Sovcomflot has reported its IFRS financial results for the first quarter ended 31 March 2020.
Gross revenue was up 20.1% year-on-year to $499.3 mn, time charter equivalent (TCE) revenue up 25.1% to $389.5 mn, EBIDTA up 39% to $287.5 mn. Net profit for Q1 surged by 65.6% year-on-year amounting to $116.1 mn.
Commenting on the Q1 2020 results, Igor Tonkovidov, President and CEO of Sovcomflot, said: ‘The first quarter saw us operating against the backdrop of a seasonal upswing in tanker freight rates, which benefitted shipowners. At the same time, the oil market was extremely volatile during the quarter. Coupled with new emerging non-market challenges, this called for SCF’s team to perform at its best’.
‘In this context, the Group achieved a significant growth in its key operating and financial metrics over the first quarter this year. The conventional fleet overperformed on the back of a strong spot market environment which, together with a further increase in overall productivity and operational efficiency, helped drive the increase in revenues. By all measures, our performance indicators exceeded the targets set for the quarter, as well those related to the results achieved in Q1 2019.’