Russia Says It Won't Accept Oil Price Cap
Russia "will not accept" a price cap on its oil and is analyzing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine.Kremlin spokesman Dmitry Peskov said Moscow had made preparations for Friday's price cap announcement by the Group of Seven nations, the European Union and Australia, the Russian state news agency TASS reported."We will not accept this cap," RIA news agency quoted him as saying.
Revenues Soar at Russia’s PAO Sovcomflot
PAO Sovcomflot (SCF Group), which serves the energy shipping and offshore services to the oil and gas industries, reported in the first half of 2019 revenues rose 16.6% ($828m vs. $710.1m), TCE revenue rose 19.1% ($609m vs. $511.3m) and EBITDA rose 42.4% ($381.2m vs. $267.7m) as compared to the first half of 2018.Highlights from the first half included:• Korolev Prospect, Vernadsky Prospect and Samuel Prospect LNG-fuelled 114,000 DWT Aframax tankers added to the fleet.•In March 2019, the Group celebrated the 10th anniversary of the start of LNG shipments from the Sakhalin-2 project.
Sovcomflot Selects Orange for Maritime VSAT
Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot has chosen Orange Business Services to deploy an advanced Maritime VSAT solution on eight vessels.According to a press release from the the business services arm of Orange S.A., this initial rollout will keep the ships connected even when operating on the high seas, improving safety and optimizing navigation in challenging conditions.In addition, this solution will make it easier for crews to stay in touch with friends and family, which is essential to keep staff morale high.The first ships to receive the solution during this initial rollout phase are the Arctic shuttle tankers Mikhail Ulyanov and Kirill Lavrov, which are the largest oil tankers built in Russia.
Sovcomflot Wins VEB Funds for LNG-Fueled MR Tankers
Sovcomflot, a Russian maritime shipping company specializing in petroleum and LNG shipping, and VEB.RF Group announced the signing of agreements whereby VEB Leasing will finance the construction of three new LNG-fuelled MR tankers.Sovcomflot initially placed the order for these three tankers with the Zvezda Shipyard (Primorsky region) on 28 December 2018. The delivery of the vessels is scheduled for 2022-2023.Each tanker will have a deadweight of 51,000 tonnes, and they are intended to transport petroleum products and gas condensate, operating under 20-year time charter agreements with Novatek.The vessels will have an Ice Class 1B classification…
Gazprom’s Arctic Offshore Platform Hits Milestone
Russian shipping company Sovcomflot (SCF Group) said that the Arctic shuttle tanker Mikhail Ulyanov loaded the milestone 10-millionth tonne of commercial oil produced at Prirazlomnaya offshore platform in the Pechora Sea.The 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 said that this cargo of oil has become the 150th shipped from the platform since the transportation began in April 2014.Symbolically, it was also Mikhail Ulyanov who has delivered the very first cargo of oil produced at the platform…
Sovcomflot Reports Loss for 9M 2017
PAO Sovcomflot (SCF Group) reported a $6.8 million loss for the first nine months of 2017, citing the adverse impacts of low spot market freight rates in the conventional tanker sectors. “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tanker ship owners is especially severe,” said Sergey Frank, President and CEO of PAO Sovcomflot. “An oversupply of tonnage and reduced demand, resulting from oil capacity cut-backs led by OPEC…
SCF's Balancing Act in Tanker Market
Despite the turbulent conditions seen in conventional markets, SCF Group has continued to demonstrate resilience whilst remaining able to position itself to take advantage of the future upswing in these markets when it comes. The first half of 2017 was very challenging for global tanker markets, with spot freight rates in all market segments nearing their historic lows. This has impacted severely upon the profitability of those owners focused solely on conventional shipping, said a press statement from SCF Group quoting Sergey Frank, President and CEO of PAO Sovcomflot. “In the first half, the Group continued to implement its strategy and demonstrated its capacity to innovate and break new ground.
Sovcomflot Inks $180 Mn Credit for Two Shuttle Tanker
On 23 November 2016, Sovcomflot and Sberbank signed a memorandum of understanding (MOU) paving the way for a new USD 180 million long-term credit agreement with a term of up to 15 years. On behalf of the parties the MOU was signed by Sergey Frank, Chairman and CEO of Sovcomflot, and Herman Gref, CEO and Chairman of the Executive Board of Sberbank. The credit facility agreement, the subject of the MOU, will finance two Panamax Arctic shuttle tankers within Sovcomflot’s fleet (Mikhail Ulyanov, Kirill Lavrov), built at the Admiralty Shipyards in St. Petersburg and operated under the Prirazlomnoye project. “The memorandum signed by Sovcomflot and Sberbank is a logical continuation of the successful cooperation between us, both companies being leaders in their respective fields.
Russia's Shipping Major Reports Strong 1H 2014
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. 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. “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.
Greenpeace Targets Russian Tanker at Rotterdam Port
Mikhail Ulyanov, an ice-breaking shuttle tanker (ice class – ARC6) belonging to OAO Sovcomflot (SCF Group), has been the subject of a Greenpeace protest, while at the Port of Rotterdam carrying a cargo of 67,000 tons of crude oil, loaded on the continental shelf of the Pechora Sea, Russia. “We are extremely disappointed that our vessel has been the subject of an irresponsible publicity stunt by Greenpeace, which occurred despite the measures taken by our ship and the port authorities, including the Coast Guard and the Marine Police.
Greenpeace sends protest ship as first Russian Arctic oil arrives
Greenpeace International has sent out a ship 'Rainbow Warrior'on Monday to confront the Russian Oil tanker bringing the first oil produced at a new Russian offshore platform in the Arctic Circle to Rotterdam. The oil was drilled at the Prirazlomnaya platform, an offshore rig owned by Russian energy giant Gazprom and the site of Greenpeace's protest last September. The ship sailed from the port of Rotterdam at 12:40 Dutch time (13:40 GMT), told AFP Saliz Patrick, an environmental activist organization on board the ship. The ship is expected to make contact in a day or two with the Russian tanker 'Mikhail Ulyanov', which is heading to Rotterdam.
Arctic Energy Exploration Efforts Heat Up
Oil and gas—and also mining—are the drivers today propelling Arctic maritime operations and the construction of new vessels able to operate in extreme latitudes. While the gas and oil resources can be recovered in the Arctic or far north and shipped to markets by sea or pipeline, the cost of doing must be balanced upon the global market price for those commodities. Ships and marine structures able to operate in the harsh conditions of the extreme latitudes require special designs and construction techniques.
