PAO Sovcomflot Holds Board of Directors Meeting


On 10 December 2019, PAO Sovcomflot’s Board of Directors held a meeting in Moscow, where it discussed the financial results for the first nine months of 2019, a financial plan (Budget) for the Group in 2020 and a forecast for period 2021-2022.

Financial highlights for the nine months to 30 September 2019 (USD millions)

9M 2019

9M 2018


Gross revenue (Freight and hire)




Gross Time charter equivalent (TCE) revenue








Net profit (loss)



Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said:

“The Board of Directors is satisfied with the Company results for the first nine months of 2019. The consistent expansion of the fleet’s involvement in the transportation of hydrocarbons by sea for large industrial oil & gas projects, together with the conditions of the spot freight market being favourable for shipowners in Q3 2019, allowed us to exceed the budgeted performance in the reporting period both in operational and financial terms.

“The Board of Directors approved the financial plan for 2020, which complies fully with the tasks determined by the Company’s development Strategy for the next reporting period and foresees a continued growth of operations and financial results of the Company”.

Igor Tonkovidov, President and CEO of PAO Sovcomflot, said:

“Indicative data from the company results for the first 11 months of current year, against the background of continued positive dynamics in most of the conventional tanker market segments, allows us to remain confident that all the budgeted figures for the 2019 year will be fully achieved.

“Finalising the budget for the next reporting period, Sovcomflot’s Managing Board has considered the freight market fundamental supply/demand ratio for tanker tonnage, which is positive to shipowners. This allows us to include 2020 figures in our budget that significantly exceed those of 2019.

“On 10 December 2019, Lloyd’s List announced that Sovcomflot has been named ‘Company of the Year 2019’ at the Lloyd’s List Europe Awards 2019. The award citation says that Sovcomflot is a company that has shown industry leadership over the past year in many ways, from its pioneering steps towards decarbonisation and the introduction of advanced technology, to its inauguration of a state-of-the-art operations centre and its industry-leading safety record, which comes despite operating in some of the world’s harshest conditions”.

SCF Press Office

Sovcomflot (SCF Group) is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production. The company’s fleet includes 147 vessels with a total deadweight of 12.8 million tonnes. More than 80 vessels have an ice class.

Sovcomflot is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia). The company is headquartered in Saint Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.