Sovcomflot’s H1 revenue up 10.9%, income down 4.8%, to $111.2m
Net income of Sovcomflot under International Financial Reporting Standards (IFRS) for the first half of 2010 (ended June 30, 2010) amounted to $111.2 million, a 4.8-percent drop from H1, 2009, the SCF’s press release said. The company's revenue for January-July 2010 increased by 10.9% to $678.6 million, EBITDA in the reporting period made up $ 292.6 million versus $ 305.9 million last year.
Commenting on the six-month results of the SCF in the first half of 2010, Sovcomflot’s President & CEO Sergei Frank said that whereas the freight market remained challenging throughout first half 2010 the company was able to demonstrate steady performance across business lines thanks to a well-balanced fleet employment structure.
According to Evgeny Ambrosov, Executive Vice-President and Group COO, Sovcomflot has demonstrated a strong performance despite continued pricing pressure in the conventional tanker market segments. “With a growing portion of our revenues coming from the Group’s industrial business portfolio with project vessels employed under long-term fixed rate contracts (in such specialized areas as LNG, shuttle-tanker and offshore supply vessel operations) our fleet as a whole continued to earn in excess of market expectations,” Mr. Ambrosov said.
As of June 30, 2010, the company's fleet consisted of 144 vessels with total deadweight of about 10,5 million tons. The average age of SCF’s tanker fleet is 6.5 years vs the world’s average of 12 years.
Sovcomflot Group, founded in 1995, is one of the largest Russian shipping companies. Sovcomflot’s fleet comprises of 146 ships of total deadweight of over 10 million tons. The company shipbuilding program includes 10 ships of total 800,000 DWT. The average Sovcomflot’s tanker age is some 7 years (world’s average - 12 years). The Group ranks first in the world in the segment of commodities carriers, the second - in Aframax vessels fleet. The company has the world’s largest Ice Class vessels fleet. It is also the top global operator of Arctic shuttle tankers and LNG carriers with Ice Class.