She played at a fixed rate of freight rates
One of the world’s largest shipping company "Sovcomflot" received in 2011 net profit on international financial reporting standards in the amount of $ 53.7 million This follows from the audited report of the "SCF", which familiarized "Izvestia".
According to the report, shipping companies reduced net income compared to 2010 three times. This revenue last year rose by 9.6% to $ 1.439 billion complex situation on the global tanker market has arisen due to the fall in freight rates on world markets, which due to the overabundance of capacity last year reached the lowest levels for more than a decade.
If you look at the annual reports of the world’s largest tanker companies, most of them came out of 2011 with a multi-million dollar losses. Thus, the net loss of Teekay Corporation, which has more than 150 tankers to transport crude oil and petroleum products reached $ 103.1 million American Overseas Shipholding Group went into the negative by $ 192.9 million Danish company Torm has shown unprecedented in its history, a loss of $ 451 4 million and the global tanker operator Frontline reported a $ 529.6 million net loss for the most recent year.
Why is this the case against the Russian company relatively good? One of the obvious answers — its dependence on the most exposed to shocks spot market is lower than that of other companies. "Sovcomflot" traditionally collaborates with major customers, the shipping company that provide long-term employment of vessels at fixed rates that do not depend on the current market conditions. Although completely isolate themselves from the negative trends in the market shipping company still failed.
— His strategy we focused on the "industrial" business that is least susceptible to crisis factors. In this case, we have quite a balanced chartering policy. All our ships we order only under long-term projects. This is our principled position — said the "News" chairman "SCF" Ilya Klebanov.
Among the other factors — the course taken by the company to increase revenue from maintenance projects related to the transport of liquefied natural gas (LNG) and service offshore exploration and production of hydrocarbons. Thus, according to the Financial Statements for the year 2011, earnings from oil and gas marine services segment increased by almost 50%, which in terms of money brought the company an additional $ 181 million Advantages gas segment — the long nature of the contractual relationship, which increases the stability of the business.
— Sea shelf — a very important factor in stabilizing the financial situation of the carrier. Vector of development chosen the right — the analyst "Investkafe" Dmitry Adamidov. — It is clear that the high profitability of transport of gas sooner or later lead to the entry of new players with his fleet and freight rates may fall over the next 3-4 years. But despite the possible market fluctuations, the owner of a large fleet of long-term contracts and will always be in a better position than its competitors.
Among the achievements of the "SCF" in this area in 2011 — a victory in an international tender, which allowed a deal with Gazprom Global LNG to 15-year time charter ice-class LNG carriers that comply with Russian Shtokman and Sakhalin projects. Shipping is also included in segment seismic acquired Exploration ship at Dubai Polarcus for the use of its contract with a consortium of "Rosneft-Exxon». In addition, the "SCF" has managed to open up new economic opportunities for the Northern Sea Route. His tanker "Vladimir Tikhonov" took on a new deep-water route in the high latitudes, proving the possibility of reducing the time of transportation by a third — to 7.5 days at a loading of 120 thousand tons of gas condensate, "Novatek".
But as for the traditional "SCF" segment of crude oil (which is 42% of the company in 2011), because of the crisis of global trends, he suffered the most. According to reports, the segment operating profit decreased shipping company in 2011, nearly a quarter compared with 2010 and amounted to $ 221.5 million, however, the achievements have been here. So, shuttle tankers GFR were the first to ship oil produced from offshore "Peregrino" in Brazil, where the operator stands Statoil. Under this contract, provided chartering of six vessels on the basis of 3-5-year time charters.
— Do not supergiant tanker shipping companies, who are now forced to shut down due to falling freight market. He tankers with deadweight of around 100-150 thousand tons, and that they were more popular in the crisis — says Nadezhda Malyshev of specialized news agencies Port News.
The forecast management "SCF" in 2012 noted that the company does not expect significant improvement in the tanker market in 2012. Freight rates remain this year under pressure from external adverse factors as the result of an imbalance of supply and demand, ascertain the company.
— An important task — to maintain its position in those areas where the company has traditionally been strong. And for this we will have to continue the modernization of the fleet, — says Ilya Klebanov. — Do not forget about the need for further development of the company in the premium and most promising segments.
"Sovcomflot" today is 100% owned by the state. Ministry of Economic Development stated that the shipping company could become the first state-owned company to be privatized in 2012. Ilya Klebanov confirmed the "News" that "SCF" will be ready for privatization precisely when shareholders deem it timely. But analyst Kitty Pantskhava of "VTB Capital" believes that now is not the best time for the IPO, as shares of tanker companies declining since mid-2008.