Sovcomflot’s profit rises to USD 216 million

Sovcomflot's profit rises to USD 216 million

Russia’s largest shipping company Sovcomflot said its net profit rose to US$216 million in the first half, as compared to US$64 million in 2014.

The company’s gross revenue (freight and hire) also increased to US$755 million, a 12 percent rise when compared to the first half in 2014.

EBITDA for the half-year was at US$368, up 46 percent compared to the same period a year ago, the company said in a statement.

Gas Transportation

Time charter equivalent (TCE) revenues for SCF’s Gas transportation business were at US$64 million, an increase of 50 percent.

During the first half, the shipping company took delivery of SCF Melampus and SCF Mitre, the third and fourth vessels respectively in a series of Atlanticmax LNG carriers, built under a partnership agreement with STX Offshore & Shipbuilding.

The vessels each have an Ice2 ice class rating and 170,200 m3 cargo capacity, and they are employed on a long-term time charter to Royal Dutch Shell.

LNG World News Staff; Image: Sovcomflot

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