UK tanker owner James Fisher has continued its fleet rejuvenation with the acquisition of a Borealis Maritime tanker, with more on the way.
The company said it had bought the 6,100-dwt products/chemicals carrier Bomar Pluto (built 2006) and renamed it Corrib Fisher.
The vessel was the second of two acquisitions it sealed in 2018 for a combined £10.6m ($14m).
It had previously said the 4,700-dwt Key Fjord (built 2006), which was renamed Dee Fisher, joined the fleet for £5.2m.
This implies a price of $5.4m for Corrib Fisher, which is valued at $6.37m by VesselsValue.
The tanker was bought by Borealis in 2012 from Mowinckels of Norway along with the sistership Bomar Ceres (built 2007).
Cash used for fleet renewal
"The strategy for our tankships division continues to be to provide capacity to match the demands from our customers for distribution contracts around the UK, Irish and North European coasts," Fisher said.
"This is a mature and cash generative business, and in 2018 some of this strong cash generation was used to refresh the age profile of the fleet."
Dee Fisher replaced the 5,000-dwt Solent Fisher (built 1997), which was withdrawn from the UK and Irish market at the end of 2017 and is now called Harrier under the ownership of Star Tankers Bunkering in Panama.
Fisher still has four tankers built in 1997 and 1998 and it said three of these will be replaced in coming years.
The tankships division produced 2018 revenue of £60.7m, against $57m in 2017.
Underlying operating profit was up at £9.9m, from £8.8m a year ago.
Vessel utilisation continued to be strong throughout 2018, it said.
STS operations strong
The marine support business "led the way" through growth in services provided to the renewables industry in the UK, the owner said.
Ship-to-ship transfer operations in Brazil had another good year with further growth.
"Our strategic goal has been to establish the group in the emerging maintenance market for offshore windfarms and during 2018 we were awarded our first long-term contract for maintenance services to the London Array in the Thames Estuary," it added.
The offshore oil division saw a limited improvement in activity levels but "there is growing momentum in the industry and we are well set to take advantage of a further upturn in the oil and gas market when this occurs," Fisher said.
Group net profit was £41.6m, up from £40.6m in 2017.
Revenue grew to £561.5m, against £499.3m the year before.
