Norwegian shipowner Bergshav is poised for further investments after a solid year in 2019.
The Grimstad-based company, which now is wholly owned by 73-year-old Atle Bergshaven after having bought out his relatives, reported a pre-tax profit of NOK 120m ($12m) last year, against a NOK 140m profit in 2018.
Operating revenues totalled NOK 744m up from NOK 653 in 2018, according the results for the privately owned company that have just become publicly available.
The company's net value is likely to be in excess of NOK 1.5bn.
Portfolio focus
The company has been involved in different shipping segments, but the focus has been particularly on tankers.
In 2018, Bergshav bought the 115,000-dwt Sentosa River (built 2008, renamed Berica) for $19.5m.
The company wanted to buy a further four to five aframaxes with partners, but that has proven to be challenging. Berica is now likely worth in excess of $24m..
Bergshav’s tanker fleet today consists of three fully owned aframaxes, plus 10% stakes in the 163,000-dwt Tsakos tankers Alaska and Archangel (both built 2006) which are owned by limited partnership companies.
Bergshav also has six smaller tankers, and runs a fleet of 13 small LPG carriers in the B Gas fleet.
The company says it does not want to move into the large tanker market. The company is also investing in real estate and other capital projects.
Bergshav has historically has full in house management of its fleet, but technical management this year moved to OSM in Arendal.
