Sovcomflot back into black

Russia-based shipping company Sovcomflot returned to profit in Q3 to September 30th amid signs of a better balance in the tanker market.

It booked a net profit of $300,000 for the period, compared with a loss of $22m in the same quarter last year.

Revenue was up 13.% year on year to $396.4m for the third quarter from $350.5m. Time-charter equivalent (TCE) revenue was up 2.9% at $262.6m, from $255.2m in Q3 2017.