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Old ships and challenging market sends Sovcomflot into the red

Russian Sovcomflot recorded large impairments on older vessels in the first half of the year, while stagnated markets also contributed to the company's deficit.

Photo: Sovcomflot

Russian tanker carrier Sovcomflot was not exempt from low rates in the market in the first half of the year, where levels in some segments were more than 50 percent lower than in the same period last year.

The carrier had a loss on the bottom line amounting to USD 57.8 million, where a large impairment of USD 42.2 million on older ships in the fleet played a part. In the same period last year, Sovcomflot had a profit of USD 15.2 million.

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