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Revenues and profit down at Sovcomflot

St. Petersburg: Net profit at Russian state owned OAO Sovcomflot (SCF) fell 38.2% to $33.2m in 2012 from $53.7m in 2011.

The Russian giant's crude oil transportation segment, accounting for over a third of all its time charter equivalent earnings, saw profits drop 8.1% to $359m in 2012. The company's product transportation division also also saw a fall in earnings to $246.3m, a 2.2% drop on 2012.

Gas transportation saw a slight revenue decrease of 1.3% in 2012 to $86.1m, but with significant expansion on the horizon owing to deals secured during the year. In March 2012 the company signed a ten year time charter contract with Sibur for two LPG carriers, export deliveries under the deal are due to start in 2013. Long term time charters were also signed with Shell for two new 170,200 cu m ice class LNG carriers, ordered at STX Offshore & Shipbuilding in Korea. The first ship is scheduled for delivery at the end of 2014 with the second following in early 2015.

SCF offshore development services bucked the trend with a 5.5% increase in charter revenues to $190.9m, a figure set to rise as SCF continues its strategic focus on offshore service development.

Posted 15 April 2013

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