Sovcomflot Reports on Slippery 2013 Financial Slope

MarineLink.com
Thursday, March 20, 2014
SCF Melampus: Image courtesy of the owners

SCF Group (Sovcomflot)
 has released its audited financial results for the year ending 31, December 2013, indicating a slip in profitability during what they describe as another challenging year for the international tanker industry.

2013 Financial Highlights

  • Gross revenue: USD 1,262.8 million (2012: USD 1,353.0 million)
  • EBITDA: USD 382.1 million (2012: USD 406.1 million)
  • Net loss: USD 39.2 million in 2013 (2012: USD 32.9 million net profit)
  • Adjusted net profit (excluding non-cash impairment provisions and results on disposal of assets) USD 11.6 million
  • Total fleet size 158 owned and chartered vessels (including nine tugs leased to Rosnefteflot and JVs fleet), representing 12.6 million tonnes dwt as at the year-end (2012: 158 owned and chartered vessels representing 11.7 million tonnes dwt)
  • World’s largest tanker company with an average fleet age of less than 8 years
  • Steady fleet growth with delivery of seven new vessels (681,824 tonnes dwt in total) and expansion into new segments of Very Large Crude Carriers (VLCC) and ice-class LPG gas carriers, on the back of long-term fixed-rate contracts with national oil and petrochemical companies
  • Two new multifunctional icebreaking supply vessels - Vitus Bering and Alexey Chirikov (Icebreaker Ice 10) – start operations at Sakhalin I, under long-term charter to the project operator Exxon Neftegas Ltd
  • Sibur Voronezh and Sibur Tobol 20,000 cbm ice-class LPG gas carriers delivered and entered service, under long-term time-charter agreement with partner SIBUR, to transport LPG from the Ust-Luga terminal, Russia
  • The Group’s first Very Large Crude Carrier (VLCC) Svet employed under a long-term charter with Petrochina International, named a Significant Ship of 2013 by Britain’s Royal Institution of Naval Architects
  • Gas Natural extends time-charters for ice-class LNG carriers SCF Polar and SCF Arctic (world’s oldest LNG carrier in service awarded eligibility under US Coast Guard’s prestigious Qualship21 programme reflecting strength of Sovcomflot’s operational and vessel maintenance standards)
  • Further implementation of programme of commercial voyages along the Northern Sea Route, involving ice-class tankers SCF Yenisei  and Viktor Bakaev (first transit completed by the Group in an East-West direction) and the bulk carrier NS Yakutia.

For full details including commentary and financial highlights visit: http://bit.ly/1fHdZzd
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Tanker Trends

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Bulk Carrier Trends

NewLead Fixes Newcomer, "Newlead Castellano"

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

Great Lakes Coal up More Than 12% in September

Lake Carriers’ Association reported that coal shipments on the Great Lakes totaled 3 million tons in September, an increase of more than 12 percent compared to a year ago.

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

LNG

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Fredriksen eyes Takeover of Flex LNG

Shipping tycoon John Fredriksen is aiming to take control of Oslo-listed Flex LNG following his purchase of 12.7 million shares that brought his stake in the firm to 43.

Technip & Fluor Bag RAPID UIO Project

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1789 sec (6 req/sec)