Fitch Ratings has upgraded Russian owner Sovcomflot against a background of increasing profit and better prospects for tankers next year.

The company’s long-term issuer default rating (IDR) and unsecured notes were both raised to BB from BB-, with a stable outlook, the ratings agency said.

“The upgrade reflects the steady improvement of Sovcomflot's financial profile mainly driven by the tanker shipping sector's recovery, while the company maintains heavy capex plans,” it added.

“Given