Scf Group News

15 May 2019

Russia: Sovcomflot Posts Strong Q1 Profit

Pic: PAO Sovcomflot

Russian maritime shipping company specializing in petroleum and LNG shipping, PAO Sovcomflot (SCF Group) has posted $70.1m in profit for the first quarter ended 31 March 2019.Sergey Frank, President and CEO of PAO Sovcomflot said: “Sovcomflot started 2019 with a strong Q1 performance, boosted by a return to profitability in our conventional crude and product tanker markets following an upswing in the first months of 2019. Profits from our crude fleet in particular increased 53…

09 May 2019

Sovcomflot Gets Funds for LNG Carrier Duo

Pic: Sovcomflot

Russian maritime shipping company specializing in petroleum and LNG shipping, (SCF Group) has signed a new $297 million limited recourse credit facility to finance its two next-generation LNG carriers.The financing deal, with a duration of up to ten years, was concluded with three international banks – ING Bank, KfW IPEX-Bank, and Crédit Agricole Corporate and Investment Bank.The funds will be used towards pre- and post-delivery financing of two new-generation 174,000-cubic metres Atlanticmax LNG carriers…

11 Apr 2019

Gazprom’s Arctic Offshore Platform Hits Milestone

Image: Sovcomflot (SCF Group)

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…

04 Apr 2019

SCF: Ten Years of LNG Shipping from Sakhalin-2

Sakhalin-2. Image: Shell Global

Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) has just celebrated the tenth anniversary of the start of LNG shipments from the Sakhalin-2 project.In March 2009, SCF’s LNG carrier Grand Aniva loaded the first shipment of Russian LNG produced at the Sakhalin-2 plant. As LNG production at Sakhalin-2 commenced, Russia became a full-fledged member of the club of LNG exporting nations, which at that point included just 15 countries.For a decade two of Sovcomflot’s LNG carriers…

18 Mar 2019

Sovcomflot Updates Fleet Strength

Image: PAO Sovcomflot

Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) said that Yevgeny Primakov (Icebreaker Ice-15) joined the fleet, the final vessel in a series of four new generation IBSV’s, engaged under a long-term time-charter agreement with Sakhalin Energy.The shipping company added that this makes a total fleet of 10 supply and standby vessels servicing Nogliki Base Camp (SEIC and ENL) at Sakhalin island (Sea of Okhotsk).The world’s first Aframax tanker to use LNG as her primary fuel Gagarin Prospect (114…

18 Mar 2019

SCF Registers Growth in Offshore Revenues

Image: SCF Group

The energy shipping company PAO Sovcomflot (SCF Group) has managed to increase its revenue base and achieved a profit of USD 11.9 million against a USD 106.2 million loss in 2017.The annual results reflected a strong contribution from the industrial shipping business (comprising offshore services and LNG transportation). These activities now account for 57.2 per cent of the Group’s TCE revenues (up from a 50.9 per cent share in 2017).Taking into account the challenging conditions in the conventional tanker markets…

02 Jan 2019

Sovcomflot Orders Three LNG-fueled Tankers from Zvezda Shipyard

File Image / AdobeStock / © Burnel11

On December 28, 2018, Sovcomflot (SCF Group) placed an order at Zvezda shipbuilding complex for construction of three new generation product carriers that use cleaner-burning LNG fuel as their primary fuel.Three MR-class vessels will have a deadweight (DWT) of 51,000 tonnes each. They will transport petroleum products and gas condensate and will be chartered to Novatek under long-term time charter agreements. Each tanker will have an ice class of 1B, enabling safe operations in areas with challenging ice conditions, including the Baltic.Using LNG fuel enables to significantly reduce emissions.

18 Dec 2018

Sovcomflot completes USD 900 mln in Foreign Investment

Nikolay Kolesnikov, Senior Executive Vice-President and CFO of Sovcomflot (sitting in the centre) together with the signees from KfW IPEX-Bank, Credit Agricole, ING Bank, Societe Generale, Citibank, UniCredit, and DVB Bank (sitting, from left to right). Photo: Sovcomflot

Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot."The fund allows us to fully address the Group’s mid-term financing requirements…

26 Nov 2018

LNG Carrier Pskov Completes First Open Water STS Transfer

Photo: SCF Group

On 24 November 2018, the LNG carrier Pskov successfully completed the first LNG ship-to-ship transfer operation for the Yamal LNG Project. Pskov loaded some 170,000 cu. m. of liquefied gas, which was delivered from the Port of Sabetta (Yamal Peninsula) to the transshipment point by one of the Arctic LNG carriers chartered by Yamal LNG.The cargo transshipment was carried out at the safe anchorage off the port of Honningsvåg, Norway. Upon completion of the transshipment, Pskov proceeded…

15 Nov 2018

Sovcomflot Gets $149m Credit Facility for LNG Carrier

Ice-breaking LNG carrier Christophe de Margerie. Photo: Sovcomflot

Russian maritime shipping company Sovcomflot has signed a new USD 149 million credit facility, for up to 10 years, with a consortium of three leading international banks, comprising: ING Bank, KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.Russian shipowner specializing in petroleum and LNG shipping said that the funds will be used towards financing the construction of a new generation 174,000-cubic metres Atlanticmax LNG carrier.The vessel will feature a slow-speed tri-fuel X-DF diesel engine and gas boil-off partial liquefaction system.

14 Nov 2018

SCF Inks Deal to Finance LNG Carrier

Nikolai Kolesnikov Senior EVP & CFO PAO Sovcomflot

Sovcomflot concludes USD 149 million project credit facility for up to 10 years with three leading European banks.Sovcomflot (SCF Group) is pleased to announce that it has signed a new USD 149 million credit facility, for up to 10 years, with a consortium of three leading international banks, comprising: ING Bank N.V.; KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.The funds will be used towards financing the construction of a new generation 174,000-cubic metres Atlanticmax LNG carrier.

01 Nov 2018

Sovcomflot's Lomonosov Prospect Transists Northern Sea Route on LNG

Lomonosov Prospect. Photo: PAO Sovcomflot (SCF Group)

PAO Sovcomflot (SCF Group)'s large-capacity  LNG-fueled Aframax tanker Lomonosov Prospect has successfully completed its first commercial voyage along the Northern Sea Route (NSR) to deliver a cargo of petroleum products from the Republic of Korea to Northern Europe.The high-latitude voyage from Cape Dezhnev at Chukotka to Cape Zhelaniya of the Novaya Zemlya archipelago took the Arc4 vessel 7.8 days to complete, during which the tanker covered a distance of 2194 nautical miles.During the voyage…

22 Oct 2018

Gagarin Prospect Performs Ship-to-Ship LNG Bunkering

Gagarin Prospect. Pic: PAO Sovcomflot

The large-capacity Aframax tanker "Gagarin Prospect", owned by Russia's SCF Group,  successfully implementated  construction and operation commencement  using LNG as the primary fuel.Konstantin G. Palnikov, Director General of Russian Maritime Register of Shipping, participated in a protocol event dedicated to this project.This pioneered the expansion of LNG fuel into the global shipping industry, for large-capacity ships not tied to fixed routes or set timetables.The specialized LNG bunkering ship Cardissa…

04 Oct 2018

Milestone LNG Bunkering for Shell and Sovcomflot in Rotterdam

(Photo: SCF Group)

Shell delivered its first ship-to-ship bunkering of liquefied natural gas (LNG) from specialized LNG bunker vessel Cardissa in the Port of Rotterdam on Tuesday, marking a number of key milestones as the maritime sector increasingly turns toward cleaner burning LNG fuel.The bunkering of the Sovcomflot's Aframax tanker Gagarin Prospect with LNG is the first operation under a fuel supply agreement between Shell and Sovcomflot signed in 2017, which helped pioneer the expansion of LNG fuel into the tanker industry and…

11 Sep 2018

Shipbuilding: Sovcomflot Orders Two LNG-Fueled Tankers

Though the tanker market has been a global maritime laggard in 2018, with overcapacity cited as the chief culprit, apparently it could not dissuade PAO Sovcomflot (SCF Group) from inking a deal wih Rosneft, Zvezda Shipbuilding Complex and VEB Group for a pair of Aframax tankers. VEB-Leasing will finance the construction, and Rosneft signed a 20-year time-charter for the pair.The 114,000 dwt ships will be LNG fueled and 1A/1B ice class, able to operate year-round in areas with difficult ice conditions, including sub-Arctic seas and Russian ports of the Baltic regio“We welcome the plans of the Russian shipbuilders, from Zvezda Shipbuilding Complex…

11 Sep 2018

Sovcomflot and ABB Open Training Center in Russia

Left to right: Russian Minister of Transport Evgeny Ditrich and Sergey Frank CEO Sovcomflot (Photo: SCF Group)

The new Vessel Electric Propulsion Training Center at the Admiral Nevelskoy Maritime State University in Russia will help to prepare seafarers for work on vessels equipped with Azipod propulsion systemsThe center will be used to train MSUN cadets, as well as to provide advanced training to commissioned officers of the merchant fleet. It is also planned to conduct research, including scientific and experimental activities, in the area of automation of electric propulsion and vessel power supply.The establishment of the center follows the trilateral research…

20 May 2018

PAO Sovcomflot: Tanker Market is Challenging

Photo: PAO Sovcomflot

PAO Sovcomflot (SCF Group) continued to increase the share of its fleet serving long-term energy projects over the first quarter ending 31 March 2018. This helped offset the negative impact of the protracted decline in freight rates that continues within the conventional tanker freight markets. Nikolay Kolesnikov, Executive Vice President and CFO of PAO Sovcomflot, commented on the quarter's results: "In the first quarter of 2018, conditions within the global conventional tanker market remained extremely challenging.

10 Aug 2018

Sovcomflot's Pskov Loads First Cargo from Yamal LNG

Image: Sovcomflot Group

The liquefied natural gas (LNG) carrier Pskov completed loading at the Port of Sabetta (YNAD), with the first cargo of LNG produced from the second high-tech production line at the Yamal LNG plant.August 08 marked the launch of the second production train at Yamal LNG, which happened six months ahead of schedule.Pskov is a state-of-the-art Atlanticmax LNG carrier with a cargo capacity of 170,000 cubic metres. She was built to order for Sovcomflot Group in 2014, to transport LNG under a long-term time charter agreement with Gazprom.

31 Aug 2018

Sovcomflot Group Launches SCF Far East Tall Ships Regatta 2018

Photo: PAO Sovcomflot

Russia’s largest shipping company Sovcomflot Group (SCF Group) informed that the SCF Far East Tall Ships Regatta 2018 was officially launched. This marks the first time that Russia’s Far East will host an international tall ship race.The principal competition begins on 1 September with the race from Yeosu (South Korea) to Vladivostok, with over 20 vessels from Russia, Japan, China, South Korea, Indonesia, and other countries competing to be the first to cover the distance of over 500 nautical miles. The ships are expected to arrive to Vladivostok on 8-9 September 2018.

01 Aug 2018

LNG Carrier Completes Record Arctic Transit

Christophe de Margerie (Photo: Sovcomflot)

An icebreaking liquefied natural gas (LNG) carrier has completed a record journey through the Northern Sea Route (NSR) in the Arctic.The Christophe de Margerie owned and operated by Sovcomflot (SCF Group) covered the distance of 2,360 nautical miles eastward through the NSR, from the port of Sabetta (Yamal Peninsula) to Cape Dezhnev (the Bering Strait), in seven days and 17 hours, a new record time for a merchant ship without icebreaker support during the month of July. Throughout the record-setting passage…

11 Sep 2018

Rosneft Orders Two Oil Tankers from Zvezda Shipyard

A previously delivered vessel of the same class of Green Funnel tankers (Courtesy SCF Group)

Russian oil company Rosneft announced it has ordered two Aframax crude oil tankers to be built at Russia's far eastern Zvezda shipyard for scheduled delivery in 2022.The Russian-flagged vessels will have a deadweight of 114,000 metric tons and a 1A/1B ice class, which makes them able to operate in icy conditions year round, including in sub-Arctic seas and Russian ports of the Baltic region, said Russian shipping company PAO Sovcomflot (SCF Group).According to the documents, Arctic Leasing will place orders for construction of the two Aframax tankers at the shipyard…

19 Mar 2018

Sovcomflot Better, Despite Challenging Year

Ice-breaking LNG carrier Christophe de Margerie. Photo: PAO Sovcomflot

PAO Sovcomflot (SCF Group), one of the world leaders in energy shipping and marine services to offshore oil and gas upstream projects, said that its gross revenue for the full year to 31 December 2017 grew by 3.4% to $1.43 billion. According to the statement, 2017 proved to be one of the worst years for the conventional tanker market in the last quarter of a century, with similar conditions experienced to those seen in 2011 and 1992. Conventional tanker freight rates fell by almost 50 per cent year-on-year…

06 Apr 2018

SCF Secures Funds for Six Aframax Tankers

Pictured left to right Florin Boros, Associate Director – Transportation Clients, ABN AMRO Bank; Pierre Frachon, Head of Shipping & Offshore for France, Benelux, Italy and Eastern Europe, ‎BNP Paribas; Michael Parker, Global Industry Head for Shipping, Logistics and Offshore industries, Citibank; Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer, SCF Group; Rodolphe Olard, Managing Director, Global Head of Natural Resources Advisory, ING; Delphine Leroche, Director, Kf

PAO Sovcomflot (SCF Group) informed that it has signed a new $252 million 7-year credit facility with a consortium of six leading international banks, which includes: ABN AMRO Bank; BNP Paribas; Citibank; ING Bank; KfW IPEX-Bank, and Société Générale. The funds will be used towards financing a series of six Aframax tankers, the first-ever such vessels purpose-designed to be powered by LNG, currently under construction and due for delivery from Q3 2018 to Q2 2019. These innovative…

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