BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Shift to LNG bunkers will meet needs of eco-conscious clients: Sovcomflot exec

13 Apr 2017 15:16 GMT

David Moorhouse discusses the work carried out by the company to switch from heavy fuel oil to gas.



PAO Sovcomflot (SCF Group) board member David Moorhouse noted on Wednesday, in an evaluation of the company's performance in 2016, that the work carried out to develop new fuel-efficient, environmentally friendly technology for its ships is designed meet the needs of its eco-conscious clients.

Last year, SCF specialists completed a collaboration with shipbuilders, including Vladivostok's Far Eastern Shipbuilding and Ship Repair Center (FESRC) and South Korea's Hyundai Heavy Industries (HHI) - the technology partners of Zvezda Shipbuilding Complex in the Primorsky region of the Russian Far East, to develop the concept for SCF's new LNG-fuelled Aframax tankers, which are due to begin operating in 2018.

Commenting on the project, Moorhouse noted: "In 2016, the company completed the development of a project, designed to improve the environment for all, through the substitution of gas for heavy fuel oil. The new technology will be used to power the next generation of Aframax tankers and will signal the start of a global transformation of maritime transport towards more efficient and environmentally friendly technologies."

"The use of LNG fuel will significantly improve vessels' environmental performance, and meet the growing desire of SCF Group's customers to see their shipping requirements provided with the minimal adverse impact on the environment," Moorhouse added.

Moorhouse's comments on LNG follow those made by the company on 7th April, when it stated that the future of the tanker industry "belongs to LNG-fuelled vessels".

Additionally, the main theme presented by Sovcomflot at last week's Gastech 2017 Conference and Exhibition was "the use of LNG as a promising fuel for large-capacity vessels, which will significantly increase their environmental compatibility and efficiency".

Annual results

At a meeting held on 11th April, Sovcomflot's board of directors reviewed the results of SCF Group's operations in 2016.

In its audited financial results for 2016, issued on 20th March, net profit was $206.8 million, down from $354.5 million in 2015. Gross revenue was $1.388 billion, compared to the previous year's result of $1.483 billion, whilst EBITDA dropped to $706.5 million from $780.1 million.

The board of directors noted that "SCF Group had achieved good operational and financial results for the reporting period despite a significant downturn in the tanker market, where spot freight rates had fallen by more than 40 percent compared to 2015 and time-charter rates had declined by up to 25 percent".






Related Links:

Sovcomflot chooses WinGD engines for world's first gas-powered Aframax tankers
Shell to supply world's first LNG-fuelled Aframax crude tankers

Latest News:

Ceremonies held for MSC Cruises ships with scrubbers
VLCC with '20%' bunker savings delivered to K Line
Vermont Bunkering and staff charged over fraudulent transactions in Singapore
Oil market seems to be struggling to find direction
Oil and fuel oil hedging market update
Aegean expects to launch 'at least one' new bunker supply service in H1 2018
Peninsula signs storage agreement in Houston with HOFTI
Another day in bearish territory?
Oil and fuel oil hedging market update
Aegean posts net loss and 23.2% drop in gross profit
Wartsila launches gas-fuelled version of world's most efficient four-stroke engine
Singapore updates restrictions on selling bunkers to North Korean ships




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events