Sovcomflot’s IAS net profit down 38.2% to $33.2
In 2012, net profit of Sovcomflot OJSC calculated in compliance with International Accounting Standards (IAS) dropped by 38.2%, year-on-year, to $33.2 mln, the company’s press center informs. In the accounting period, the gross revenue made $1 bln 443.4 mln (+ 0.3%)
Time-charter equivalent (freight revenue minus voyage expenses) grew by 0.2% to $929.6 mln. EBITDA fell by 0.8% to $457.
According to the comments on the freight market dynamics, 2012 saw no considerable improvement in freight markets. The shares of public tanker companies were still under the pressure, Bloomberg Tanker index fell by 47%. Clarksea index fell by 65% against 2008. The growth of global tanker fleet exceeded 5% while the tonnage demand grew by only 1.8%, which formed a demand-supply misbalance and hindered freight rate recovery. The first half of the year saw a stagnation in the segment of oil product vessels and a seasonal burst of activity in the segment of large-capacity tankers. In the second half of the year the product carriers’ segment had a temporary improvement. In general, the year of 2012 was the fifth year of a continuous recession at global tanker markets.
“We rely upon the recovery of freight rates to start in late 2013 – early 2014”, Sovcomflot Director General Sergey Frank comments.
“In the accounting period, the company concluded four credit agreements for a total amount of $1.1 bln including $700 mln for refinancing of the existing debt, having established new relations with five financial institutions. The amount of the Group’s contracted revenues reached 5.2 bln as of the year end and this ensures considerable stability in implementation of Sovcomflot’s development strategy, comments Nikolai Kolesnikov, first deputy Director General of Sovcomflot.
Sovcomflot Group is Russia’s largest shipping company and one of the world’s leading shipping companies specializing in the maritime hydrocarbons transportation and supporting continental shelf exploration and oil & gas production. The SCF fleet includes 156 vessels with a combined deadweight of around 12 million tonnes. The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, London, Limassol, Madrid, Singapore and Dubai.
