European tankers took Russian oil and profits from Sovcomflot

The largest owner of tankers in Russia, Sovcomflot, for the first time showed losses in the first nine months of the year. Earlier, its head complained that tankers from unfriendly countries were taking orders from a company that is under US sanctions.

Sovcomflot has published its consolidated financial statements for the first nine months of 2025.

"According to the results of operations in the reporting period, the company's revenue based on the time charter equivalent amounted to $763 million," the company reports.

Sovcomflot cited data that revenue based on the time charter equivalent amounted to $ 763 million. This is 37% less than in January-September 2024, and more than twice as low as in 2023.

As a result, for 9 months of 2025, Sovcomflot received losses of $ 8 million, while in 2024 it made a profit of $ 480 million, and in 2023 - $ 702 million.

On the one hand, the company and all its tankers came under severe US sanctions and this led to a limited ability of the largest Russian shipowner to transport oil for export. On the other hand, this year orders from Sovcomflot were taken by European tankers, which returned to transporting Russian oil while its price did not exceed the price limit The EU and the G7.

"When the price falls below the price cap (the ceiling of the Big Seven price), competition in the transportation market increases. What did we see in the first quarter? Many foreign shipowners from unfriendly countries who did not transport Russian oil and petroleum products in 2024 returned to the market. This exacerbates competition and complicates our work. Since the fleet of foreign companies is not affected by sanctions in any way, they deliberately create unfair competition for the fleet controlled by Russia," Igor Tonkovidov, the head of Sovcomflot, was indignant in an interview with Interfax.