Shipbuilding. Energy. Transport

On-line supplement
to the Maritime Market magazine

Shipbuilding. Energy. Transport Maritime Market magazine

Press Release

Novoship Board of Directors announced results for 2009

On 22 April 2010, Novoship (Novorossiysk Shipping Company, SCF Group) Board of Directors announced the results for the year to 31 December 2009.

Year 2009 Highlights (according to the audited Consolidated Financial Statements):

- Total fleet size increased to 55 vessels representing 4.5 deadweight tons
- Full year gross revenue - USD 513 million
- Full year net profit - USD 75.5 million
- Profit from vessels' operations - USD 116.8 million
- EBITDA - USD 219.3 million
- Assets at the year-end - USD 2.38 billion

Commenting on the Company results Sergey Frank, Head of Novoship Board of Directors, said:

"The attention of the Company leaders is focused on competent fleet management and advancing development of relations with our key customers - major Russian and international oil companies. In combination with voyage and administrative costs optimization, it helped Novoship to decrease the impact of unfavourable market conditions on the results for 2009 in spite of a 60 percent fall of spot market fright rates. As an integral part of SCF Group Novorossiysk Shipping Company during the year consecutively followed its strategy providing stable funding for the Fleet Renewal Programme and holding to the best principles of corporate social responsibility.

For the shipping industry the year 2009 is considered to be the worst in a decade, so it was a real challenge for our business. Novoship demonstrated sustainability and will meet all its commitments to the customers and shareholders".


Please see Novorossiysk Shipping Company (Novoship) JSC company electronic office

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