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 Orders Three LNG-fueled Tankers from Zvezda Shipyard
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.
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…
SCF Inks Deal to Finance LNG Carrier
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.
Milestone LNG Bunkering for Shell and Sovcomflot in Rotterdam
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…
Sovcomflot's Pskov Loads First Cargo from Yamal LNG
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.
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…
Christophe de Margerie Named Engineering Project of the Year
Christophe de Margerie, the icebreaking LNG carrier built to order for SCF Group (Sovcomflot) to serve the Yamal LNG project, has won the award for Engineering Project of the Year at the 2017 S&P Global Platts Global Energy Awards. The winners were announced at an award ceremony held in New York on 7 December 2017. At the award ceremony, SCF Group was represented by Executive Board members Nikolay Kolesnikov, Executive Vice President and CFO of Sovcomflot, and Sergey Popravko…
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 Pushes for LNG-fuelled Vessels
SCF Group's Sovcomflot sees bright future for LNG-fuelled vessels in the tanker industry. "LNG is a promising fuel for large-capacity vessels, which will significantly increase their environmental compatibility and efficiency," says the company. As the world’s leader in the Aframax tanker segment, Sovcomflot is pioneering the conversion of this class of vessel to LNG as a fuel. SCF Group signed a bunkering agreement with Shell for the supply of gas engine fuel for SCF’s Aframax tankers that are specially designed to run on LNG.
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.
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.
SCF Unicom Marks its Quarter Century
Press release - On 11 March 2015, a reception took place in Limassol (Cyprus) to mark the 25th anniversary of Sovcomflot’s technical management subsidiary SCF Unicom. Unicom was established in 1991, in Cyprus, to allow global charterers to transport their freight with the help of Sovcomflot Group’s fleet. Over the years, Unicom has become one of the most recognisable brands within Sovcomflot Group, Russia’s largest shipping company. Nowadays, Unicom is a true leader in global ship management…
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…
JV for 3D seismic in Arctic
Paris-listed seismic giant CGG and Russia's largest shipowner, SCF Group (Sovcomflot), have formally registered a joint-venture company focused on coldwater surveys, reports Interfax. The joint venture, to be called Arctic Geophysical Exploration (AGE), will be 51 per cent owned by Sovcomflot and 49 per cent owned by CGG. The company will be incorporated in Russia with its headquarters in Moscow. CGG and Sovcomflot will have a combined total of four vessels scheduled to operate…
Grounded Tanker Refloats Itself, Heads for Port of Pascagoula
The stranded tanker SCF Khibiny on June 20 refloated itself without third party assistance and stayed at the anchorage of the port of Istanbul, SCF Group said Tuesday. No crew members were hurt, and no damage was caused to the vessel or its cargo. On 22 June, after the vessel received clearance from port authorities and classification society, the SCF Khibiny continued her journey as normal. The SCF Khibiny will unload her cargo at the Port of Pascagoula, USA.
Sovcomflot Concludes $319 mi 10-year Loan
OAO Sovcomflot (SCF Group) signed a new USD 319 million 10 year credit facility with a consortium of leading European banks with ING acting as Agent. The funds will be used towards financing two new ice-class LNG carriers SCF Melampus and SCF Mitre, which will operate on long-term contracts with the Shell Group. The new high-spec Atlanticmax Ice2 (1C) class gas carriers feature a tri-fuel engine, a cargo capacity of 170,000m³ and are equipped for operating in harsh and low temperature conditions.
OAO Sovcomflot’s 9M/Q3 2014 Results
OAO Sovcomflot (SCF Group) today reported results for the nine months and third quarter (Q3) ended 30 September 2014. n.a. Commenting on the results, Sergey Frank, President and CEO of OAO Sovcomflot, said, “Sovcomflot has performed strongly in the first nine months of 2014, with revenue and profits significantly ahead of the comparable period last year. These financial results reflect an improved freight rate environment over the period, especially within the crude oil segment of the tanker market.
Steel Cut for Yamal LNG Project’s Lead Tanker
A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project. The prototype vessel will be operated under a long-term time charter between OAO Sovcomflot and JSC Yamal LNG. The steel-cutting ceremony, marking the formal start of a ship’s construction process, took place at the Daewoo Shipbuilding and Marine Engineering Co., Ltd. (South Korea) shipyard in the presence of representatives from OAO Sovcomflot…
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.