Sovcomflot’s profit rockets

By Mirza Duran Russia’s largest shipping company Sovcomflot logged a 149 percent rise in first-half net profit on the back of a strong term contracts portfolio.

LNG carrier SCF Mitre (Image: Sovcomflot)

Sovcomflot reported a net profit of $226.4 million in the January-June period, compared to $91 million a year ago.

Revenue increased by 19.8 per cent year-on-year to $951.3 million.

Sovcomflot’s chief executive Igor Tonkovidov said EBITDA over the prior 12 months has exceeded $1 billion, for the first time in the firm’s history.

January-June earnings before interest, tax, depreciation and amortisation rose 54.7 percent to $578.6 million.

“An optimal balance of long- and short-term charter contracts, together

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