• 2017 August 30 13:03

    SCF Group's H1 gross revenue rises 4.4% to $ 710.2 million

    SCF’s expanding industrial shipping business provides resilience in challenging conventional tanker market

    H1 2017 Highlights

    World’s first ice-breaking LNG carrier, Christophe de Margerie (Arc7 class, 172,600m3 cargo capacity), delivered into long-term time-charter with Yamal LNG

    New highly specialised ice-breaking platform supply vessel (IBSV) Gennadiy Nevelskoy (3,259 tonnes DWT) delivered in March. This was followed in June by Stepan Makarov (3,319 tonnes DWT), the first in a series of three new multifunctional ice-breaking standby vessels (MIB). All four vessels will operate on the Sakhalin-2 project under 20-year time-charters to Sakhalin Energy Investment Company

    USD 174 million, 15-year credit facility raised from Sberbank in March, to refinance two Arctic shuttle tankers (Mikhail Ulyanov and Kirill Lavrov) servicing the Prirazlomnoye project (the Pechora Sea).

    Successful raising of a further USD 150 million above the 2016 Eurobond issue, achieving one of the lowest yields for a global shipping company and which attracted widespread investors interest.


    Commenting on the Group’s results Sergey Frank, President and CEO of PAO Sovcomflot, said:

    “The first half of 2017 was very challenging for global tanker markets, with spot freight rates in all market segments nearing their historic lows. This has impacted severely upon the profitability of those owners focused solely on conventional shipping. During the first half of 2017, the benefit of the Group’s growing commitment to its specialised offshore and fixed income gas transportation businesses clearly demonstrated its worth. Despite the turbulent conditions seen in conventional markets, SCF Group has continued to demonstrate resilience whilst remaining able to position itself to take advantage of the future upswing in these markets when it comes.

    “In the first half, the Group continued to implement its strategy and demonstrated its capacity to innovate and break new ground. The Group took delivery of the World’s first ice breaking LNG carrier, Christophe de Margerie, two unique ultra-modern icebreaking platform supply vessels Gennadiy Nevelskoy and Stepan Makarov and placed the first ever orders for LNG-fuelled Aframax tankers, to provide a step reduction in shipping emissions.

    “Regardless of the adverse market conditions, we continue to enhance further the quality of our operations and implement operational programmes designed to provide for safe shipping, environmental protection and risk mitigation, to continue to attract talented seafarers and shore personnel, keeping in mind that human capital is one of SCF’s core competitive advantages.”

    Nikolay Kolesnikov, Executive Vice President, Chief Financial Officer, noted:

    “In the first half of 2017, the Group raised USD 341 million in debt capital, including a highly successful tap of our 2016 Eurobond issue. The latter was heavily oversubscribed, with one of the lowest yields seen for a global shipping company. It attracted significant international as well as domestic demand. The proceeds for the new capital raised, were used to retire the remainder of our maturing USD 800 million debut Eurobonds, issued in 2010. In addition, a 15-year credit facility was raised to refinance two shuttle tankers. Overall, the total debt capital raised by Sovcomflot during the period 2016 to 2017 is USD 1.6 billion.”

    “The robustness of Sovcomflot’s business model is underpinned by USD 8.0 billion of contracted future revenues and is reflected in its credit ratings and the cost of debt capital. The Group is rated BB+/stable by S&P (rating reconfirmed in August 2017) and Ba1/stable by Moody’s (both on a par with the Russian sovereign ratings from these agencies). Meanwhile, in June 2017 FitchRatings improved the outlook on its BB rating from “stable” to “positive”.

    H1 2017 Financial Highlights

     

     

    * Calculated on the adjusted basis as operating profit before depreciation and amortization adjusted by gain/(loss) on sale of subsidiaries, gain/(loss) on sale of equity-accounted investments, other operating revenues/(expenses) and interest income.

    On 16 March 2017, the Group concluded a USD 174.0 million 15-year credit facility with Sberbank, to refinance two Arctic shuttle tankers (Mikhail Ulyanov and Kirill Lavrov) servicing the Prirazlomnoye project.

    The Group’s subsidiary, SCF Capital, issued USD 150.0 million of unsecured Senior Notes on 10 April 2017, which mature on 16 June 2023. These were consolidated and form a single series with the Group’s existing Eurobonds (USD 750 million 5.375% Senior Notes due in 2023). The issue was 3.8 times over-subscribed and attracted significant international as well as domestic demand. Priced at USD 102.8, the Senior Notes had a yield of 4.85 per cent, representing the lowest-ever achieved for a global shipping company rated below investment grade.

    Dividends of Rouble (RUB) 3.12 per share, totalling RUB 6,141.0 million, equivalent to USD 106.9 million were declared on 16 June 2017 and paid on 27 June 2017 (2016 – RUB 3.04 per share totalling RUB 5,972.7 million equivalent to USD 92.9 million).

    As at 30 June 2017, Sovcomflot was rated BB+/stable (S&P), Ba1/stable (Moody’s) and BB/positive (Fitch)

    A copy of the full consolidated financial statements is available in the investor section of the Group’s website: www.scf-group.com

    Business segment highlights

    The Group’s diversified business model continued to be a source of strength. A strong performance from the Offshore and Gas divisions was seen in the first half. In these segments, vessels generally focus on servicing industrial energy projects on long-term time charter. It provided relief against the deteriorating conditions witnessed in the conventional tanker markets, which were most noticeable in the second quarter of 2017. This balance of revenue sources helped gross revenue for the six months to 30 June 2017 to increase by 4.4 per cent to USD 710.2 million (H1 2016: USD 680.3 million).

    The Group’s divisional performance during the first half, based on time charter equivalent revenues, is summarised in the following table.

     

     

     

     

    * Time charter equivalent (TCE) represents shipping revenues less voyage expenses and is commonly used in the shipping industry to measure financial performance and to compare revenue generated from a voyage charter to revenue generated from a time charter.

    Key events

    In February, the Group contracted for the construction of four new generation liquefied natural gas (LNG) fuelled 114,000 deadweight ice-classed Aframax tankers, the first such tankers in the world to use LNG fuel in line with the fleet renovation programme.  Following this, the Group signed an agreement with Shell Western LNG B.V. (Shell) in April for the supply of LNG to these vessels, which are scheduled to be delivered to SCF from July 2018 to February 2019.

    The concept for these tankers was developed as part of the preparation for the construction of such vessels at Zvezda shipbuilding complex (Primorsky region of Russia’s Far East).

    It is envisaged that by 2021 the construction of such large-capacity tankers will commence at Zvezda. They will operate primarily between the Baltic and Northern Europe transporting crude oil and petroleum products. Each tanker will have an ice class 1B hull enabling year-round export operations from the Russian Baltic.

    In April, the icebreaking supply vessel (IBSV) Gennadiy Nevelskoy was delivered, followed in June by Stepan Makarov, the first in a series of three multifunctional icebreaking (MIB) standby vessels to be delivered to the Group. All four vessels will operate under twenty-year agreements with Sakhalin Energy Investment Company Ltd., servicing the Sakhalin-2 Project.

    The Group and the Admiral Nevelskoy Maritime State University (MSUN, Vladivostok) signed an agreement in April to establish a joint educational and research project entitled the “Floating Laboratory”. It will be based aboard the IBSV Gennadiy Nevelskoy. This agreement is the latest chapter in a long-term programme of cooperation between SCF Group and the MSUN.

    In April Marine Money named Sovcomflot’s USD 750 million 7-year Eurobond bond offering ‘Institutional Debt Deal of the Year 2016’ and Seatrade, its “Deal of the Year”. In April, Sovcomflot's Arctic shuttle tanker Shturman Albanov won the international award for ‘2016 Ship of the Year’ at the 2017 Marine Propulsion Awards.

    Events after the reporting period

    On 21 July 2017, the Group signed an agreement for the construction of a fourth in a series of Arctic shuttle tankers to service the Novy Port project, under a long-term time-charter with Gazpromneft. The vessel is due for delivery in October 2019.

    On 17 August 2017, the Group’s icebreaking LNG carrier Christophe de Margerie successfully completed her first commercial voyage, transporting liquefied natural gas (LNG) through the Northern Sea Route (NSR) from Norway to South Korea. The vessel set a new record for an NSR transit of just 6 days 12 hours and 15 minutes.

    Fleet summary

    As at 30 June 2017, the Group’s fleet (including vessels owned, chartered-in, and in joint ownership with third parties) comprised 149 vessels with a combined deadweight of approximately 13.1 million tonnes. At the end of the 1H 2017, the Group had six vessels under construction, scheduled for delivery from September 2017 to February 2019, comprising of two multifunctional ice breaking (MIB) standby vessels and four ice-class, LNG-fuelled Aframax crude oil tankers.

    A detailed fleet list is available at the Group’s website: www.scf-group.com

    About Sovcomflot

    PAO Sovcomflot (SCF Group) is one of the world's leading shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as servicing offshore upstream oil and gas installations and equipment. The Group’s fleet comprises 149 vessels with a total deadweight of over 13.1 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.

    The Group offers a wide range of vessels in the market segments most demanded by major Russian oil and gas companies. With its own technical development and unique approach to advanced technologies, Sovcomflot can meet the most demanding customer requirements, providing effective transportation for oil & gas companies.




20 ноября 2017

19:00 «Газпром» и Shell обсудили совместные технико-экономические исследования по проекту «Балтийский СПГ»
18:45 Херсонский судзавод (Украина) отремонтирует голландский сухогруз Lаguepe (фото)
18:30 Wartsila поставит оборудование для нового парома Viking Line (графика)
18:15 Мурманская международная деловая неделя приняла свыше 3,5 тыс. участников из 21 субъекта РФ и 13 зарубежных стран
17:59 Запущен официальный сайт РПСМ (фото)
17:45 Судоремонтные заводы группы Damen подтвердили сертификацию ISO, OHSAS
17:26 В Мурманском транспортном филиале «Норникеля» началось масштабирование информационной системы ТОиР на береговые подразделения
17:12 Севморзавод заложит плавкран «Севастополь» 24 ноября 2017 года
16:57 На платформе «Приразломная» усилена безопасность системы морской транспортировки персонала (фото)
16:41 «Речводпуть» проводит конкурс на строительство обстановочного теплохода
16:27 Второе судно доставило из США на Украину уголь марки «Г»
16:11 Обновлен состав судов для разъездных целей в портах Восточный и Находка (фото)
15:56 Транспортная прокуратура добилась обеспечения аварийно-спасательной готовности порта Туапсе
15:46 Олег Белозёров назначен генеральным директором ОАО «РЖД», изменен устав компании
15:31 Операционная прибыль сегмента флота ПАО «Совкомфлот» за 9 месяцев 2017 года выросла на 50,5% - до $131,2 млн
15:16 Damen спустила на воду исследовательское судно для министерства рыбного хозяйства Анголы (фото)
14:58 Бакинский МТП намерен стать первым «зеленым» портом в СНГ
14:44 Теплоход «Петр Великий» ММП направился из порта Диксон в Китай по трассе Севморпути (фото)
14:28 Грузооборот порта Клайпеда (Литва) за 10 месяцев 2017 года вырос на 5,5% - до 35,12 млн тонн
14:14 Вынесен приговор по делу о крушении траулера «Дальний Восток»
13:57 «Морпорт Санкт-Петербург» принял в эксплуатацию очередную партию техники - четыре вилочных автопогрузчика (фото)
13:43 В морском порту Сочи расширены границы обязательной лоцманской проводки
13:29 На терминал Manga LNG (Финляндия) доставлена первая партия СПГ (фото)
13:13 Средние оптовые цены спотового рынка РФ на мазут М-100 к 17 ноября выросли до 12,82 тыс. руб. за тонну
12:56 Грузооборот Херсонского порта (Украина) за 10 месяцев 2017 года снизился на 15,5% - до 2,55 млн тонн
12:42 Госморречнадзор с 10 по 17 ноября 2017 года выявил 80 нарушений
12:26 Согласован порядок взаимодействия по вопросам реализации проекта строительства Багаевского гидроузла (фото)
12:12 Опубликован обзор ЕСИМО о текущей обстановке в океанах и морях
11:58 Нацрыбресурс планирует инвестировать в создание рыбного кластера в Калининградской области 3-4 млрд руб.
11:44 ТМТП за 9 месяцев 2017 года направил 118,6 млн руб. на портовую инфраструктуру
11:28 Опасные гидрометеорологические явления наблюдаются в Тихом океане, Охотском, Беринговом, Баренцевом, Балтийском, Каспийском и Черном морях
11:15 ИАА «ПортНьюс» поздравляет с Днем рождения и.о. генерального директора АО «Ленморниипроект» Игоря Русу!
10:57 Через Керченский пролив за минувшие сутки перевезено 7741 пассажир и 2575 ед. автотранспорта
10:43 «Ростерминалуголь» подготовил технику и оборудование к работе зимой (фото)
10:29 Онежский ССЗ спустил на воду наплавной мост для жилого района Петрозаводска (фото)
10:13 Цена нефти Brent снизилась на 0,26% - до $62,56, Light опустилась на 0,16% - до $56,62 за баррель
09:54 Во Владивосток для участия в учении SAREX прибыл эсминец Морских сил самообороны Японии «Хамагири» (фото)
09:35 В Нижегородской области суд запретил эксплуатацию лодочной стоянки маломерных судов и причала
09:17 Индекс стоимости фрахта Baltic Dry 17 ноября составил 1371 пункт
08:53 Объявлен тендер на проведение реконструкции причала №1 в порту Черноморск (Украина)
08:32 В ОСК рассчитывают на поддержку отечественного судостроения при развитии нормативной базы о каботажных перевозках
08:00 Объем турпотока на маршрутах по Каналу имени Москвы в навигацию-2017 вырос на 15% - до 270 тыс. человек
07:45 Нониус Инжиниринг выступает спонсором конгресса «Гидротехнические сооружения и дноуглубление»

19 ноября 2017

16:00 Власти Аргентины предположительно засекли сигналы от потерявшейся подлодки San Juan
15:53 Контейнерооборот порта Гонконг (Китай) за 10 месяцев 2017 года вырос на 7,7% - до 17,26 млн TEUs
15:47 Контейнерооборот порта Лос-Анджелес (США) за 10 месяцев 2017 года вырос на 6,36% - до 7,64 млн TEUs
15:42 Контейнерооборот порта Лонг-Бич (США) за 10 месяцев 2017 года вырос на 9,5% - до 6,23 млн TEU‎s
15:29 Корабли Каспийской флотилии отразили налёт авиации условного противника

18 ноября 2017

13:17 Во Владивосток зайдёт корабль Морских сил самообороны Японии
13:04 Аргентинская подлодка San Juan пропала у берегов Патагонии
10:30 Грузооборот Ренийского порта (Украина) за 10 месяцев 2017 года увеличился на 14% - до 871 тыс. тонн
10:00 Maersk Line назначила нового регионального главу своего представительства в Северной Америке (фото)

17 ноября 2017

19:00 Балтийская таможня за 10 месяцев 2017 года оформила более 8,3 тыс. судов загранплавания
18:45 Объявлены допустимые осадки в акватории морского порта Усть-Луга (Ленобласть)
18:30 Завершена навигация на Байкале, водохранилищах и реках Байкало-Ангарского бассейна (фото)
18:15 МТП Усть-Луга провел уникальную операцию по выкатке негабаритного груза для Газпрома (фото)
17:59 Грузооборот спецморпорта Ольвия (Украина) за 10 месяцев 2017 года вырос на 14,4% - до 5,70 млн тонн
17:43 Обнаружено и отбуксировано пропавшее на Ладожском озере маломерное судно с пассажирами
17:28 Проект доставки негабаритных грузов по Севморпути для строительства комплекса «ЗапСибНефтехим» завершен досрочно
17:13 Паром «Сахалин-8» прибыл в порт Корсаков (Сахалин)