Russia’s state-owned Sovcomflot has ordered four 114,000-dwt LNG-fuelled ice-class aframax tankers worth a total of $240m at Hyundai Samho Heavy Industries (HSHI) on the back of charter contracts from oil major Shell.
Sovcomflot (SCF) reports that it is benefitting from immunity to falling LNG and offshore rates thanks to long-term charter agreements, while its crude fleet rides the buoyant tanker spot market.
Sovcomflot has reported a $83.9m profit for 2014 as it continued to focus on developing its gas transportation business, and its tanker fleet benefited from a strong market.
Sovcomflot (SCF Group) and Russian Maritime Register of Shipping (RS) have both taken steps to make the Russian fleet more competitive. In 2014, 10 SCF Group vessels were transferred to the RS class, meaning that it is now responsible for the...
Sovcomflot reports an increase in operating profits across all five of its business sectors in the third quarter, bringing net profit to $45.4m up from $9.1m in the same period last year.