Sovcomflot plans to double the tonnage and EBITDA by 2014

As of now, Mr. Frank said, the company is a global leader by its vessels fleet. Before 2015, Sovcomflot intends to become a world leader in seaborne hydrocarbons shipment. Sergei Frank said that the company is ready to charter foreign vessels, if the demand for transportation will increase.
Sovcomflot’s EBITDA in 2009 totaled $550 million, a year-over-year 34-percent decline. Of overall traffic volume of the company 65% of cargo are transported on international lines and 35% in domestic traffic.
Sovcomflot Group is one of the largest infrastructure companies in Russia, Its fleet comprises 146 ships of total deadweight of more than 10 million tons. The company shipbuilding program includes 10 ships of total 800,000 DWT. The average age of the Sovcomflot’s tanker fleet is about 7 years (world average - 12 years). The Group ranks first in the world in the segment of commodities carriers, the second - in Aframax vessels. The company has the largest in the world Ice Class vessels fleet. It is also N1 operator of Arctic shuttle tankers and ships - gas tankers with ice class.

Source: Portnews