SCF results highlight LNG activity

Russia’s Sovcomflot (SCF) reported an EBITDA of US$178.5 million for the first quarter of the year, an increase of 16.2%.

The company’s net profit increased by 67% to US$97 million, while time charter equivalent (TCE) revenues were up 7% to US$289.5 million.

Commentary

Commenting on the Group’s results, Sergey Frank, President and CEO, said: “Sovcomflot has made a very encouraging start to 2015, following five years of recession within the global tanker market. 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.

“Our robust strategy of providing new technically advanced vessels for long-term fixed income employment continues to deliver a profitable and sustainable income stream, which will underpin an enhanced performance for our business going forward.”

LNG carriers

In March 2015, SCF was awarded ‘Deal of the Year’, in the project finance category, by Marine Money. This was in recognition of the financing agreement for the construction of two new LNG carriers, one of which being SCF Melampus, which was delivered in 1Q15.

SCF Melampus is the third in a series of advanced design Atlanticmax LNG carriers, built under a partnership agreement with STX Offshore & Shipbuilding. The vessel has an Ice2 class rating and a 170 200 m³ cargo capacity. It is employed on a long-term time charter to Shell.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/lng-shipping/22052015/sovcomflot-1q15-results-813/