Altera Shuttle Tankers (AST) has revealed a return to profit as it expanded its fleet with a new charter.
The company said in a filing to the Oslo Stock Exchange that it has brought in the 111,600-dwt aframax shuttle tanker Ingrid Knutsen (built 2013) for 10 months from 1 March.
The vessel is owned by KNOT Offshore Partners and had previously been operated by AST on charter in 2021 and 2022.
And AST has entered into an agreement with TotalEnergies to fix out its 154,100-dwt suezmax shuttle unit Samba Spirit (built 2013) on a 22-month firm deal.
TotalEnergies has extension options for an additional two or four months.
Rates have not been disclosed.
The fleet now stands at 21 ships, with 20 owned.
AST also said it has reorganised the ownership structure of the fleet, transferring certain activities from Singapore to Norway.
This means operations becoming taxable in Norway.
The company’s near to medium-term business strategy is primarily to focus on extending contracts and redeploying existing assets on long-term charters, and repaying or refinancing scheduled debt obligations.
“Over the long term, the company intends to continue its practice of primarily acquiring vessels as needed for approved projects only after the medium to long-term charters for the projects have been awarded, rather than ordering vessels on a speculative basis,” AST added.
Profit rebounds
Net profit in the fourth quarter was $28.3m, up from a loss of $10.9m a year earlier, while revenue climbed to $165m from $131m.
In January, UK-based parent Altera Infrastructure said it was looking ahead with optimism after emerging from Chapter 11 bankruptcy restructuring in the US.
The $1.95bn debt deal strengthened its balance sheet and provides a long-term foundation for growth, the New York-listed owner said.
AST said the process did not affect its own operations.
