BP Shipping has logged a lower profit for 2023, but its fleet has grown.
According to accounts filed at Companies House in the UK, net earnings came in at $250m — down from $277m in 2022, when the company was boosted by the reversal of an impairment of nearly $134m.
BP Shipping is one private slice of the larger group, handling shipping and ship management, and reflecting the operations of the UK-linked shipping activities.
It charters, manages and operates tankers, LNG carriers and LPG ships, as well as platform supply vessels, mainly on behalf of the BP group.
The fleet ended the year at 49 ships, up from 46 in 2022. Twenty-six of these were BP and third-party operated, with a further 21 on time charter, up three from last year, as well as the two PSVs.
Revenue rose to $1.4bn from $1.2bn due to higher freight rates and stable bunker prices, the company said.
Freight income was $832m against $701m in 2022.
Bareboat and time charter revenue totalled $321m, up from $307m, while demurrage income came in at $190m from $146m the year before.
Director pay was up at $658,000 from $438,000 a year earlier.
The fleet includes six LNG carriers and two product tankers, according to shipbroker Clarksons.
BP Shipping handled 478 voyages in 2023, down from 709 the year before, while cargo volumes dropped to 46m tonnes from 59m tonnes.
The impairment reversal in 2022 happened because BP’s freight rate assumption methodology was revised.
