Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s efforts to reduce Russia’s revenue from oil sales which it could use to fund its war in Ukraine.
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue through exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July.
Russian insurance boosts oil exports to India's top buyer
Data from sources in the shipping and trade industries shows that Russian insurers play a greater role in facilitating oil shipments by Russia to India, which is its largest buyer. This helps to protect Moscow's revenue from exports despite Western sanctions. According to calculations based upon the documents of the vessels, Russian firms insured 60% of Moscow’s oil cargoes bound for India in July.
Gazprom's Arctic Offshore Platform Ships Its 200th Oil Cargo
Gazprom Neft, the oil branch of Russian gas giant Gazprom, has shipped the 200th consignment of ARCO crude from its Prirazlomnaya offshore platform in the Russian arctic.This milestone shipment was carried out by the Mikhail Ulyanov tanker — several return trips to the Prirazlomnaya platform being necessary to despatch a consignment comprising 70,000 tonnes of oil.
Japanese Backers for Novatek's LNG Complexes
Russia’s largest independent natural gas producer and LNG project operator Novatek has formed ties with Japan's shipper Mitsui O.S.K. Lines (MOL) and Japan Bank for International Cooperation (JBIC) to collaborate on liquefied natural gas (LNG) projects.The three companies will implement projects for construction of a marine LNG transshipment complexes in Kamchatka Territory and Murmansk Region…
Last Yamal LNG Arctic Ships on Sea Trials
The last of 15 Arc7-classed tankers ordered for the liquefied natural gas (LNG) production plant Yamal LNG in Russia's Arctic north are undergoing sea trials around a South Korean shipyard, Refinitiv Eikon shipping data showed on Monday.The Georgiy Ushakov and Yakov Gakkel LNG tankers are both in water at the Daewoo Shipbuilding and Marine Engineering…
SCF Celebrates the Day of Russian Sea
Russian maritime shipping company specializing in petroleum and LNG shipping, PAO Sovcomflot (SCF Group) held a traditional meeting of the company’s management with masters of Sovcomflot vessels on the eve of Russia’s Day of Marine and River Fleet Workers, celebrated on the first Sunday of July.The state-owned corporation said in a press note that in the lead-up to this day, Russian Ministry of Transport has awarded 43 masters
Gazprom, Sovcomflot Pact on LNG Bunkering
Russian shipping company Sovcomflot and compatriot oil producer Gazprom Neft Marine Bunker have signed an agreement to cooperate on projects for bunkering ships with LNG fuel.The agreement was signed by Igor Tonkovidov, Executive Vice President and CTO/COO of Sovcomflot, and Andrey Vasiliev, CEO of Gazprom Neft Marine Bunker.Sovcomflot said that…
Chinese, Russian Majors Ink Arctic LNG Deal
Russia's second largest natural gas producer Novatek, Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot, Chinese state-owned shipping and logistics services supplier company COSCO Shipping Corporation Limited, and the Chinese government owned investment fund Silk Road Fund, signed a four-party agreement to…
Gazprom’s Arctic Offshore Platform Hits Milestone
Russian shipping company Sovcomflot (SCF Group) said that the Arctic shuttle tanker Mikhail Ulyanov loaded the milestone 10-millionth tonne of commercial oil produced at Prirazlomnaya offshore platform in the Pechora Sea.The energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well…
SCF: Ten Years of LNG Shipping from Sakhalin-2
Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) has just celebrated the tenth anniversary of the start of LNG shipments from the Sakhalin-2 project.In March 2009, SCF’s LNG carrier Grand Aniva loaded the first shipment of Russian LNG produced at the Sakhalin-2 plant. As LNG production at Sakhalin-2 commenced…
LNG REPORT: 143 LNG-Powered Vessels in Operation, 270 to Come
Currently, the liquefied natural gas (LNG)-powered fleet has grown globally from 118 LNG-powered vessels in operation in 2017, to 143 LNG-powered vessels in operation – with a further 135 on order and 135 LNG-ready ships either in operation or on order.According to the LNG bunkering coalition SEA\LNG, Orders for LNG-powered vessels span a variety of vessel types including tankers…
Sovcomflot completes USD 900 mln in Foreign Investment
Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million…
Christophe de Margerie Loads First Cargo from Third Train Yamal LNG
The Arctic LNG carrier Christophe de Margerie, owned and operated by Sovcomflot, loaded the first batch of liquefied natural gas (LNG) produced at the third train of Yamal LNG plant, at the Port of Sabetta on the Yamal Peninsula.Dmitry Medvedev, the Russian Prime Minister, initiated the start of cargo operations via a video conference with the…
Sovcomflot Gets $149m Credit Facility for LNG Carrier
Russian maritime shipping company Sovcomflot has signed a new USD 149 million credit facility, for up to 10 years, with a consortium of three leading international banks, comprising: ING Bank, KfW IPEX-Bank GmbH, and Crédit Agricole Corporate and Investment Bank.Russian shipowner specializing in petroleum and LNG shipping said that the funds will be used towards financing the construction of a new generation 174…
Sovcomflot's Lomonosov Prospect Transists Northern Sea Route on LNG
PAO Sovcomflot (SCF Group)'s large-capacity LNG-fueled Aframax tanker Lomonosov Prospect has successfully completed its first commercial voyage along the Northern Sea Route (NSR) to deliver a cargo of petroleum products from the Republic of Korea to Northern Europe.The high-latitude voyage from Cape Dezhnev at Chukotka to Cape Zhelaniya of the Novaya Zemlya archipelago took the Arc4 vessel 7.8 days to complete…
PDVSA to Resume Use of Caribbean Oil Terminal
Venezuela's PDVSA and NuStar Energy LP have reached an agreement over outstanding storage fees, allowing the state-run company to resume use of a key storage terminal in the Caribbean, the U.S. energy firm said on Monday.NuStar had suspended PDVSA several times since 2017 from using its St. Eustatius facility over millions of dollars in missed…
Sovcomflot's Pskov Loads First Cargo from Yamal LNG
The liquefied natural gas (LNG) carrier Pskov completed loading at the Port of Sabetta (YNAD), with the first cargo of LNG produced from the second high-tech production line at the Yamal LNG plant.August 08 marked the launch of the second production train at Yamal LNG, which happened six months ahead of schedule.Pskov is a state-of-the-art Atlanticmax LNG carrier with a cargo capacity of 170,000 cubic metres.
Novatek, Sovcomflot Pact for LNG Shipping from Yamal LNG
Leonid Mikhelson, Chairman of the Management Board of PAO Novatek and Sergey Frank, General Director of PAO Sovcomflot have signed a Strategic Cooperation Agreement on developing a strategic partnership to transport hydrocarbons (LNG and gas condensate) produced at Yamal LNG, Arctic LNG 2 and other Arctic projects of the Company. “Our unique partnership…
Ampelmann Tech in the Spotlight for OTC Award
Ampelmannwas commended for its innovative N-type Icemann gangway with an OTC Spotlight on New Technology award. The N-type, nicknamed Icemann, is designed to safely and efficiently transfer crew in extreme icing and temperatures as low as -28C (-18F). The fully enclosed and insulated system is operational in sea states up to 3.5 metres significant wave height and comprises active motion compensation.
