Совкомфлот

SCF Posts Lower Profit for 9M 2021

  • Sovcomflot has released its Consolidated Financial Statements for the period ending 30 September 2021.

    The Group’s revenue declined by 10.7% year-on-year to make $1.16 bn.

    Time-charter equivalent (TCE) revenue was down 22.4% to $829.7 mn. SCF Group’s industrial business segments contributed $544.3 mn to 9M 2021 TCE revenue, delivering 8.6% year-on-year growth due to the input from three new LNG carriers delivered in 2020 and 2021, which are employed under long-term contracts with Shell and TotalEnergies.

    The conventional tanker business (crude and oil products transportation business segments) contributed 30% to the group’s TCE revenue for January-September 2021.

    The 9 months 2021 EBITDA declined by 32.2% to make $507.3 mn. Operating profit was down 62.5% to $163.5 mn. Net profit dropped 12.4-fold down to $20.2 mn.

    For Q3 2021, SCF posted revenue of $400.2 mn, up 0.8% on Q2 2021, and TCE of $269.8 mn, down 5.3% QoQ. EBITDA was down 6.2% to $170.1 mn, operating profit up 59.2% to $66 mn, and profit for the period up 99% to $14.6 mn.

    “Our industrial business segment performed strongly, consistently and in line with previous guidance,” Igor Tonkovidov, President and CEO of SCF Group, commented. He also added that the assumptions of a recovery in the tanker market are starting to materialise. “The combination of a rebound in demand and tightening supply should lead to an improvement in freight rates”, he said.

    According to Nikolay Kolesnikov, CFO of SCF Group, the recent completion of a $110 mn credit facility with three international banks allows us to address in full the Group’s funding requirements for 2022 new vessel deliveries.


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