Russian tanker operator Sovcomflot published its consolidated financial statements for the year ended December 31, 2025, reporting a total revenue of $1.31 billion. The company reported that time charter equivalent revenue amounted to $1.07 billion while EBITDA reached $526 million.
An adjusted net loss of $6 million was recorded for the period, marking a stark contrast to the $509 million adjusted net profit reported by the group during the previous year.
On a statutory basis, however, the group recorded a substantially wider net loss of $648 million, primarily driven by $550 million in non-cash impairment charges and foreign exchange fluctuations triggered by international sanctions.
The company stated that its operations during the reporting period were impacted by geopolitical factors and sanctions. Despite these pressures, the group maintained that its diversified fleet structure and long-term contract portfolio allowed it to sustain a stable financial position.
Operating costs for the year rose to $431 million from the $419 million recorded in 2024, while general and administrative expenses increased to $98 million. Sovcomflot remarked that its business model demonstrated "resilience" in the face of restrictions imposed by other countries.
The group's total assets were valued at $6.94 billion as of December 31, with cash and other financial assets totalling $1.52 billion. Net debt for the period increased significantly to $359 million compared to the $28 million reported at the end of 2024.
