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Sovcomflot posts reduced profit for 2009

Moscow: SCF Sovcomflot has announced its results for 2009, where gross revenue fell 25% to $1.22bn as a result of what it called 'the worst conditions in a decade' with spot freight rates down 60% on the previous year. Time Charter Equivalent revenue fell 24% to $932m, EBITDA fell 34% to $550m and net profit by 46% to $218m, a result nevertheless better than many of its competitors. During the year the Group took delivery of seven new vessels, at year-end its fleet comprising 144 vessels amounting to 10m dwt. One of the highlights of the year was the starting of regular shipments of LNG from the Sakhalin-2 project. [16/04/10]

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