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. The agreement was reportedly signed through joint venture companies belonging…
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.
ABB Enhances Safety of Sovcomflot’s Arctic Fleet
ABB has won a contract to supply ABB Ability Remote Diagnostic Systems for Marine to eleven Sovcomflot vessels operating in the Arctic and Russia’s Far East, helping optimize safety and performance through 24/7 remote support.Sovcomflot’s vessels will be among over 1,000 ships connected to ABB Ability Collaborative Operation Centers worldwide. From here, ABB experts monitor operational shipboard systems, coordinate remote equipment diagnostics and offer predictive maintenance services – 24/7. This can be especially crucial for vessels operating in remote areas.
Sovcomflots' Frank Wins Russian Award
Sergey Frank, President & CEO of Sovcomflot, has been awarded the first-class Pyotr Stolypin Medal. The corresponding order was signed by the Russian Prime Minister Dmitry Medvedev on 4 July 2019 on the eve of the Day of Russian Sea and River Fleet Workers, celebrated annually on the first Sunday of July.The order notes that Sergey Frank is awarded "for merits in development of maritime transportation and long-term dedicated work."The Pyotr Stolypin Medal was established by the…
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…
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…
Wärtsilä Solutions Increase Safety in Arctic Waters
The technology group Wärtsilä has been contracted by Sovcomflot, Russia’s largest shipping company, to roll out a Wärtsilä Fleet Operations solution for Sovcomflot’s fleet of Arctic shuttle tankers.The aim is to promote sustainable development, and to increase the safety and efficiency of operations in the sensitive Arctic waters. Wärtsilä will also provide a core solution for the company’s fleet operation center. The order was booked in March 2019.The solution has been developed as a result of collaboration between Sovcomflot and Transas, a Wärtsilä company.
UAE, Greece, USA: Worst Vessel Dumpers
The United Arab Emirates (UAE), Greece and the United States of America (USA) top the list of country dumpers of ocean-going commercial vessels in 2018, according to new data released today by the NGO Shipbreaking Platform.UAE owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2018: there were 61 ships in total.Greek owners, beached 57 vessels out of a total of 66 sold for demolition. American owners closely followed with…
LNG REPORT: 143 LNG-Powered Vessels in Operation, 270 to Come
Currently, the liquefied natural gas (LNG)-powered fleet has grown globally from 118 LNG-powered vessels in operation in 2017, to 143 LNG-powered vessels in operation – with a further 135 on order and 135 LNG-ready ships either in operation or on order.According to the LNG bunkering coalition SEA\LNG, Orders for LNG-powered vessels span a variety of vessel types including tankers, cruise ships, container ships, car carriers, and Very Large Ore Carriers (VLOC)s.A press note issued by Peter Keller…
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…
PDVSA to Resume Use of Caribbean Oil Terminal
Venezuela's PDVSA and NuStar Energy LP have reached an agreement over outstanding storage fees, allowing the state-run company to resume use of a key storage terminal in the Caribbean, the U.S. energy firm said on Monday.NuStar had suspended PDVSA several times since 2017 from using its St. Eustatius facility over millions of dollars in missed payments.The terminal played a role in a legal dispute between PDVSA and ConocoPhillips, which earlier this year tried to enforce a $2…
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.
Khaydukov Named President of PAO Novoship
The Board of Directors of Russian tanker shipping company PAO Novoship has elected Alexey Khaydukov as the company’s new President.Khaydukov replaces the firm’s previous President, Yury Tsvetkov, who stepped down from his role on August 8, 2018, following his appointment as a Deputy Minister of Transport of Russia, Head of the Federal Agency for Maritime and River Transport.Prior to his appointment, Khaydukov was Managing Director of SCF Management Services (Novorossiysk) Ltd.
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.
$252m Finance for LNG-Powered Tankers
Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”). The six 114,000dwt, ice-class vessels are being built by Hyundai Samho, with two of the vessels to operate under time charter to Shell for up to ten years. Shell will also provide LNG fuel for all six tankers across north-west Europe and the Baltic.
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…
Hyundai Samho Heavy Industries Delivers Green VLCC
Hyundai Samho Heavy Industries (HSHI) has completed building a scrubber-equipped Very Large Crude oil Carrier (VLCC), the first of two ships ordered by Greek shipowner Almi Tankers in August 2016, reported the Pulse. The affiliate with South Korea's largest shipbuilder Hyundai Heavy Industries (HHI) said that the VLCC is fitted with an exhaust gas cleaning system that can meet stricter restrictions on sulphur oxide emissions that will come into force in 2020. HSHI on Tuesday held a naming ceremony for the oil tanker.
Christophe de Margerie Moves 1st Yamal LNG Cargo
On 8 December 2017, the icebreaking LNG carrier Christophe de Margerie completed her first loading at the Port of Sabetta, on the Yamal Peninsular, with her first cargo of liquefied natural gas (LNG) produced at the Yamal LNG plant. The ceremony was attended by: the Russian President Vladimir Putin, together with Sergey Belousov, Aide to the President; Sergey Donskoy, Russia’s Minister for Natural Resources and Environmental Protection among others. Vladimir Putin said: “This is a remarkable day for us all.
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.
Russia Sends LNG Through Northern Sea Route
Russia was now pitching itself as an important transporter of European gas to Asia, reports Sputnik quoting Danila Bochkarev, a senior fellow at the EastWest Institute in Brussels. The Russian supertanker Christophe de Margerie is en route to South Korea, sailing the Northern Sea Route with a load of liquefied natural gas (LNG) from Norway. The shipment is a major step for Russia’s Sovcomflot to enter the global gas transportation market said the report. The Northern Sea Route…
Sovcomflot Launches LNG-Powered Ships
Russia’s biggest tanker operator will launch four new vessels in 2018 that will run on liquefied natural gas (LNG), Bloomberg reported. Sovcomflot’s Aframax ships, capable of carrying 600,000 barrels of oil through the Baltic Sea to the port of Rotterdam, will be the first tankers run on LNG. Royal Dutch Shell Plc and other energy companies that have invested more than $700 billion in LNG projects over the past decade are going to be benefitted by this project. While ships won’t transform the market, Energy Aspects Ltd.