OREANDA-NEWS. The Sovcomflot Executive Board Meeting took place in Moscow on 2 August 2007 to report on the performance of the Company and its subsidiaries for the First Half year 2007. Consolidated financial results of Sovcomflot - Russian leader in energy shipping - for the half year period (as compared with the similar period of 2006) under International Financial Reporting Standards were as follows:


                                       1Half 2007                    1Half 2006 +/- %%
Gross revenues                 USD314.5m                 USD246.6m +27.7
Operating profit                  USD124.4m                 USD105.3m +18.1
EBITDA (LTM)                   USD317.2m                  USD271.4m +16.9
Net profit for the period       USD103.2m                  USD96.7m +6.8
Total assets                      USD2,754.5m               USD2,600m +5.9

For the First Half Year ended June 30, 2007 time-charter equivalent (TCE) revenues were USD 263.4m, an increase of 29.2% from USD 203.9m for the same period of 2006.

The share of Russian and transit liquid cargoes in the total volume of cargo, carried by the Sovcomflot Group’s tankers, exceeded 50 per cent and the Group has become the biggest carrier of crude oil from the Port of Primorsk. Sovcomflot continued to expand and to concentrate on specialized markets with strong focus on Russian energy shipping and Russian marine energy services.

The company is constantly improving its corporate governance system, particularly within the context of the recently issued Decree of the President of the Russian Federation on the Sovcomflot and Novoship Consolidation.

In 2007 LPG tanker “SCF Tomsk” and Baltimax-type tanker “Aleksey Kosygin” were delivered to the owner. In March vessels of the Baltimax-series were acknowledged by Lloyd’s List, the leading British maritime publishing house, as the best in design and technical specifications. The company continued to invest in the development of new generation vessels: LNG-carriers for Gazprom projects and a B-Max-type tanker for Baltic trade.

Sergey Frank, Sovcomflot President & CEO, commented, “We had an exceptional First Half of the Year. After record-breaking Year 2006 Sovcomflot fleet demonstrated good performance in 2007 and achieved historically highest averageTCE. The management has been pursuing a number of new initiatives in Russia aimed at further building shareholders value”.