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Crude oil boosts Sovcomflot

Russia's largest shipping company, Sovcomflot, improved its result significantly in the 3rd quarter compared to the same period last year. The crude oil market in particular has improved, says CEO Sergey Frank in the interim report.

The state-owned and largest shipping company in Russia, Sovcomflot, which operates in tanker and offshore, increased its profit as well as result significantly in the 3rd quarter, according to the carrier's interim report, where the company's bottom line shows a net profit of USD 45.5 million, up from USD 9.2 million in the same period last year.

The operating profit (EBITDA) came to USD 159.6 million, a 48.6 percent improvement compared to the 3rd quarter 2013. CEO Sergey Frank says the following in a comment on the carrier's results in the past nine months:

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