![\"LNG](\"https:\/\/cdn.offshorewind.biz\/file\/sites\/6\/2020\/05\/14224239\/Sovcomflots-quarterly-profit-surges.jpg\")
Sovcomflot reported a net profit of $116.1 million in the first quarter this year compared to $70.1 million a year ago.<\/p>\n
Revenue increased by 20.1 per cent year-on-year to $493.3 million.<\/p>\n
Sovcomflot’s chief executive Igor Tonkovidov<\/strong> said the first quarter saw the company operating against the backdrop of a seasonal upswing in tanker freight rates, which benefitted shipowners. <\/p>\n At the same time, the oil market was extremely volatile during the quarter due to the Covid-19 coronavirus pandemic.<\/p>\n “Coupled with new emerging non-market challenges, this called for SCF\u2019s team to perform at its best”, Tonkovidov said adding the group achieved a significant growth in its key operating and financial metrics over the first quarter.<\/p>\n “The conventional fleet overperformed on the back of a strong spot market environment which, together with a further increase in overall productivity and operational efficiency, helped drive the increase in revenues”, he said.<\/p>\n During the quarter, Sovocmflot has welcomed another liquefied natural gas carrier to its fleet, namely SCF La Perouse.<\/p>\n The new-generation Atlanticmax LNG carrier with a 174,000 cubic meter capacity started its charter with French energy giant Total.<\/p>\n Sovcomflot has two further vessels in this series under construction, time chartered to the Hague-based LNG giant Shell with deliveries scheduled in 2020-2021.<\/p>\n The state-owned shipping company’s fleet includes 146 vessels out of which 21 are LNG carriers.<\/p>\n The post Sovcomflot’s quarterly profit surges<\/a> appeared first on Offshore Energy<\/a>.<\/p>\n world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":" Russia\u2019s largest shipping company Sovcomflot logged an almost 66 per cent rise in quarterly net profit on the back of a strong performance of its conventional fleet. LNG carrier SCF Mitre (Image courtesy of Sovcomflot) Sovcomflot reported a net profit of $116.1 million in the first quarter this year compared to $70.1 million a year …<\/p>\n","protected":false},"author":1,"featured_media":9980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[3543,2773,6370,6371],"class_list":["post-9979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-profit","tag-quarterly","tag-sovcomflots","tag-surges"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/9979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=9979"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/9979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/9980"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=9979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=9979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=9979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}