European Tankers Seized Russian Oil and Profits from Sovcomflot

The largest tanker owner in Russia, Sovcomflot, showed losses for the first time in nine months. Its director previously complained that orders were being taken by tankers from unfriendly countries due to US sanctions. Sovcomflot published a consolidated financial statement for the first nine months of 2025, reporting a revenue of $763 million based on the time-charter equivalent. This was a 37% decrease compared to January-September 2024 and more than halved from 2023 figures. During the first nine months of 2025, Sovcomflot incurred losses of $8 million, in contrast to profits of $480 million in 2024 and $702 million in 2023.