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Long-term contracts triger profit for Sovcomflot in strained tanker market

Sovcomflot nets profit in the second quarter, which has generally triggered deficits across the entire tanker sector. Long-term contracts at fixed rates drive the positive result from the Russian state-owned carrier.

Photo: PR-FOTO

Tanker carrier Sovcomflot reports positive results in the second quarter of 2021, which CEO Igor Tonkovidov otherwise describes as "extremely unfavorable."

The Russian state-owned carrier reports profit of USD 7.3 million against a deficit of USD 1.7 million in the first quarter of the year, while revenue grew to USD 397 million from USD 363 million in the first three months of 2021.

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