London-listed tanker owner James Fisher improved its shipping earnings as it expanded its fleet.
The maritime transport division was focused on profitability, with underlying operating earnings up 23% to £23.3m ($29m) in 2023, the company said.
This was despite revenue declining by 6% to £157.2m.
The maritime division includes 21 clean tankers up to MR1 size, as well as natural gas ship-to-ship (STS) transfer operations.
The company has now taken delivery of two new 6,100-dwt dual-fuel tankers from China. Four more are on order for delivery in 2026.
Fisher also said it had secured its largest-ever tanker charter renewal deal from Phillips 66 in the UK.
But it did not provide further details.
The group reported strong LNG STS transfer demand globally, as well as good demand for oil STS transfers in Brazil.
“The division continues to play a key role in the critical supply of energy and petrochemicals, alongside alternative fuels, including LNG,” the owner said.
“This resulted in a strong performance during the year, with high utilisation levels across tankships, alongside a key contract extension with a major UK customer,” the company added.
Net profit down
Overall net profit for the marine services group was £2.3m, against £11.5m in 2022.
Revenue climbed to £496.2m from £478.1m year on year.
“We will ensure continuity of critical supply through coastal shipping both in the UK and in new geographical markets, and explore adjacent markets relevant to our capabilities,” Fisher said.
The company is also aiming to explore new business in the Caribbean.
Fisher has been streamlining its operations by selling non-core units.
Chief executive Jean Vernet said: “We are now one year into our transformation programme to build a stronger, more cohesive company.”
“Despite a number of challenges early in the year, we have made good initial progress in building our leadership team, implementing our new operating model and deploying our focus and simplification agenda,” he added.
