Sovcomflot (SCF) has seen its first quarter profit more than halved due to tanker market headwinds but said it showed “resilience”.
The Russian tanker owner reported net earnings of $39.9m, compared to $103.1m at the same stage of 2016.
SCF explained some spot market rates were down 40% year-on-year but its diversified fleet helped it outperform its peers.
The company’s revenue stood at $274.4m,
