Britain To Build A ‘National Flagship’ To Promote Maritime Trade
by Alistair Smout (Reuters) – Britain is to build a new flagship to promote its business and trade interests around the world, the government said on Saturday, in a move it...
In a rather bold statement during a meeting between Sovcomflot’s (SCF) Board of Directors last week, the Board’s Chairman, Ilya Klebanov noted:
“Sovcomflot is the only major tanker company in the world which finished 2011 in profit, despite the crisis year which was the worst for more than a decade. The level of freight rates in the tanker market reached a historic minimum.”
During this time period, SCF’s fleet also grew by 1 million tons deadweight with the addition of 6, ice-class Aframax tankers to service the Sakhalin-1 and Sakhalin-2 offshore oil and gas projects.
SCF’s strategy going forward, as stated by Mr. Klebanov, is closely aligned with the expansion of their LNG carrier and offshore hydrocarbon production services in Russian and elsewhere around the world.
With their profit gained in 2011, SCF’s Chairman remarked that SCF plans “to proceed with the implementation of an investment programme aimed at increasing the fleet’s effectiveness, retaining high navigational safety standards, reducing our environmental impact, and developing the potential of our people.”
Sergey Frank, Sovcomflot’s President and CEO, states:
“Last year was the third year of tanker market stagnation. ClarkSea Tanker Index of profitability fell by 20 per cent as compared to 2010. For all the tanker owners, without any exception, it was not an easy period. However, even in such a situation Sovcomflot has demonstrated the stability of its business model and continued to develop in accordance with the strategy approved by the Board of Directors.
The Group’s fleet grew by more than one million tonnes deadweight and remained one of the youngest in the world. We have concluded a number of new contracts with first-class contactors, forming part of long-term projects, we have also entered the offshore geological exploration market segment. Sovcomflot’s stable position is confirmed by the growth of contracted revenues for future periods, which amounted to USD 5.5 billion dollars by the end of 2011.”
The level of freight rates has reached a historic minimum over the last ten years. The Stock Market Index of public tanker companies fell by 47 percent while the ClarkSea Tanker Index of profitability in 2011 decreased by 20 percent as compared to 2010.
The SCF Group of companies (SCF) specializes in crude oil, petroleum products and liquefied gas transportation. Their fleet, as of 1 of April 2012, comprises 158 vessels with a total deadweight of almost 12.0 million tonnes.
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