Last week, the UK joined other countries in slapping sanctions on Russia’s LNGCs and other ship types operated by SCF.
The company was reported to be already struggling to find berths to discharge its oil and gas cargoes.
Since Moscow’s invasion of Ukraine on 24th February, shipping sources told newswires that it has faced growing challenges in concluding charters, as ports, end purchasers, marine insurers and other freight companies stop undertaking Russian business.
Maria Angelicoussis, Angelicoussis Group CEO, told the FT Commodities Global Summit last week that SCF’s fleet was “facing issues”, while also pointing to the wider trend of “big hesitancy” among shipowners to carry Russian cargoes.
Earlier, the EU had listed SCF among Russian state-owned companies with which it was “prohibited to directly or indirectly engage in any transaction” after a wind down period ends on 15th May.
Canada added SCF to a list of designated entities in February while the US has restricted it from raising capital in its financial markets.
Meanwhile, before the Ukraine invasion, SCF reported a 2021 full year revenue of $1.54 bill, compared to $1.65 bill for the previous year.
Net earnings from trading vessels was $757 mill, compared with 984 mill in 2020, while the adjusted profit for the year was $61.8 mill, compared with $300.6 mill.for the previous year.
EBITDA for 2021 was $678.5 mill, compared to $912.8 mill for the previous 12 months.
A strong performance from the Group’s industrial fleet offset weakness in the conventional tanker fleet last year and helped drive the Group’s adjusted net profit.
SCF’s contract backlog rose by a further $0.4 bill over the reporting period and the total contract backlog stood at $24 bill as of 31st December, 2021, before the Ukraine conflict started.
The Group’s industrial business portfolio, comprising LNG and LPG vessels and harsh environment offshore services (ice class shuttle tankers and icebreaking supply and standby vessels) continued to show stable growth, due to the input from new vessels entering service and employed under long-term contracts with international energy majors.
Industrial business delivered 6.3% year-on-year revenue growth, SCF said.
