SCF ARCTIC

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Sovcomflot decommissions its aging gas carrier SCF Arctic

First gas carrier of Sovcomflot (SCF Group) "SCF Arctic" has completed 45-year service (YB - 1969) and is to be decommissioned, the shipping company said. Until 1993 the gas carrier was engaged in transportation of cargo under the first sub-Arctic project Kenai LNG, Alaska. The SCF Arctic entered service with Sovcomflot fleet in 2006, when the company began to operate independently gas carriers fleet for transportation of liquefied natural gas (LNG), making a breakthrough in the market's premium segment, previously inaccessible to Russian shipowners. At that time, the SCF Arctic and its sister ship SCF Polar were the first gas carriers of Sovcomflot, and until recently were operated under the current long time charter agreement with Stream LNG (a JV of Repsol and GasNatural). The LNG tankers were successfully transporting LNG from the ports of Qatar and Algeria to the ports of France and Spain, from Trinidad and Tobago to Boston. Recently the tankers were utilized for Ship-to-Ship transshipment of LNG in the framework of the Escobar project in the mouth of the Paraná River, Argentina. The ship celebrates her 45th birthday in good condition, but its further operation was associated with a significant repair and drydocking to get approval for a class which is not economically feasible. The SCF Arctic completed her service life making call at the port of Durban (South Africa). To date, the fleet of Sovcomflot consists of ten LNG and LPG carriers, which are contracted for the projects of Gazprom, Sakhalin Energy, Shell, Gas Natural, Transammonia, Geogas and others. Gas transport segment generates 11% of the shipping company's total profit. The Group's shipbuilding portfolio includes construction of three LNG carriers, one of them - a pilot Arctic class LNG carrier for the project "Yamal LNG", which will be operated on the Northern Sea Route