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:

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Container reliability hit new low at the end of 2021

Schedule reliability in the container industry set a new negative record in December 2021 with one route in particular hit hard with an on-time arrival rate of only 10 percent, show figures from Sea-Intelligence. Problems in supply chains are still ”a huge burden,” says Hapag-Lloyd.

DNB Markets says oil price could hit USD 100 a barrel

An optimistic scenario could see the oil price go above USD 100 per barrel, DNB Markets forecasts in its latest oil market report. It won’t take much for it to happen, oil analyst Helge André Martinsen says to ShippingWatch.

Cadeler secures two new deals

Shipping line Cadeler, which operates wind installation ships, lands two new deals, one with Vestas, the other with an unnamed customer.

Further reading

Related articles

Latest news

See all jobs