LNG

Sovcomflot, the Russian shipping line with 17 liquefied natural gas carriers with others on order and with an overall fleet of 146 vessels, posted increased first-quarter revenues and profits on higher freight rates.

April 9 (LNGJ) - Sovcomflot, the Russian shipping line with 16 liquefied natural gas carriers and an overall fleet of 147 vessels, pledge to further expand its portfolio as the board met to approve the annual report and recommend the allocation of 7.18 billion Russian rubles (US$95.6 million) in yearly dividend payments. Time charter equivalent revenue had increased by 17.8 percent to exceed US$1.27 billion while net profit was over US$225 million.

   “We are pleased that the large-scale cooperation between Sovcomflot and Russia's leading energy companies is facilitating domestic construction of state-of-the-art LNG carriers and LNG-fuelled Aframax and MR tankers,” said Igor Tonkovidov, President and Chief Executive of Sovcomflot. “The total value of shipbuilding orders placed by SCF Group at the Russian yards has already exceeded US$1.5Bln,” he added at the meeting.

Sovcomflot, the Russian shipping line with 16 liquefied natural gas carriers and an overall fleet of 147 vessels, returned to annual profit amid plans to expand its LNG carrier fleet and its number of LNG-powered tankers.

Sovcomflot, the Russian shipping line with 16 LNG carriers and an overall fleet of 147 vessels, said it held a ceremony for the naming a new LNG carrier named after a French Pacific maritime explorer.

Sovcomflot Group, the Russian fleet owner, said it signed an agreement with ship fuel provider, Gazprom Neft Marine Bunker, to cooperate on bunkering operations for ships powered by liquefied natural gas.

Sovcomflot, the Russian shipping line with 14 LNG carriers and two others on order, has reported a rise in first-quarter time-charter revenues and turned a profit as it also introduced LNG-powered vessels to its tanker fleet.

Sovcomflot, the Russian shipping line, has organized financing for two new liquefied natural gas carriers to increase its LNG fleet to 16 vessels as Russia expands its presence in the sector with more projects.

Sovcomflot Group, the Russian shipping line with 12 liquefied natural gas carriers in its fleet, narrowed its annual net losses as charter rates improved for LNG and energy trading sectors amid continuing difficult conditions during mid-2018.

Russian shipping line Sovcomflot said Royal Dutch Shell conducted a ship-to-ship LNG bunkering operation in the Dutch port of Rotterdam for the “Gagarin Prospect”, the world’s first LNG-powered Aframax tanker.