Sovkomflot received a record profit in 2015

One of the world’s largest shipping companies — Sovcomflot — in 2015, earned $354,5 million net profit. This is more than four times the previous year. At the operational level, the company received $468,7 million profit against $248,2 million a year earlier. EBITDA increased 38% to $742,6 million, profitability on it has amounted to more than 50%.

Net profit of Sovcomflot by the end of 2015 — the largest in the history statements of the company since 2011. Thus, the company’s revenue last year grew not so much — just 7.6%, to $1.5 billion the Main reason of growth of profit of shipping company, according to the senior analyst of “Aton” Michael Ganelina, is the increase of transportation volumes and freight rates in the past year.

Consolidated revenue in time Charter equivalent (TCE, freight income and rent net of voyage expenses) grew by 18.8%, to $1.2 billion While revenues from the of oil transportation increased by 28.7% and amounted to more than $542 million, from the transportation of petroleum products — by 12.6%, to $240,3 million, from transportation of gas — 65.3%, to $137.5 million

Sovcomflot is one of the largest shipping companies in the world and the largest in Russia, founded in 1988. Specializes in the transport of hydrocarbons and support the work at the fields, including in difficult climatic conditions. The group’s fleet at end of 2015 consisted of 142 vessels, eight were built.

Last year net debt Sovcomflot declined 5%, to $2.6 billion In December, the company attracted Sberbank CIB $340 million in 14 years for the construction of three new Shuttle tankers to transport oil by sea from the novoportovskoe field. Just for 2015 the group has attracted $756 million in long-term project loans, the company also refinanced loans for $130 million.