Third quarter/nine months to 30 September 2019 – unaudited, prepared under IFRS
Operational highlights Q3 2019
In September 2019, SCF Group and NOVATEK agreed to establish a joint venture, SMART LNG, which will own and operate the fleet of LNG carriers transporting liquefied gas for current and prospective projects of NOVATEK.
In September 2019, the Group took delivery of Mikhail Lazarev, the latest in the Shturman Albanov series of Arctic shuttle tankers employed for the Novy Port project by Gazprom Neft.
In September 2019, two joint venture companies belonging to SCF Group and NYK Line signed a new USD 176 million credit facility for eight years with a consortium of three leading banks: Sumitomo Mitsui Banking Corporation; Société Générale, and Shinsei Bank. The facility was used towards refinancing Grand Aniva and Grand Elena, ice-class LNG carriers employed on the Sakhalin-2 project. With this facility, SCF Group pioneered the adoption of the Poseidon Principles, an environmental initiative supported by stakeholders involved with ship finance, that promotes a low carbon future for the global shipping industry.
In September 2019, Korolev Prospect became the first large-capacity crude oil tanker to cross the full length of the Northern Sea Route using only cleaner-burning LNG fuel.
Financial highlights for the third quarter to 30 September 2019
| USD millions | Q3 2019 | Q3 2018 | % |
| Gross revenue (Freight and hire) | 418.8 | 396.4 | +5.7 |
| Time charter equivalent (TCE) revenue | 293.9 | 262.6 | +11.9 |
| EBITDA* | 173.1 | 146.9 | +17.8 |
| Net profit (loss) | 25.9 | 0.3 | x86 |
Financial highlights for the nine months to 30 September 2019
| USD millions | 9M 2019 | 9M 2018 | % |
| Gross revenue (Freight and hire) | 1,246.8 | 1,106.5 | +12.7 |
| Time charter equivalent (TCE) revenue | 902.9 | 774.0 | +16.7 |
| EBITDA* | 554.3 | 414.6 | +33.7 |
| Net profit (loss) | 116.9 | (57.5) | – |
