Sovcomflot: Solid tanker market into 2016-2017

Like the rest of the product tanker sector, Russian carrier Sovcomflot benefited from low oil prices and soaring demand in 2015. Good market balance points to strong rates into 2017, says CEO.

Yet another player in the product tanker sector can point to considerable growth across the board in 2015. In the first nine months of the year, Russian state-owned tanker carrier Sovcomflot's net profit came to USD 298.8 million, an increase from USD 109.1 million in the same period 2014. This corresponds to a growth of 174 percent.

The company's revenue rose by 7.9 percent to USD 1.14 billion in the first three quarters of the year, according to Sovcomflot's third quarter results.

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