Fund manager Tufton Investment Management (TIM) has revealed a fall in pay for its top executives in 2022.
Accounts filed at Companies House in the UK also showed a drop in earnings and revenue last year.
The company acts as a fund manager for an opportunity fund, two managed accounts and London-listed tanker and bulker owner Tufton Oceanic Assets.
Net earnings in 2022 came in at $657,000, down from $1.52m the year before.
Revenue declined to $8.3m, against $10m.
The operating profit margin decreased to 10%, versus 19% in the preceding year.
TIM paid out dividends of $1.4m, down from $2.8m in 2021.
Wages and salaries for 11 staff, including three directors, rose to $3.4m from $3.3m.
But remuneration fell for those three directors: group founder Ted Kalborg, chief executive Andrew Hampson and chief investment officer Paolo Almeida.
They pocketed $1.59m, down from $1.6m.
The highest-paid director, who was not named, received $707,000, against $761,000 in 2021.
Oslo IPO for tanker start-up
TIM has $1.1bn of assets under management across a number of funds.
The company backed the launch of Stainless Tankers through an initial public offering earlier this year, selling seven chemical tankers to the company.
In January 2021, a corporate reorganisation saw senior Tufton management boost their Tufton Oceanic stakes as part of a “carefully planned leadership strategy developed over the past few years”.
A new financial partner, an unnamed European family office, also acquired shares from a number of Tufton’s long-standing shareholders.
