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Sovcomflot Targets at Least $500 Million in Moscow IPO
Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).For Aeroflot, the cash is needed to…
Sovcomflot Takes Delivery of New LNG Carrier
Sovcomflot, a Russian oil and gas shipping company, has taken delivery of SCF Barents, a new 174,000-cbm LNG carrier.The vessel was delivered Monday and has already started its maiden voyage under a long-term time charter agreement with Shell.According to Sovcomflot, the LNG carrier was named after Willem Barents, a prominent Dutch navigator and explorer. The naming ceremony, held on September 10…
Arctic LNG 2 Partners Charter 14 LNG Carriers
Russian gas giant Novatek has informed that its Arctic LNG 2 joint venture has entered into long-term charter agreements for 14 Arc7 ice-class LNG tankers.The Arctic LNG 2 partners have signed the charter agreements will SMART LNG, a joint venture established in September 2019 between NOVATEK and PAO Sovcomflot. The vessels will be built in Russia's Zvezda Shipbuilding Complex and will serve the giant Arctic LNG 2 project on the Gydan peninsula, Russia.
Sovcomflot's 1H Profit Jumps 149%
Russian energy shipping company Sovcomflot reported a net profit for the first half of 2020 of $226,4 million, a 148.8 percent increase to last year's first-half income of $91 million. The first half 2020 revenue was $951,3 million, up from $794,1 million in the first half of 2019.Igor Tonkovidov, President and CEO of SCF Group said Friday that the company had achieved its targets with an optimal balance of long- and short-term charter contracts…
Zvezda Cuts First Steel for Sovcomflot Aframax
Russia's Zvezda shipbuilding complex has starting building a new Aframax tanker for compatriot shipowner Sovcomflot.The vessel is the sixth tanker build underway at the newly opened shipyard and is one of 12 Aframaxes in the builder's order book. The ice class ICE-1A ships are 250 meters long, 44 meters wide and are equipped with the Class A automation system, and can run on liquefied natural gas (LNG) fuel.Currently four Aframax tankers are under construction at the shipyard.
ABB Provides Remote Support During Record NSR Voyage
ABB has signed a contract to support icebreaking LNG carrier Christophe de Margerie with remote diagnostics services for increased safety and performance as the vessel completed the transit of the Northern Sea Route, bound for China with Yamal LNG cargo two months earlier than usualThe pioneering icebreaking liquified natural gas (LNG) carrier Christophe de Margerie will now have round-the-clock remote…
Unique Arctic Journey for Russian LNG Carrier
Sovcomflot's Arc7 ice-class Christophe de Margerie liquefied natural gas (LNG) carrier has made history by successfully transiting the Eastbound ice-covered part of the Northern Sea Route (NSR) in May, carrying LNG from Novatek's Yamal LNG project to China.The Russian vessel owner said the event marked the first time in the history of the shipping industry that a large-capacity vessel of this class…
Sovcomflot Updates Fleet Status
PAO Sovcomflot (SCF Group), a Russian maritime shipping company specializing in petroleum and LNG shipping, announced that it has taken delivery of four newbuildings during last year.Three ‘Green Funnel’ LNG-fuelled Aframax crude oil tankers (Korolev Prospect, Vernadsky Prospect, Samuel Prospect) and Mikhail Lazarev, an Arctic MR shuttle tanker transporting crude oil for the Novy Port project, are…
ABB Supporting Sustainable Arctic Shipping
High in the Arctic Circle lies the Northern Sea Route, one of the planet’s vital shipping arteries. It cuts a journey by almost a third compared to the southern route but it is passing through waters which are mostly frozen.The northern route connects east and west, allowing cargo to be transferred from northern Europe to northeast Asia, via the Bering Strait. It’s a 30% faster passage than the southern Europe-Asia alternative via the Suez Canal and is attractive to shipping companies…
Sovcomflot Names LNGC SCF La Perouse
Russian state-controlled shipowner Sovcomflot (SCF) has named the 174,000m³ SCF La Perouse - the first of three LNG tankers on order with South Korean shipbuilder Hyundai Heavy Industries (HHI).The LNG carrier named after Jean-François de la Pérouse, a French explorer of the Pacific.The vessel will operate under a long-term time charter agreement with Total. The event was held at Hyundai Samho Heavy Industries’ shipyard, Republic of Korea.
Four More Icebreaking LNG Carriers for Smart LNG
Smart LNG LLC, a joint venture of Sovcomflot and Novatek, signed an agreement with VEB.RF Group for lease financing of four Arc7 icebreaking LNG carriers for the Arctic LNG 2 project.
DecarbonICE Project for Green Shipping
A group of world leading shipping companies including NYK, Sovcomflot, Knutsen OAS and Ardmore, ship builders, including DSME and the mining company Vale, have therefore teamed up with Denmark based Maritime Development Center to develop such an on-board carbon capture and storage solution in a project named decarbonICE.DecarbonICE is based on two new main ideas for the capture and storage part, respectively.
Sovcomflot Profits Up on Stronger Tanker Market
Russia's state-owned tanker carrier Sovcomflot (SCF Group) reported improvements on both the top and bottom line in the third quarter benefiting from a stronger tanker market.The energy shipping company posted a net profit of $26m as revenue increased in the third quarter.Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said: “We are satisfied with the Group’s performance over the third quarter.
Sovcomflot Advances Green Shipping Along the NSR
Two large-capacity Sovcomflot tankers using cleaner-burning LNG as a primary fuel, Mendeleev Prospect and Lomonosov Prospect, have successfully completed their respective voyages eastbound along the Northern Sea Route (NSR).Lomonosov Prospect has reached Cape Dezhnev, the easternmost end of the NSR, at 05:50 Moscow time on October 16, 2019. Mendeleev Prospect did the same three days later, at 13:00 Moscow time on October 19, 2019.
Sovcomflot Names New Arctic Shuttle Tanker
On October 6, 2019, a naming and flag raising ceremony was held in Vladivostok for Sovcomflot’s latest Arctic shuttle tanker. The vessel was named after Mikhail Lazarev, a prominent Russian admiral and explorer known for his discovery of Antarctica. The tanker was ordered by Sovcomflot to transport crude oil for the Novy Port project, under a long-term agreement between Sovcomflot and Gazprom Neft.The ceremony was attended by Oleg Melnikov…
Japanese Backers for Novatek's LNG Complexes
Russia’s largest independent natural gas producer and LNG project operator Novatek has formed ties with Japan's shipper Mitsui O.S.K. Lines (MOL) and Japan Bank for International Cooperation (JBIC) to collaborate on liquefied natural gas (LNG) projects.The three companies will implement projects for construction of a marine LNG transshipment complexes in Kamchatka Territory and Murmansk Region, including…
Sovcomflot Elects New Chairman and New CEO
On September 24, 2019, the Board of Directors of PAO Sovcomflot elected Sergey Frank as its new Chairman. Igor Tonkovidov was appointed as the company's new Chief Executive Officer. Both appointments are with immediate effect.The meeting was attended by Maxim Akimov, Deputy Prime Minister of Russia, who noted in his address: "Through consistent implementation of Sovcomflot's Strategies 2005-2011 and 2012-2018…
Sovcomflot CEO to Switch to Chairman
Sergei Frank will step down as president and chief executive of Russian state-controlled shipping giant Sovcomflot after 15 years at the helm, four sources familiar with the decision told Reuters on Tuesday.Frank will give up operational control of Sovcomflot and take over as chairman of the company's board, two of the sources said.It was not immediately clear why Frank, 59, was moving position.
Sovcomflot, NYK Pact on Financing 2 LNG Carriers
Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) and NYK Line have announced that they have signed a new $176 million non-recourse credit facility for eight years with three leading international banks.The banks are: Sumitomo Mitsui Banking Corp. of Japan (through its German subsidiary, SMBC Bank EU AG); Société Générale of France; and Shinsei Bank of Japan.
Novatek, Sovcomflot Announce Shipping JV
Novatek, Russia’s natural gas producer and liquefied natural gas (LNG) major, has signed a heads of agreement on creating a joint venture (JV) with its compatriot shipping company Sovcomflot.According to the Agreement, the Parties intend to create a shipping company, with the potential involvement of other JV participants.The joint venture will focus on managing the construction and operations of Arctic…