Sovcomflot revenues up in Q1

Russia’s Sovcomflot said that time charter equivalent revenues for its gas transportation business moved ahead by 44.5 percent to USD 28.9 million in the first quarter.

The profit on vessels’ trading increased by 52.1 per cent to USD 24.8 million, Sovcomflot said on Wednesday.

During the quarter, the company took delivery of SCF Melampus, the third in a series of Atlanticmax LNG carriers, built under a partnership agreement with STX.

“Sovcomflot has made a very encouraging start to 2015, following five years of recession within the global tanker market,” Sergey Frank, President and CEO of Sovcomflot said.

“A strong performance from the crude and product tanker freight markets has built upon underlying profits generated from our increasing fixed income gas and offshore fleets. Timely fleet exposure to the oil product and crude spot markets, as well as maintaining our critical size to capture the volatility in those markets, has resulted in a significant rise in profits during the first quarter of 2015,” Frank added.

LNG World News Staff; Image: Sovcomflot