Anglo-Dutch owner Carisbrooke Shipping Holdings (CSH) saw profit surge in 2021, and could be set for even better earnings this year.
Results filed at Companies House in the UK show CSH posted £9.7m ($11.5m) in net earnings last year, turning around a loss of £38,000 in 2020.
Revenue grew to £12.5m from £6.1m year on year.
The Covid-19 pandemic meant changing markets and better rates, the company said.
Improvement was seen from the third quarter of 2020 and remained at a high level all through the year.
“Putting aside the Covid pandemic, the past five years have seen improving times for the group, as the markets in which it operates have stabilised, with a balancing of supply and demand and recovering freight levels,” the company said.
Time charter earnings (TCE) equivalent levels for the shipowning entities, mainly joint ventures, are either at or more than the budgeted level for the first six months of 2022, the filing said.
“Thereafter, signs indicate levels remain strong for the rest of the year,” the document said.
Cash levels are expected to increase, CSH said.
It added that the main focus now is on renewing the fleet and improving operational performance.
New designs
The company, formed in 1969, last year drew up designs for diesel-electric ‘E Trader’ ships to take advantage of shortsea shipping’s potential for new lower-emission fuels and innovative technology.
The group employs 49 people in the UK and the Netherlands, and operates more than 30 general cargo and multipurpose vessels.
The fleet ranges between 5,000 dwt and 35,000 dwt, with an average age of 12 years.
The company said it has also entered into a new Japanese long-term operating lease (JOLCO), financing an unnamed vessel.
Carisbrooke Shipping is the management company in the group, while the shipowning companies are mostly joint ventures generally 50% owned and accounted for under CSH.
