Sovcomflot reports drop in first quarter profit

Sovcomflot reports drop in first quarter profit
Image courtesy of DSME

Russia’s largest shipping company Sovcomflot posted a drop in net profit of over 60 percent during the first quarter of 2017. 

The company reported a net income of US$39.9 million in the first quarter of 2017 as compared to $103.1 million in the corresponding quarter in the previous year.

Speaking of the results, Sergey Frank, Sovcomflot’s president and CEO said, “the first quarter saw a significant downturn in the global tanker market.”

Sovcomflot noted that some spot market segment time charter equivalent (TCE) rates have dropped 40 percent year on year, with the company reporting TCE revenues of $274.4 million for the first quarter, down from the $290.8 million in the corresponding quarter in 2016.

During the quarter, Sovcomflot took delivery of the world’s first ice-breaking LNG tanker, Christophe de Margerie, that entered into the long-term time-charter agreement with Yamal LNG.

Share this article

Follow LNG World News

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

6th Mozambique Gas Summit & Exhibition

The CWC Group and ENH would like to thank all attendees, speakers, sponsors and exhibitors…

read more >

LNG2019

LNG2019 is presented by the IGU, GTI and IIR, supported by the Shanghai Government and hosted by China LNG Association…

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

Meet with the Gas, LNG & Power Industry in Brazil & the Americas

read more >

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >