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Sovcomflot exits first half of 2015 in strong form

Russia's Sovcomflot surpassed its own expectations and noted improvements on revenue as well as net result in the first six months of the year. The tanker carrier's CEO is cautiously optimistic about the rest of 2015.

BY

State-owned Russian tanker carrier Sovcomflot forged ahead in the first half of 2015, carried by a large fleet that was well-placed to benefit from the towering spot rates in the historically strong tanker market.

Sovcomflot's revenue grew 11.8 percent to USD 754.9 million, compared to USD 675.2 million in the first half of 2014, while the net result climbed to USD 216.3 million in a huge leap forward from just USD 63.6 million in the same period last year, according to the carrier's second quarter interim report.

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