Despite another challenging year for the international tanker industry, Sovcomflot maintained operating profitability and made good progress in implementing its strategy to develop and grow in the key gas and offshore sectors.
2013 Highlights
Commenting the results Sergey Frank, President and CEO of OAO Sovcomflot said: “ Conventional tanker operations faced continued headwinds throughout the year, though as we ended 2013 and into the first quarter of 2014, some welcome upswings in earnings indicate that the tanker market may have finally bottomed. With the spot market for crude oil tankers firming up in the last months of 2013 and early 2014, we expect first quarter 2014 performance to show an encouraging year on year growth and given the substantially reduced order book for crude oil tankers, we anticipate a further gradual strengthening of the market throughout the year, although not without some volatility. ”
SCF will continue with its aim to remain a world leader in focused areas of the conventional tanker segment, especially in the key Aframax and Suezmax sectors which remain fundamental to Russian exports both in the East and West of the country.
FULL CONSOLIDATED FINANCIAL STATEMENTS
[mappress] scf, March 21, 2014