Russia’s largest shipping company Sovcomflot said its net profit for the nine months and third quarter were at US$298.8 million and US$82.5 million, respectively.
This was an increase of 173.9 percent and 81.3 percent for the nine months and the third quarter, respectively, compared to the same period in 2014, Sovcomflot’s report issued on Tuesday reveals.
The company’s gross revenue (freight and hire) rose 7.9 percent and 1.2 percent to US$1,14 billion and US$388.6 million for the nine months and third quarter respectively, as compared to the corresponding periods last year.
Gas transportation
Time charter equivalent (TCE) revenues for SCF’s gas transportation business for the nine months 2015 increased by 67.5 per cent to US$100.5 million from US$60.0 million in the nine months of 2014.
The group’s LNG carrier fleet is engaged under long-term charters to oil and gas majors, meaning it has no exposure to the current slump in LNG spot market rates, SCF said.
During the nine months period, SCF increased its LNG carrier capacity with the delivery of two new LNG carriers, SCF Melampus and SCF Mitre, the third and fourth vessels respectively in a series of Atlanticmax LNG carriers.
Each vessel has a 170,200 m3 cargo capacity and has an Ice2 ice class rating and they are employed on a long-term time charter to Royal Dutch Shell.
[mappress mapid=”16264″]
LNG World News Staff; Image: Sovcomflot