Due to sanctions, Sovcomflot’s profits fell by more than a third in the first nine months of 2024. However, the largest owner of tankers in Russia continues to transport Russian oil.
In January-September 2024, Sovcomflot’s profit decreased by more than 33% compared to the nine months of last year, to 43.34 billion rubles. These data are published by the Russian shipowner in its financial statements according to IFRS. As a result, earnings per share decreased from 27 rubles to 18 rubles.
“According to the results of 9 months of 2024, the company achieved 43.3 billion rubles of net profit according to IFRS* (or 18.25 rubles per share), which was ensured thanks to a stable level of operating income, taking into account the important provision of the fleet with long-term contracts”, – Sovcomflot reports.
The reason for the decrease in revenue was the sanctions imposed by the US, the EU and the UK on both the company itself and its operators and specific vessels.
“The limiting factor for the company’s work during the reporting period was the introduction of new sanctions. “The company continues to work systematically to overcome emerging challenges.” – Sovcomflot said in a statement.
Thus, the company’s revenue decreased from $1.76 billion to $1.47 billion. At the same time, operating costs increased from $262 million to $312 million.
Previously, Sovcomflot reported that in 2024 the United States introduced blocking sanctions against the company, prohibiting transactions with the company, while an indefinite license was issued to operate the fleet with the exception of 21 ships separately included in the sanctions. liza.
“The increasing pressure of sanctions has caused operational difficulties in the operation and employment of these vessels. “The management of the company is taking measures to resolve operational issues related to the operation of the sanctioned fleet.” — the company reported in its semiannual reports.
As reported EADaily According to AIS data from the ships and the Equasis database, around 250 ships are carrying Russian oil. Of them, more than 70% are tankers of the gray fleet, 13% are ships of Greek shipowners and up to 15% are tankers of Sovcomflot.
Due to the sanctions, according to AIS data, at the end of September there were 37 oil tankers out of six dozen of the Russian shipowner’s tankers on the routes.
The US, the UK and the EU are talking about fighting gray fleet tankers, but most of the sanctions are aimed at the ships of Sovcomflot, which is forced to constantly create new operators abroad , change the flags and even the names of the ships.
