MABUX: Bunker market this morning, Dec 09
10:53 Industry roundtable meeting feeling more positive on IMO 2020
10:31 New and largest DFDS ro-ro ship 'Hollandia Seaways' sails between Gothenburg and Ghent in North Sea Port
10:09 REMPEC hosts a three-day training in Tekirdağ, Turkey
09:29 Brent Crude futures price is down 0.39% to $62.14, Light Sweet Crude – down 0.52% to $58.89
09:15 Baltic Dry Index is down to 1,558 points

2019 December 8

16:47 ABS and CINS facilitate development of risk-based approach to minimize risk of container fires
15:32 Sea Machines & HamiltonJet collaborate to merge capabilities of autonomous control and jet propulsion systems
14:46 GWS installing turbines at Northwester 2 Offshore Wind Farm
13:22 Norsepower collaborates with SWS for cost and energy efficient VLCC designs
12:14 Grieg Star adds 64000dwt bulk cargo carrier to its fleet
11:05 ABS grants AIP for first Jones ACT SOV

2019 December 7

16:55 USCG Cutter Steadfast returns to port after 60-day counter drug patrol
15:42 TEN announces charter extension for an LNG carrier
13:08 FMT and Indian Register of Shipping sign MOU on strategic cooperation
11:34 AET secures long-term DPST charter contracts with Shell
10:37 Titan LNG tenders for 8000 cbm LNG bunker barge

2019 December 6

18:11 Lithuania aims to ensure state management of „Rail Baltica“ infrastructure
17:55 More operative services of towboats in the Port of Klaipėda
17:28 Acceptance/delivery certificate for Kalas, first rescue tugboat of Project MPSV12
17:06 APM Terminals Gothenburg takes another major step in their journey towards climate neutrality
16:04 Damen Shiprepair Amsterdam MD receives Harbour Medal