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Sovcomflot links with Glencore to grow SE Asian products business

London: Sovcomflot (SCF) Group has taken delivery of a first product tanker under a joint venture with commodities trading giant Glencore International, whose Singapore-based subsidiary ST Shipping operates over 200 vessels and is a lead player in Handy/MR/Panamax sectors.  
 
The jv provides for the acquisition and commercial management of five coated Panamax product tankers (LR1 type). Technical management of all the vessels will be performed by Unicom (St. Petersburg) - a subsidiary of Sovcomflot. The delivery of the four other product tankers is expected in 2011.
 
Evgeny Ambrosov, Senior Executive Vice-President of Sovcomflot, noted: "Participation in the joint project with Glencore enables a broader access by SCF Group to the cargo base of one of the world's largest traders and lays down the foundations of the company's further development in the LR1 product tanker segment, as well as strengthening Sovcomflot's position in the rapidly developing markets of seaborne oil and oil products transportation, first and foremost in South-East Asia."    
 
Jan Andersen, Head of Shipping, ST Shipping , said "We hope that this Joint Venture will play a key role in ST's transition from an operator of a substantial TC fleet to a Global player of both managed and owned vessels.
 
The first tanker of the series, SCF Alpine, is a modern Panamax product tanker with double-hull,  deadweight - 74,120 tonnes, length - 228 metres, breadth (moulded) - 32.2 metres, and able to carry up to 12 grades of oil products. [19/11/10] 

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