Sovcomflot posts H1 profit of USD 63.6 million

Sovcomflot posts H1 profit of USD 63.6 million

OAO Sovcomflot of Russia announced its financial and operating results for the six months ended 30 June 2014, boasting a net profit of $63.6 million compared to the loss of $14.4 in the previous year.

Gross revenue (Freight and Hire) rose to $675.2 million in H1 2014 compared to the first half of 2013 when the company recorded a gross revenue of $628.4 million.

TCE revenues increased by 16.7% to $490.7 million in H1 2014 in comparison to the $420.4 million in the same period last year.

EBITDA increased 30.1% to $251.7 million from $193.4 million the year before.

The company further expanded its LNG fleet as it took delivery of Velikiy Novgorod and Pskov, tri-fuel 170,200m³ Atlanticmax ice class LNG carriers. Both vessels are specially designed for and employed under a long-term charter by Gazprom Group.

Sergey Frank, President and CEO of OAO Sovcomflot, said, “The tanker market conditions remain volatile and so we are cautious about the market outlook for the full year. However, a significant and growing portion of Sovcomflot’s revenues comes from long-term charter contracts supporting industrial energy projects in the LNG transportation and offshore services sectors which will underpin our earnings going forward and these sectors continue to be key areas of focus in our long-term business strategy.”

 

Press Release, August 29, 2014; Image: Sovcomflot

 

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