Sovcomflot orders new LNG tankers

Artem Dovlatov, CEO of VEB-Leasing (l) and Nikolai Kolesnikov, EVP and CFO Sovcomflot (r) Photo: Sovcomflot Artem Dovlatov, CEO of VEB-Leasing (l) and Nikolai Kolesnikov, EVP and CFO Sovcomflot (r) Photo: Sovcomflot
Industry Database

Sovcomflot and VEB.RF Group have signed agreements whereby VEB Leasing will finance the construction of three new LNG-fuelled MR tankers.

Sovcomflot placed the order for the new tankers with the Zvezda Shipyard (Primorsky Krai) in December 2018. Delivery is scheduled for 2022-2023.

Sergey Frank, president and chief executive of Sovcomflot, said, "Sovcomflot is one of the world leaders in the implementation of green technologies in the transportation of energy by sea. We welcome the plans of Russian shipbuilders to create modern large-tonnage LNG-fuelled vessels which represent the future of world shipping".

"We are pleased that our history of positive cooperation with VEB.RF Group has been further developed with this project," he added.

Each tanker will have a deadweight of 51,000 tonnes and will transport petroleum products and gas condensate, operating under 20-year time charter agreements with Novatek. The vessels will have an Ice Class 1B classification, enabling them to provide year-round transportation for hydrocarbons in challenging ice conditions, in particular within the Baltic Sea.

The vessels' technical specifications have been designed to meet international regulations on emissions, which come into effect in 2020. In comparison with conventional bunkers, the use of LNG fuel can significantly reduce the amount of vessel emissions.

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