Sovcomflot board of directors approves orders for 3 LNG-fuelled MR product tankers

Moscow, July 29 - Neftegaz.RU. The 1st meeting of Sovcomflot’s Board of Directors approved transactions with Zvezda Shipbuilding Complex and a subsidiary of VEB Leasing to place orders for the construction of 3 new-generation MR product carriers using LNG as their main fuel.

The vessels will be chartered to a subsidiary of NOVATEK under 20 year time-charter agreements. Sergey Frank, CEO of Sovcomflot, says: “The introduction of “green” technologies for energy shipping is one of the priorities provided for by the development strategy of our company for the period up to 2025. The company already successfully operates a series of the world’s 1st Aframax-class tankers to use LNG fuel. 5 more of SCF’s “green” series vessels will be built at Zvezda Shipbuilding Complex and put into operation from 2022 to 2023.”

Igor Tonkovidov, Executive VP and CTO/COO of Sovcomflot, said: “In 2022, our company will accept the world’s 1st product carriers operating on with LNG fuel. I am confident that the serial construction of new-generation LNG-fuelled large-capacity vessels at the facilities of Zvezda Shipbuilding Complex will contribute to strengthening the leadership and increasing the competitiveness of Russian shipping companies in the world market.”

Sovcomflot (SCF Group) is one of the world’s leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production. The company’s fleet includes 146 vessels with a total deadweight of over 12.8 million tonnes. More than 80 vessels have an ice class.

During the 2nd half of 2018, Sovcomflot placed orders at Zvezda for 5 LNG-fuelled tankers, which will be time-chartered to Rosneft and Novatek once delivered. In addition, Sovcomflot provides technical supervision for the construction of 5 LNG-fuelled tankers for Rosneft at Zvezda, and it is envisaged that Sovcomflot will provide technical management of these tankers following their delivery.