Russia's Shipping Major Reports Strong 1H 2014

By George Backwell
Tuesday, September 02, 2014
Tankship: Photo SCF

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial and operating results for the six months ended 30 June 2014.
 

Highlights:

  • Gross revenue (Freight and Hire) up to USD 675.2  million in H1 2014 (H1 2013: USD  628.4 million)
  • Time charter equivalent revenues up 16.7 per cent to USD 490.7 million in H1 2014 (H1 2013: USD 420.4 million)
  • EBITDA increases 30.1 per cent to USD 251.7 million in H1 2014 (H1 2013: USD 193.4 million)
  • Net profit up to USD 63.6 million in H1 2014 (H1 2013: Net loss of USD 14.5 million)
  • Further expansion of LNG fleet as Velikiy Novgorod, tri-fuel 170,200m³ Atlanticmax ice class LNG carrier delivered - first vessel of series specially designed for and employed under a long-term charter by Gazprom Group
  • VLCC SCF Shanghai (321,280 tonnes dwt) enters service on long-term time-charter agreement with PetroChina International
  • Arctic shuttle tanker Mikhail Ulyanov transports the first shipment of crude oil from Russia’s first offshore energy project on the Arctic shelf
  • Sovcomflot and France’s CGG establish a new JV marine seismic company to focus on the growing 3D seismic market in the Arctic and sub-Arctic regions
  • Successful completion by SCF Group company Novoship of modernization at the Port of Sochi for 2014 Winter Olympic Games
  • SCF played a key role in organizing the first ever races of tall ships in the Black Sea – “SCF Black Sea Tall Ships Regatta” that took place in May and called on four ports – Varna, Novo, Sochi and Constanta.
     

Commenting on the Group’s results Sergey Frank, President and CEO of OAO Sovcomflot, commented:
 
“The tanker market remains challenging, with freight rates fluctuating near their historic lows during Q2 after a strong start to the year in Q1 from which Sovcomflot benefited from improved conditions within the crude oil segment in particular. With a stronger presence in the higher margin gas transportation and offshore markets, the Group is able to report robust results for the first half, with solid growth in earnings.
 
“Looking ahead, tanker market conditions remain volatile and so we are cautious about the market outlook for the full year. However a significant and growing portion of Sovcomflot’s revenues comes from long-term charter contracts supporting industrial energy projects in the LNG transportation and offshore services sectors, which will underpin our earnings going forward and these sectors continue to be key areas of focus in our long-term business strategy.”
 

Maritime Reporter November 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive,

Equinox Class Scrubber Systems Receive Certification

Algoma Central Corporation (“Algoma”), the largest Canadian shipowner and operator of domestic Great Lakes vessels announces that it has received all requisite

MARAD Tests Alternative Power for Ships

The Maritime Administration (MARAD) is testing state-of-the-art, environmentally efficient technology onboard the Training Ship (TS) Kennedy.   The National Defense

Tanker Trends

DNV GL Approvals for SAACKE Scrubbers

Classification increases planning certainty for exhaust gas scrubber operators.   The classification society DNV GL has certified the SAACKE exhaust gas scrubber

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

Finance

Italy Ending Med Sea Rescues

Rights groups warn of risk of more deaths; EU mission Triton will have more limited scope. Italy said on Friday it would close a sea rescue mission that has saved the lives of more than 100,

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

LNG

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

US Natgas Exports Would Raise Energy Prices but Boost Economy

Expanded U.S. liquefied natural gas exports would mean a modest price increase for domestic consumers, but the higher costs would be offset by a boost to the economy, the U.

Korean Register to Drive LNG Fuelled Shipping

Korean Register (KR) will work alongside the Asia-Pacific Economic Cooperation Secretariat (APEC) to promote the use of LNG fuelled ships in the APEC region. APEC

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2492 sec (4 req/sec)