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Sovcomflot sees strong first quarter 2007

Sovcomflot sees strong first quarter 2007

Moscow: Russia's largest shipping company Sovcomflot has declared a net profit of $56.2m for the first three months of this year, which is an 18.3% improvement on profits seen in the same period last year.

The company, which operates 68 vessels (including 12 chemical tankers jointly owned with JSC Novoship) of approximately 4.4m dwt, saw profits of $98.7m from its vessel trading operations - 18.8% higher than in 2006. It also received $160m in revenue from freight and hire services over the period.
The results are indicative of a good year ahead for the company, which saw a 25% increase in profits for the year ending 2006 featuring a total revenue of  $510.7m.

Sovcomflot's shipbuilding programme includes the construction of 19 vessels of a total 1.7m dwt, scheduled for delivery from 2007 to 2010.  [11/05/07]