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$154m net profit

$154m net profit
Russia?s largest tanker owner Sovcomflot has reported a third quarter net profit of $154m, on gross revenues of $452.9m.

Sovcomflot posts $154m net profit in third quarter.

Sovcomflot posts $154m net profit in third quarter.

Russia"s largest tanker owner Sovcomflot has reported a third quarter net profit of $154m, on gross revenues of $452.9m.

The government-owned company has a fleet of 132 vessels of 9.4m dwt after merging with rival tanker owner Novoship earlier this year.

In the first nine months of 2008, Sovcomflot group revenue totalled $1.3bn, up 36.2% on the same period in 2007, the company said.

Net profit for the first nine months was $484.1m, up around 25%.

Assets were valued at $5.8bn. Third quarter earnings before interest, taxes, cepreciation and amortization was $233m.

Sovcomflot is the world"s fifth-largest tanker company, and recently completed a rebrand of its operations, ahead of a widely anticpated listing in 2009, that has yet to be approved.

The corporate restructure consolidates its now widespread port and terminal operations into five business divisions, and growing position in Russia"s offshore energy sector.

It has also consolidated its commercial and international sales activities for both Novoship and Sovcomflot at its UK headquarters.

?The group benefits from the fact that some two thirds of its fleet operates on a time charter basis,? Sovcomflot said in a statement with the results.

The remainder of the fllet operated on spot market mostly through time charter agreement or contracts of affreightment and voyage basis, the company said.

www.TurkishMaritime.com

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