Sovcomflot

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Sovcomflot
TypeState-owned corporation
IndustryShipping
Founded1988
HeadquartersSaint Petersburg
Area served
Worldwide
Key people
 (Chairman of the Board of Directors of PAO Sovcomflot, (Member of the Board of Directors, President and Chief Executive Officer of PAO Sovcomflot)
Revenue$1.44 billion[1][2] (2017; 2020)
$491 million[2] (2020)
$267 million[2] (2020)
Total assets$7.74 billion[2] (2020)
Total equity$4.1 billion[2] (2020)
OwnerGovernment of Russia (82.8%)
Number of employees
7,700 (2019)
WebsiteOfficial website
SCF LNG tanker Christophe de Margerie

Sovcomflot (Russian: ПАО «Совкомфлот», ПАО «Современный коммерческий флот», lit. 'Modern Commercial Fleet'). Sovcomflot is Russia's largest shipping company, and one of the global leaders in the maritime transportation of hydrocarbons, as well as the servicing and support of offshore exploration and oil & gas production.

History[]

In 1973 the Government of the USSR decreed the formation of a special shipping corporation, separated from the regular state-owned marine fleet, that could use a long-term bare boat charter scheme for purchasing new and used foreign-built vessels. In 1976 the Ministry of Merchant Marine instituted a special fund and the newly formed corporation used it to acquire two 40,000 DWT, transports – Sovfracht and Sovinflot.[citation needed]

In 1988 these operations were reorganized as the Sovcomflot Joint-Stock Company (SCF), a then one-of-a-kind state-owned corporation with special authorization by the USSR Council of Ministers. By 1990 its assets reached a gross tonnage carrying capacity of 1,800,000 DWT. A further reorganization in June 1995 confirmed the special status of Sovcomflot as a state-owned business,[citation needed] effective to date[clarification needed] (July 2008).

In June 2007 President of Russia Vladimir Putin authorized the merger of Sovcomflot and Novoship; the state 'invested' its 50.34% share in Novoship in Sovcomflot capital.[3] The legal procedures were completed in early 2008 and in January 2008 Sovcomflot offered a stock buyout to the remaining minority shareholders of Novoship.[4] The integration of Novoship assets into Sovcomflot operations continues as of August 2008 (fleet management and sales were unified in July 2008).[5]

In August 2017 the , a tanker owned by Sovcomflot, became the first cargo ship to complete the so-called Northern Sea Route, completing a journey from Hammerfest in Norway to Boryeong in South Korea in the record time of 22 days.[6]

Fleet[]

Moscow Stars oil tanker at Fawley

The company's fleet (owned & chartered) specialises in hydrocarbon transportation from regions with challenging icy conditions and includes 145 vessels with a combined deadweight of 12,674,917 tonnes with the average age of 9 years. More than 80 vessels have an ice class.

Sovcomflot operates vessels in the segments that are in highest demand by the leading Russian and international oil & gas companies. The company services large-scale energy projects in Russia and abroad, including Yamal LNG, Sakhalin-1, Sakhalin-2, Prirazlomnoye, Novy Port, Varandey, Tangguh. The company is one of the biggest customers of civil shipbuilding in the Russian Federation.

Management[]

The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol and Dubai.

Sovcomflot board of directors is usually headed by executives from the Presidential Administration of Russia. In July 2007 Igor Shuvalov, long-time chairman of the board and an aide to Vladimir Putin, was replaced by Sergey Naryshkin, chief of staff of Presidential Administration. Other directors are: Andrey Kostin (Vneshtorgbank), , Alexander Misharin, Gleb Nikitin, (of Deutsche Bank), Aleksey Sokolov, (Morgan Stanley), Alexander Tikhonov, (Chief Executive Officer).

controls the operations as CEO since October 2004. The Management Board also includes Sergey Burima (operations), Nicholas Fairfax (London operations), Andrey Khlunev (accounting), Nikolay Kolesnikov (finance), Aleksandr Kurtynin (audit), Callum Ludgate (charter and gas), Vladimir Mednikov (law), Sergey Popravko (Cyprus operations).[7]

See also[]

Notes[]

  1. ^ "2017 Full Year Consolidated Financial Statements under IFRS (USD)". Retrieved 28 October 2018.
  2. ^ Jump up to: a b c d e "2020 Full Year Consolidated Financial Statements under IFRS (USD)". Sovcomflot. 15 March 2021. p. 63. Retrieved 15 March 2021.
  3. ^ "Rossiyskaya Gazeta, June 21, 2007". Rg.ru. 2007-06-21. Retrieved 2012-03-08.
  4. ^ RBC Daily, 11.01.2008
  5. ^ "Nash Novorossiysk, July 24, 2008". Nnvrsk.ru. 2008-07-24. Retrieved 2012-03-08.
  6. ^ "Russian tanker sails through Arctic without icebreaker for first time". 24 August 2017.
  7. ^ "Sovcomflot website. Management board". Sovcomflot.ru. Retrieved 2012-03-08.

External links[]

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