The Sergey Frank-led company blamed one ofthe “most significant and sustained downturns in the tanker market cycle in ageneration” for suffering a net loss of $39.2m in the 12 months to 31 December,reversing a $32.9m net profit in 2012.
“Conventional tanker operations facedcontinued headwinds throughout the year, though as we ended 2013 and into thefirst quarter of 2014, some welcome upswings in earnings indicate that thetanker market may have finally bottomed,” Frank said in a statement today.
“With the spot market for crude oil tankersfirming up in the last months of 2013 and early 2014, we expect first quarter2014 performance to show an encouraging year on year growth,” he added.
“And given the substantially reduced orderbook for crude oil tankers, we anticipate a further gradual strengthening ofthe market throughout the year, although not without some volatility.”
Adjusted for one off items SCF recorded a netprofit of $11.6m last year compared to $62.3m in 2012.
Earnings before interest, tax, depreciationand amortization (ebitda) dipped to $382.1m from $406.1m.
Total revenue also slipped by 6.7% to $1.26bnfrom $1.35bn however time charter equivalent earnings rose by 1.5% to $872m.
SCF operated 158vessels at the end of the year including its first ever VLCC which is onlong-term charter to Petrochina.
Its fleet ismainly comprised of crude and product tankers though it also operates shuttle tankers as wellas gas carriers, offshore support vessels and three bulkers.
