Fisher tanker profit rises

UK marine group James Fisher has seen earnings for its tankers rise in 2013 despite another vessel disposal.
Fisher: slimmer and better

Fisher: slimmer and better

The coastal tankships division announced profit of £3.2m ($5.34m) last year, up from £2.4m in 2012.

Revenue declined marginally, it added, in line with the policy to reduce capacity and improve yield.

The company revealed it had sold the 3,800–dwt products carrier Asperity (built 1997), following the sale of another vessel last January.

Another ship has been chartered out for operation in the Mediterranean.

The result was helped by the charter of two vessels to the UK ministry of defence. Two other tankers had to be brought in to cover contract commitments.

“The demand for clean petroleum products, whilst not recovering to 2007 levels, remains stable,” it said.

“The fleet has now been reduced to reflect the level of contract demand with the exposure to the spot market significantly reduced.”

The division has also been paying “careful attention to costs”.

Group net profit dipped to £38.74m from £40.06m in 2012, because the previous year’s figure was boosted by asset sales.

Revenue grew to £413.7m from £363.3m.

Looking ahead, it said trading to date in 2014 had been to management expectations and it continues to be “well placed to provide further growth and value for our shareholders.”

Analyst Investec said: "The niche nature of its marine support services activities in some very technically demanding environments, coupled with some market leading positions and a broad spread of customers, is reaping dividends for the group."

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