A weaker tanker market has led Sovcomflot to report a reduced full-year profit.
The Russian shipowner saw its bottom line slip to $206.8m in 2016, down from $354.5m in the previous 12 months.
Sergey Frank, chief executive of Sovcomflot, said the company had delivered solid results in a volatile market that had severely tested the industry.
“As growth in oil refinery throughput and up-front demand ran ahead of end-consumption underpinning tanker rates in 2015, so 2016 witnessed a material softening in demand that impacted negatively spot tanker freight rates, albeit with some respite in the final quarter,” Frank said in a statement.
Ebitda
