Russia’s largest transport firm SOVCOMFLOT recorded a lack of 393 million US {dollars} within the first quarter of 2025, a dramatic reversal in comparison with the revenue of $ 216 million in the identical interval of the earlier 12 months.
The losses exceeded complete gross sales, which decreased by $ 278.5 million.
Sovcomflot mixed the collapse of the earnings with “unprecedented sanctions”, which considerably reduces the earnings and left a few of his fleet idle.
“The administration of the corporate takes measures to reduce manufacturing and monetary losses,” Sovkomflot said in a proof.
Regardless of the unhealthy outcomes, Sovcomflot discovered that it nonetheless has ample money reserves and maintains a secure monetary place.
Earlier than the complete invasion of Ukraine, SOVCOMFLOT ran the world’s largest fleet of Aframax-class tankers and had 10 icebreakers.
Comprehensively as a part of the outgoing US President Joe Bidens blacklist 54 SOVComflot tanker and 4 of his gasoline beams.
And in February the European Union sanctioned The subsidiary of SOVCOMFLOT, SCF Arctica, along with 74 different Russian tankers.
In his rationalization on Friday, SOVCOMFLOT reported difficulties to edit funds and preserve clients.
“The restrictions have led to further enterprise and logistical issues,” mentioned the corporate and warned of a possible discount in funds inside the framework of sure contracts.
“The corporate is confronted with a tough adaptation to the brand new sanctions launched in January. Some companions had already began decreasing the applications by way of SOVCOMFLOT on the finish of final 12 months” said in March.
Sovcomflot additionally appears with authorized issues, because it now has to alter the registration of its ships each six months. After Sovkomflot had sailed beneath the Liberian flag for greater than 20 years, he moved his fleet registrations in Gabon, then to Barbados and eventually Oman.
The Brookings Establishment Estimates This “shadow fleet” of Russia includes 343 ships that keep away from sanctions.
Firstly of this week the EU and Nice Britain imposed A brand new spherical of sanctions on a whole lot of ships that transport Russian items.
