Sovcomflot receives second product tanker under project with Glencore
MOSCOW. April 6 (Interfax) - Sovcomflot has received a second LR1 petroleum product tanker under a joint project with Glencore International AG, the Russian shipping company's SCF journal reports.
The new tanker was built at the Hyundai Mipo Dockyard Co. in South Korea. It has deadweight of 74,000 tonnes and is capable of carrying four types of cargo.
A joint venture between Sovcomflot and Glencore subsidiary ST Shipping will acquire and operate five Panamax tankers. The first was built in November 2010 and the other three will be added to the fleet this year.
The companies jointly operate 30 vessels, with Sovcomflot's Unicom subsidiary responsible for technical management. The companies also planned to buy another five LR1 tankers on the market for a total of $250 million.
Sovcomflot is the world's second biggest operator of Aframax tankers and the largest operator of product, Arctic, and ice-class LNG tankers. The fleet includes 146 vessels with more than 10.5 million deadweight tonnes. Sovcomflot is 100% state-owned. The company transports not only hydrocarbons, but provides services in maritime storage and technical management of other companies' vessels.
Sovcomflot's sales revenues to International Financial Reporting Standards (IFRS) for 2010 increased 8.3% to $1.3 billion, according to the preliminary figures.