“Sovcomflot”, Russia’s largest shipping company and the main operator of the national tanker fleet, ended 2025 with a loss.
According to the financial statements published on Friday, “Sovcomflot” lost $648 million over the year, which exceeded all the net profit of the previous year ($424 million). The revenue of the company, which is state-owned and before the war owned the world’s largest fleet of Aframax-class tankers, decreased by 30% (to $1.31 billion), and the EBITDA indicator – more than doubled (to $518 million).
The main reason for the deterioration of “Sovcomflot’s” financial situation was the sanctions, as a result of which dozens of the company’s tankers were included in blacklists, says analyst at Freedom Finance Vladimir Chernov. According to the financial statements, “Sovcomflot” recorded a “write-off and depreciation” of ships worth $550 million over the year.
In addition, the restrictive measures led to “temporary downtime of some ships, a significant increase in insurance and logistics costs, as well as a reduction in fleet utilization”, notes Chernov (The Moscow Times).
