Shell’s shipping and chartering arm paid its staff much less in 2023 as profit fell.
Accounts filed with Companies House in the UK show that Shell International Trading & Shipping (Stasco) made a net profit of £17.6m ($22m) last year, down from £21.3m in 2022.
The result was boosted by bigger interest from bank deposits, but partially offset by tax expenses.
Directors said the results were “satisfactory”.
Stasco acts as a manager to Shell Trading International’s trading and shipping business, and also for Shell Energy Europe’s trading operations, receiving service fees.
Revenue declined to £1.16bn from £1.22bn, but the operating profit rose to £24.3m against £11.5m.
Stasco banked interest of nearly £52m, compared with £7.8m in 2022.
But the tax bill was £8.2m, against a gain of £16.6m the year before due to deferred credits.
The company’s equity stood at £353m, up from £281m year on year.
No dividends were paid for the year.
Wages down sharply
The salary bill dropped to £389m from £550m, despite the average number of staff rising to 1,162 from 1,040.
Directors received total pay of £8.5m against £7.8m in 2022.
The number of directors accruing share or pension benefits was four, down from six the year before.
The highest-paid director received £3.2m in pay, unchanged from 2022.
The company is listed as owning one LNG carrier, the 145,144-cbm Methane Nile Eagle (built 2007).
The wider Shell group controls more LNG carriers, floating production storage and offloading units, tankers, general cargo ships and a survey ship.
