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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Tanker Trends

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

First LNG Vessel Transits Expanded Panama Canal

Today, the Panama Canal marked another milestone with the transit of the first-ever liquefied natural gas (LNG) carrier through its expanded locks.   Shell-chartered

Finance

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

China Joins UN Trucking Treaty

China has taken a major step towards establishing a speedy new "Silk Road" to Europe by signing up to a U.N. trucking treaty.   Fifteen years after joining the World Trade Organization (WTO),

LNG

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1531 sec (7 req/sec)