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 now under a long-term contract with Gazprom Neft.All vessels are designed to the highest industry standards of safety and sustainability…
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. Fleur-Eve Durin le Foll, the spouse of Total’s Country Chair Russia…
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 steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio."He added: "During the reporting period…
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, the company has transformed itself into a global leader in energy shipping and offshore services. Over the past 15 years, Sovcomflot fleet has grown more than threefold.
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.
Russia: Sovcomflot Posts Strong Q1 Profit
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…
Sovcomflot completes USD 900 mln in Foreign Investment
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…
Novatek, Sovcomflot Pact for LNG Shipping from Yamal LNG
Leonid Mikhelson, Chairman of the Management Board of PAO Novatek and Sergey Frank, General Director of PAO Sovcomflot have signed a Strategic Cooperation Agreement on developing a strategic partnership to transport hydrocarbons (LNG and gas condensate) produced at Yamal LNG, Arctic LNG 2 and other Arctic projects of the Company. “Our unique partnership with Sovcomflot will optimize our LNG transport model through the Arctic zone by efficiently and effectively using ice-class tankers” according to Novatek's Chairman of Management Board Leonid Mikhelson.
SCF Secures Funds for Six Aframax Tankers
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…
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.
Sovcomflot, ABB to set-up Center at Admiral Nevelskoy MSU
PAO Sovcomflot, Asea Brown Boveri Ltd. (ABB) Company and the Admiral Nevelskoy Maritime State University (MSU) have signed an agreement for research, technological and educational partnership. The document provides for the establishment of the Marine Propulsion Simulation Centre at MSU in Vladivostok. The operations of this centre which will be focused on preparing staff for work on vessels equipped with Azipod propulsion units. The agreement was signed by Sergey Frank, President and CEO of Sovcomflot, Sergey Ogay, Rector of MSU, and Anatoly Popov, Managing Director of ABB in Russia.
Long Beach Awards Sovcomflot for Green Shipping
PAO Sovcomflot earned the Green Environmental Achievement Award from California's Port of Long Beach, recognizing the shipper for its ongoing commitment to environmental stewardship. The company was awarded for its fleet performance by the Port of Long Beach Green Flag Program in 2015. This voluntary program was set up to reduce the atmospheric emissions of vessels by encouraging ships to slow down when approaching the port. A commemorative Green Flag is granted to operators that demonstrated that 90 per cent or more of all its vessel trips complied with the Program…
SCF's Profit Zoom Fourfold
SCF Group (PAO Sovcomflot) reported steep jump in their net profit to USD 354.5 million from USD 83.9 million in the earlier year. Its gross revenue increased by 7.6 per cent to USD 1,483 million (2014: USD 1,378 million) and its time charter equivalent revenue rose by 18.8 per cent to USD 1,240.1 million (2014: USD 1,044.0 million). The company said that its total future contracted revenues amounted to USD 8.5 billion. During the year LNG carriers SCF Melampus and SCF Mitre (each 170,200 m3 capacity) were delivered and commenced long-term time charters to Royal Dutch Shell.
Strong Returns for Sovcomflot
Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months. It has posted a gross revenue increase of 11.8 per cent in the first half of 2015 worth USD 754.9 million against last year’s equivalent of USD 675. 2 million. In addition, the company’s net profit marked a hike from USD 63.6 million in 2014 to USD 216.3 million in the first six months of this year. “Sovcomflot achieved…
Grand Elena's Hundredth Voyage
The gas tanker Grand Elena, jointly owned by PAO Sovcomflot and the Japanese company NYK, has embarked on her hundredth voyage from the port of Prigorodnoye in Russia to Japan. The vessel is undertaking her latest shipment of liquefied natural gas (LNG) on behalf of Sakhalin Energy Investment Company Ltd. The LNG carrier is chartered to Sakhalin Energy under a long-term time charter agreement and is operated along with two other vessels of the same series, Grand Aniva and the Grand Mereya, as part of the Sakhalin-2 project.