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Sovcomflot declares 25% profit increase

Sovcomflot declares 25% profit increase

Moscow:  Russian shipping company Sovcomflot has declared a 25% increase in net profits for the year ending 2006 upon a total revenue of  $510.7m.  During that period, the group saw a 11.5% increase in its fleet to 4.4m dwt and a decrease in the average age of its tankers to 4.9 years.

Sovcomflots president and ceo Sergey Frank said, "2006 was one of the most successful years in the Group's history. Gross revenues increased by 24% and exceeded half a billion US dollars. Today, Sovcomflot's fleet is not only the largest in its history but it is also one of the youngest, high-quality, tanker fleets in the world. We expanded the range of services provided to Russian and international energy companies by entering the important seaborne LNG and LPG transportation markets, beginning shuttle-tanker operations in icy waters, servicing offshore projects and making our first corporate acquisitions in Russia and abroad. At the same time we further enhanced our corporate governance, internal procedures, and conditions of employment for our masters and seafarers."

As of April, Sovcomflot has 19 vessels on order of a total 1.7m dwt, all of which will be used to transport Russian energy cargoes.  The company currently owns and operates a fleet of 68 vessels, including 12 owned jointly with Novoship, with a combined tonnage of 4.4m dwt.  [16/04/07]