Sovcomflot reports significant improvements in first quarter

Strong spot rates in the tanker market helped increase both revenue and bottom line considerably for Russia's Sovcomflot in the first quarter.

Photo: Sovcomflot

The year's first three months brought solid improvements for Russian state-owned LNG and tanker shipping line Sovcomflot.

Its bottom line grew by an entire 65 percent to USD 116 million, while revenue increased by 20.1 percent to USD 493.3 million.

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