Russian fleet owner Sovcomflot expands LNG time-charter base as well as net profits and revenues
Sovcomflot, the Russian shipping line with 31 gas carriers in operation or on order and an overall fleet of 145 vessels, posted a more than 18 percent jump in annual net profits as revenues also increased.
New SCF LNG carrier
Jan 18 (LNGJ) - Sovcomflot, the Russian shipping line with 31 gas carriers in operation or on order and an overall fleet of 145 vessels, has taken delivery of “SCF Timmerman”, a newbuild LNG carrier with 174,000 cubic metres of capacity and constructed at the South Korean shipyard, Hyundai Samho Heavy Industries. “The ‘SCF Timmerman’ has already embarked in its maiden commercial voyage and will be operated under a long-term time charter agreement with Royal Dutch Shell, which will provide SCF with an additional $165M of contract backlog,” added Sovcomflot.
The Russian shipping line, which is now listed on the Moscow stock exchange after an initial public offering in October 2020, noted that the LNG newbuild was named after Frans Timmerman, a 17th-century Dutch merchant who served as a shipbuilding mentor to the Russian Tsar Peter the Great and played an important role in creating the Russian seaborne fleet.
Newly-listed Sovcomflot doubles profits in advance of solid future earnings from Arctic LNG charters
Sovcomflot, the Russian shipping line with 31 gas carriers in operation or on order and an overall fleet of 145 vessels, is now listed on the Moscow stock exchange and more than doubled nine-month net profits as it looked ahead to future long-term Arctic LNG charter earnings.
