Norway-listed Altera Shuttle Tankers is optimistic about its prospects this year as it continues to focus on long-term charter cover.
The company changed its name in March from Teekay Shuttle Tankers to reflect its new ownership by investment fund Brookfield.
With tankers continuing to ride high despite the coronavirus pandemic, Altera said in its annual report that it "expected to continue to generate strong cash flow during 2020".
The company added its strategy is focused on implementing existing growth projects and extending long-term vessel charters.
Altera said it may enter into joint ventures and partnerships to gain increased access to charter opportunities.
The company is a 100%-owned subsidiary of Altera Infrastructure Partners, the former Teekay Offshore Partners.
"The group seeks to leverage the expertise, relationships and reputation of Brookfield and Altera Infrastructure to pursue growth opportunities in the offshore sector," the company added.
In January and February, it took delivery of the first two of six E-Shuttle tanker newbuildings from Samsung Heavy Industries, the 129,000-dwt Aurora Spirit and Rainbow Spirit.
These incorporate technologies intended to increase fuel efficiency and reduce emissions, including LNG propulsion and recovered VOC as secondary fuel, as well as battery packs for flexible power distribution and blackout prevention.
The vessels will work under an existing master agreement with Equinor in the North Sea.
Net earnings for 2019 were $83.52m, up from $3.32m the year before.
Revenue was reduced to $549m from $633m as it sold five ships and redelivered others.
But this smaller fleet meant operating expenses, charter hire costs and depreciation fell faster than revenue.
