Rambler News Service reports that gross revenues of Sovkomflot shipping company decreased by 6.4% down to $1.388 bln. Net profit (revenues in time-charter equivalent) went down by 7.9% to $1.14 bln. EBITDA fell by 9.4% to $706.5.
The Russian State, which owns 100% of “Sovkomflot” shares, is planning to sell a quarter of stock at Moscow Exchange in May – June this year.
According to the report referring to Sergey Frank (CEO), in 2016 “Sovkomflot” achieved positive production results under adverse fluctuations of the global tanker market. A year earlier the Company demonstrated positive dynamics due to increasing volume of oil refining and growing demand. However, in 2016 the demand for oil and petrochemicals sufficiently decreased, which provoked the fall of freight rates.
In late 2016 Sovkomflot fleet comprised 146 proprietary and chartered ships, including jointly owned vessels, with total deadweight amounting to over 13 mln tons.