Latest news with #Sovcomflot
Yahoo
23-05-2025
- Business
- Yahoo
Russia's sanctioned tanker group Sovcomflot plunges to $393 million loss
(Reuters) -Russia's leading tanker group Sovcomflot plunged to a net loss of $393 million in the first quarter, blaming the slump on new Western sanctions that have led to operational problems, lower revenues and some sanctioned vessels sitting idle. The United States and the European Union imposed sanctions on Sovcomflot and its fleet in 2024 to try and reduce Russia's revenue from oil sales that it can use to finance its war in Ukraine. In January, the United States added new Sovcomflot vessels to the list of sanctioned assets and withdrew a U.S. licence, granted last year, that had allowed some vessels in its fleet to operate despite sanctions. Sovcomflot, which reported a 49% year-on-year drop in first-quarter revenue to $278.5 million, said the January sanctions had been particularly impactful, creating additional commercial and operational difficulties. "The intensification of Western sanctions has made it more difficult to operate the fleet and led to lower revenues and downtime for some sanctioned vessels," Sovcomflot said in a statement. "In the reporting period, unprecedented sanctions restrictions were imposed on the company and its vessels, which created additional commercial and operational difficulties in operating the fleet," Sovcomflot said. The group's earnings before interest, tax, depreciation and amortisation (EBITDA) fell almost 69% year-on-year to $105 million. Sovcomflot considers the sanctions to be illegal.
Reuters
23-05-2025
- Business
- Reuters
Supplies from Russia's sanctioned Arctic LNG 2 plant curbed by lack of tankers, source says
LONDON, May 23 (Reuters) - Russia's Arctic LNG 2 plant, currently under U.S. sanctions, has shut down its first production train because reservoirs are full in the absence of tankers to load, a source close to the matter told Reuters on Friday. Russia's Novatek <( opens new tab, which owns a 60% stake in the plant, did not respond to a request for comment. Located on the Gydan peninsula that juts into the Kara Sea, the plant had been set to become one of Russia's largest LNG plants, with eventual output of 19.8 million metric tons per year between three trains. Shortages of ice-class gas ships and Western sanctions over Russia's war in Ukraine has left Novatek behind schedule for cargoes of the super-chilled gas. Novatek has said that 15 Arc7 ice-class tankers to transport LNG from Arctic projects will be built at the Zvezda shipyard. The source said on Friday that the first Arc7 from Zvezda is expected to be delivered to Russia's leading tanker group, Sovcomflot ( opens new tab, between August and September.
Yahoo
23-05-2025
- Business
- Yahoo
Russia's sanctioned tanker group Sovcomflot plunges to $393 million loss
(Reuters) -Russia's leading tanker group Sovcomflot plunged to a net loss of $393 million in the first quarter, blaming the slump on new Western sanctions that have led to operational problems, lower revenues and some sanctioned vessels sitting idle. The United States and the European Union imposed sanctions on Sovcomflot and its fleet in 2024 to try and reduce Russia's revenue from oil sales that it can use to finance its war in Ukraine. In January, the United States added new Sovcomflot vessels to the list of sanctioned assets and withdrew a U.S. licence, granted last year, that had allowed some vessels in its fleet to operate despite sanctions. Sovcomflot, which reported a 49% year-on-year drop in first-quarter revenue to $278.5 million, said the January sanctions had been particularly impactful, creating additional commercial and operational difficulties. "The intensification of Western sanctions has made it more difficult to operate the fleet and led to lower revenues and downtime for some sanctioned vessels," Sovcomflot said in a statement. "In the reporting period, unprecedented sanctions restrictions were imposed on the company and its vessels, which created additional commercial and operational difficulties in operating the fleet," Sovcomflot said. The group's earnings before interest, tax, depreciation and amortisation (EBITDA) fell almost 69% year-on-year to $105 million. Sovcomflot considers the sanctions to be illegal. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
23-05-2025
- Business
- Reuters
Russia's Sovcomflot posted a net loss of $393 million
MOSCOW, May 23 (Reuters) - Russia's leading tanker group Sovcomflot ( opens new tab said on Friday that its net loss in the first quarter of 2025 was $393 million. Revenue in the first quarter was $278 million, EBITDA was $105 million. "The intensification of Western sanctions has made it more difficult to operate the fleet and led to lower revenues and downtime for some sanctioned vessels," Sovcomflot said in a statement.
The Advertiser
15-05-2025
- Business
- The Advertiser
Russia may use force to support shadow fleet of tankers
Estonia is warning that Russia appears willing to defend with military force its shadow fleet of ageing tankers dodging international sanctions to keep oil revenue and equipment flowing, even through the territorial waters of European countries. Estonian Foreign Minister Margus Tsahkna said a Russian fighter jet entered NATO airspace in recent days after Estonia's navy had intercepted a suspected shadow fleet ship in its waters. Tsahkna said the navy stopped the ship, the Jaguar, because it was flying no flag and apparently had no insurance. The Russian warplane appeared on the scene while the ship was stopped. "This fighter jet violated NATO territory, for one minute. This is something very new," he told reporters at a NATO meeting in Antalya, Turkey, on Thursday. He said NATO aircraft scrambled to intercept the Russian fighter. "We need to understand that Russia has officially tied and connected itself to the Russian shadow fleet," Tsahkna said, and underlined the importance of air patrols over the Baltic Sea, saying that "we need to understand that the situation is really serious". The shadow fleet is made up of ageing tankers bought used, often by non-transparent entities with addresses in non-sanctioning countries such as the United Arab Emirates or the Marshall Islands, and flagged in places such as Gabon or the Cook Islands. Some of the vessels are owned by the Russian state Sovcomflot shipping company. Their role is to help Russia's oil exporters avoid the $US60-per-barrel price cap imposed by Ukraine's allies. The European Union has been targeting the ships, which sometimes also carry stolen Ukrainian grain, with sanctions. In February, 70 vessels believed to be part of the shadow fleet were added to more than 50 already listed. EU foreign ministers are expected next week to slap sanctions on dozens more. Estonia is warning that Russia appears willing to defend with military force its shadow fleet of ageing tankers dodging international sanctions to keep oil revenue and equipment flowing, even through the territorial waters of European countries. Estonian Foreign Minister Margus Tsahkna said a Russian fighter jet entered NATO airspace in recent days after Estonia's navy had intercepted a suspected shadow fleet ship in its waters. Tsahkna said the navy stopped the ship, the Jaguar, because it was flying no flag and apparently had no insurance. The Russian warplane appeared on the scene while the ship was stopped. "This fighter jet violated NATO territory, for one minute. This is something very new," he told reporters at a NATO meeting in Antalya, Turkey, on Thursday. He said NATO aircraft scrambled to intercept the Russian fighter. "We need to understand that Russia has officially tied and connected itself to the Russian shadow fleet," Tsahkna said, and underlined the importance of air patrols over the Baltic Sea, saying that "we need to understand that the situation is really serious". The shadow fleet is made up of ageing tankers bought used, often by non-transparent entities with addresses in non-sanctioning countries such as the United Arab Emirates or the Marshall Islands, and flagged in places such as Gabon or the Cook Islands. Some of the vessels are owned by the Russian state Sovcomflot shipping company. Their role is to help Russia's oil exporters avoid the $US60-per-barrel price cap imposed by Ukraine's allies. The European Union has been targeting the ships, which sometimes also carry stolen Ukrainian grain, with sanctions. In February, 70 vessels believed to be part of the shadow fleet were added to more than 50 already listed. EU foreign ministers are expected next week to slap sanctions on dozens more. Estonia is warning that Russia appears willing to defend with military force its shadow fleet of ageing tankers dodging international sanctions to keep oil revenue and equipment flowing, even through the territorial waters of European countries. Estonian Foreign Minister Margus Tsahkna said a Russian fighter jet entered NATO airspace in recent days after Estonia's navy had intercepted a suspected shadow fleet ship in its waters. Tsahkna said the navy stopped the ship, the Jaguar, because it was flying no flag and apparently had no insurance. The Russian warplane appeared on the scene while the ship was stopped. "This fighter jet violated NATO territory, for one minute. This is something very new," he told reporters at a NATO meeting in Antalya, Turkey, on Thursday. He said NATO aircraft scrambled to intercept the Russian fighter. "We need to understand that Russia has officially tied and connected itself to the Russian shadow fleet," Tsahkna said, and underlined the importance of air patrols over the Baltic Sea, saying that "we need to understand that the situation is really serious". The shadow fleet is made up of ageing tankers bought used, often by non-transparent entities with addresses in non-sanctioning countries such as the United Arab Emirates or the Marshall Islands, and flagged in places such as Gabon or the Cook Islands. Some of the vessels are owned by the Russian state Sovcomflot shipping company. Their role is to help Russia's oil exporters avoid the $US60-per-barrel price cap imposed by Ukraine's allies. The European Union has been targeting the ships, which sometimes also carry stolen Ukrainian grain, with sanctions. In February, 70 vessels believed to be part of the shadow fleet were added to more than 50 already listed. EU foreign ministers are expected next week to slap sanctions on dozens more. Estonia is warning that Russia appears willing to defend with military force its shadow fleet of ageing tankers dodging international sanctions to keep oil revenue and equipment flowing, even through the territorial waters of European countries. Estonian Foreign Minister Margus Tsahkna said a Russian fighter jet entered NATO airspace in recent days after Estonia's navy had intercepted a suspected shadow fleet ship in its waters. Tsahkna said the navy stopped the ship, the Jaguar, because it was flying no flag and apparently had no insurance. The Russian warplane appeared on the scene while the ship was stopped. "This fighter jet violated NATO territory, for one minute. This is something very new," he told reporters at a NATO meeting in Antalya, Turkey, on Thursday. He said NATO aircraft scrambled to intercept the Russian fighter. "We need to understand that Russia has officially tied and connected itself to the Russian shadow fleet," Tsahkna said, and underlined the importance of air patrols over the Baltic Sea, saying that "we need to understand that the situation is really serious". The shadow fleet is made up of ageing tankers bought used, often by non-transparent entities with addresses in non-sanctioning countries such as the United Arab Emirates or the Marshall Islands, and flagged in places such as Gabon or the Cook Islands. Some of the vessels are owned by the Russian state Sovcomflot shipping company. Their role is to help Russia's oil exporters avoid the $US60-per-barrel price cap imposed by Ukraine's allies. The European Union has been targeting the ships, which sometimes also carry stolen Ukrainian grain, with sanctions. In February, 70 vessels believed to be part of the shadow fleet were added to more than 50 already listed. EU foreign ministers are expected next week to slap sanctions on dozens more.
