EBITDA Earnings before Interest, Taxes, Depreciation and Amortization - an analytical indicator equal to the amount of earnings before interest, taxes, depreciation, and amortisation
Adjusted EBITDA EBITDA adjusted for other non-operating income and expenses; gain/loss on derivative financial instruments held for trading; gain/loss on ineffective portion of hedges; gain/loss on sale of subsidiaries; foreign exchange gain/loss; gain/loss on sale of equity investments; other operating income and expenses; other income from written off dividends not claimed by shareholders
LTIF Lost Time Injury Frequency
TRCF Total Recordable Cases Frequency
SCF Sovcomflot
ANO Autonomous non-profit organisation
NF Naval forces, naval fleet
DWT Deadweight
LTDP Long-term development programme
FESRC Far Eastern Shipbuilding and Ship Repair Centre
KPI Key performance indicators
ISMS Integrated safety management system
LIBOR London Interbank Offered Rate
MARPOL International Convention for the Prevention of Pollution from Ships
ISM Code International Safety Management Code
IFRS International financial reporting standards
VAT Value added tax
R&D Research and development
NCAs Non-core assets
LTMP Long-term Motivation Program
SUR Seafarers’ Union of Russia
RAS Russian accounting standards
RSPP Russian Union of Industrialists and Entrepreneurs
LNG Liquefied natural gas
LPG Liquefied petroleum gas
SMS Safety management system
the Bank of Russia Central Bank of Russia


Group Sovcomflot Group
Deadweight The total weight of payload carried by the vessel, measured in tonnes
MARPOL 73/78 Convention International Convention for the Prevention of Pollution from Ships
Non-core assets а) The non-current assets of the Company that form part of immovable fixed assets, intangible assets and construction in progress, which do not contribute to the core and related business and are included in the register of non-core assets; b) shares convertible into equity securities, and participatory interests in the authorised (joint-stock) capitals of legal entities whose business/activities are not related to running the core and related business, which are included in the register of non-core assets.
PAO Sovcomflot Public Joint-Stock Company Sovcomflot, parent company of Sovcomflot Group
Time charter equivalent, TCE The regular average daily revenue of a vessel operating on a voyage charter that the ship owner should earn on any shipment destination
Chartering of a vessel The agreement to hire a vessel for a specific shipment (voyage) or the hiring of a vessel for a specific time period
Shuttle tanker A crude oil tanker that makes regular trips between a producing field and an onshore terminal or oil refinery
International ISO standards A set of business and technology assessment criteria, which is currently used by global market players as a standardisation framework. They are intended to help organisations meet customer and other stakeholder requirements and expectations
Backwardation A situation where the futures price is below the spot price of the underlying asset
Contango A situation where the futures price is above the spot price of the underlying asset
ClarkSea Index An index provided by Clarksons Research; represents a weighted average index of earnings for the main vessel types where the weighting is based on the number of vessels in each fleet sector