RUS
Media
MainMediaSCF in the news

Sovcomflot adds two LNG newbuildings after netting TotalEnergies charters

Print

08 July 2021

Lucy Hine

TradeWinds

French energy major declares options it was holding with Russian shipowner

Russian shipowner Sovcomflot (SCF Group) has firmed up long-term charter deal options on two LNG carrier newbuildings with its existing shipping partner TotalEnergies.

Sovcomflot said the 174,000-cbm vessels will be chartered to the French energy major for a period of up to seven years.

The ships will operate under the TotalEnergies global LNG trading programme, with Sovcomflot responsible for their technical management.

The charters were an option TotalEnergies was holding under a deal it signed with Sovcomflot in January for a single LNG newbuilding. This vessel, priced at around $181m, is due for delivery from Hyundai Samho Heavy Industries in the third quarter of 2023 and fixed on similar terms.

Tender triumph

Under this deal the major had the choice to declare one or both vessels.

No price or charter rate details were given for the latest two LNG newbuildings.

The Russian owner secured the initial charter on the single vessel after a tender for LNG carrier newbuildings run by TotalEnergies, then operating as Total.

Sovcomflot said the LNG carrier newbuildings will be fitted with slow-speed X-DF engines, hull air-lubrication systems, and two shaft generators with electronic frequency converters to provide significant fuel savings.

The vessels will also be kitted out with re-liquefaction systems to minimise the use of their gas combustion units and reduce their emissions footprint.

Industrial business

Sovcomflot president and chief executive Igor Tonkovidov said: “These new LNG carriers will meet the current and expected international and regional environmental legislation as well as charterer's requirements for energy efficiency, operational and navigational safety.

Tonkovidov added: “Further growth of the fixed-income portfolio from vessel operations with blue-chip charterers lies at the very heart of SCF’s business model and remains consistent with the group strategy as it continues to rebalance its fleet towards industrial business."

Sovcomflot already has one LNG carrier operating under a long-term Total charter.

The 174,000-cbm SCF La Perouse (built 2020) is fixed on a seven-year charter to Total at a rate reported to be in the low $60,000s per day.

The major has picked off other LNG newbuildings from shipowners including Maran Gas Maritime and Minerva Marine.

Back to the publications list

© PAO Sovcomflot 2024

The information provided on this webpage (the “Information”) is not directed or intended for distribution to, directly or indirectly, or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration, licensing or other permission within such jurisdiction. The Information may not be taken, transmitted or distributed, directly or indirectly, in or into the United States (or to U.S. persons), Canada, Australia, the Russian Federation, Italy or Japan or in any other jurisdictions in which (and to the extent) it would be prohibited by applicable law to do so.

The Information does not constitute an offer or an advertisement of any securities in any jurisdiction.

The Information is not an offer for sale of securities in the United States.

The Information does not constitute an offer of any securities in Russia or to or for the benefit of any Russian person. The Information is not intended for any persons in the Russian Federation who are not “qualified investors” within the meaning of the Federal Law no. 39-FZ “On the Securities Market” dated 22 April 1996, as amended (the “Russian QIs”) and must not be distributed or circulated into Russia or made publicly available in Russia or made available to any persons who are not Russian Is, unless and to the extent otherwise permitted by Russian law.

BY CONTINUING REVIEW OF THE INFORMATION YOU CONFIRM THAT YOUR REVIEW AND USE OF THE INFORMATION WOULD BE PERMITTED BY, AND WOULD NOT BE CONTRARY TO, ANY APPLICABLE LAW OR REGULATION.