Sanctioned Sovcomflot announced the sale of part of the fleet

Reports of plans to sell up to a third of its fleet in Sovcomflot were called exaggerated. The company noted that they would sell only part of the "age" fleet and those vessels

Sovcomflot, one of the world leaders in the field of sea tanker transportation, plans to sell part of the vessels, Anna Dubik, press secretary of Sovcomflot, told RBC.

“Age tonnage is offered for sale on the market, as well as ships, the operation of which does not seem appropriate due to the restrictions imposed on the Russian merchant fleet,” Sovcomflot said.

Reports that the company plans to sell a third of its vessels due to sanctions, Dubik called exaggerated. This is an article from the British edition of Lloyd's List. His sources said that Sovcomflot intends to sell at least 40 of the 121 vessels to pay off loans from Western banks under sanctions.

Lloyd's List learned about the sale of a third of the vessels by Sovcomflot due to sanctions Business

In March, Sovcomflot came under EU and UK sanctions . On April 25, the company reported that due to the imposed restrictions, it could not pay the coupon on Eurobonds on time.

So, on April 26, Sovcomflot was supposed to redeem a coupon on DOLLAR Eurobonds-2028 in the amount of $8.3 million. However, EU and UK sanctions against the issuer and guarantor of Eurobonds (SCF Capital DAC and Sovcomflot, respectively) did not allow fulfilling the obligation on the bonds: the paying agent refused to accept the payment, Sovcomflot said. The company noted that it is a responsible borrower and confirmed its readiness to fulfill obligations under the bonds in full.

Sovcomflot is a Russian shipping company. Its own and chartered fleet, including joint venture vessels, totals 134 vessels. Sovcomflot is involved in servicing the Sakhalin-1, Sakhalin-2, Varandey, Prirazlomnoye, Novy Port, Yamal LNG, Arctic LNG-2, Tangguh (Indonesia) projects.

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