Norway's Bryggen Shipping International has temporarily reduced its fleet to just six tankers but its parent company still delivering profits.
The Bergen-based chemical tanker operator's holding company, Laxevaag Tankers, has reported a pre-tax profit of NOK 39m ($4.7m), down from NOK 46m in 2019.
Revenue was relatively stable slipping from 699m to NOK 662m.
Four years ago Bryggen had a fleet of 20 tankers on period charter. But due to market conditions, the fleet shrank in 2017 and in 2018. Of today's fleet of six tankers, four are chartered from National Chemical Carriers (NCC) of Saudi Arabia.
In the annual report for 2020, the privately owned company said that Bryggen is in a sound financial condition.
Tim Haagenssen, who heads Bryggen with his father Tore, told the Norwegian financial daily newspaper Finansavisen he believes the company will deliver solid results also in 2021.
Results for Laxevaag Tankers also includes those of its shipbroking outfit, Network Chartering International.
The broker specialises in chemical tankers, with a focus on fertilisers, vegetable oils, acids and other chemical cargoes. It is involved in commercial management of third-party tonnage, time charters, and sale and purchase, as well as serving as exclusive broker for Bryggen's ships.
Laxevaag said Bryggen and Network are positioning themselves to exploit volatile markets both by chartering tonnage and securing cargo contracts.
The companies were started in 2010 by Tore Haagensen, who earlier worked with Odfjell.
At the end of 2020 Laxevaag Tankers had a book equity of NOK 151m.
