Norway's Viken Shipping has delivered a stronger annual profit as it benefitted from extensive charter coverage.
The privately owned company, controlled by Tom Chr Steckmest, reported a pre-tax profit of $27.3m, up from $24.4m in 2019.
The Bergen-based shipowner's operating revenue fell from $196.2m to $191.2m.
The company was set up by Steckmest in 1993. Together with family members, he controls the majority of the shares. Company chairman Hans Olav Lindal has a 17% stake.
Viken’s strategy is to order new ships against long-term employment. The charters typically last for five to seven years.
Last autumn, the company ordered two 110,000-dwt, LNG-fuelled aframaxes will start a charter to Total of France when they are delivered.
Ordered at Guangzhou Shipyard International, the ships can carry both crude and refined products. They cost close to $60m each.
The ships, to be named Angleviken and Askviken, represent an important technological renewal and expansion of the fleet, Lindal told the Norwegian financial daily Finansavisen.
Viken has a fleet of 19 tankers.
Frederik Wilhelm Mohn-controlled Perestroika is part owner in joint venture Viken Crude, which controls Viken Shipping's newest tanker.
Viken Shipping also controls ship management company Wallem, and it owns part of tanker company Viken MOL, alongside Japan's Mitsui OSK Lines.
Steckmest and partner Nigel Hill also own Woodstreet, a firm that buys and operates distressed assets.
