Sovcomflot has releases its consolidated financial statements for the periods ended 31 December 2021.
The Group’s revenue declined by 6.8% year-on-year down to $1.54 bn, TCE revenues by 18.9% down to $1.1 bn, EBITDA by 25.7% down to $678.5 mn.
Vessels’ running costs were down 7.7% year-on-year to $338.8 mn, and net earnings from vessels trading down 2.1% ro $456.9 mn.
Profit for 2021 dropped 86.6% down to $35.8 mn, and adjusted profit made $61.1 mn, down 79.3% year-on-year.
A strong performance from the Group’s industrial offset weakness in the conventional tanker fleet over 2021, SCF said in a statement.
The Group’s contract backlog rose by further $0.4 mn over the reporting period and the total contract backlog stood at $24 bn as of 31 December 2021.
Conventional tanker market began to show initial signs of recovery with a seasonal uplift in charter rates since October 2021. Benefiting from that SCF conventional tanker business (crude and oil products transportation business segments) showed a growth of 15.4% quarter-on-quarter in the fourth quarter of 2021.