Sovcomflot profit surges in volatile tanker markets



Russian state shipowner Sovcomflot (SCF Group) has posted a steep jump in earnings in volatile third quarter markets.

The tanker and LNG carrier owner said net profit to 30 September was $25.9m, compared to just $0.3m a year ago.

Revenue grew to $418.8m from $396.4m in 2018.

New CEO Igor Tonkovidov said: “During the third quarter, the group achieved a steady increase in its operating and financial performance, with a growth in net profit, as the market remained volatile while demonstrating an upswing in conventional tanker rates.

"The group has increased its revenues from offshore services, including the shuttle transportation of crude oil, and from conventional tanker operations.”