UK shipowner Union Maritime has been busy raising money for more vessel acquisitions.
Accounts filed to UK Companies House show the London-based company banked $153m in 2021 from a series of refinancing deals, new bank loans and sale-and-leaseback transactions.
This will be used for ship purchases, the company said.
The low-profile, Laurent Cadji-led operation has already boosted its owned and chartered fleet from 54 to 69 ships over the last year, adding bulkers and tankers.
Union Maritime said it had forged new relationships with banks, leasing houses and alternative financiers.
The shipowner raised a total of $152m in 2020.
Union Maritime said it refinanced its most expense debt last year, boosting profit.
But net earnings were still much lower for 2021 in poor tanker markets.
Profit came in at $2.45m, down from $28.6m the year before.
Time charter equivalent income dropped to $210m from $254m, while Ebitda fell back to $80.6m from $112.5m in 2020.
Managing director Cadji said 2021 had been another profitable year despite operating the fleet in a challenging tanker market.
He added that a drop in freight rates was reflected in the results.
The commercial team optimised revenue by locking in profitable time charters and keeping idle days to a minimum, Union Maritime reported.
“This, combined with the retrofitted scrubbers on the larger tankers, were crucial to the group’s performance in a weak tanker market,” the company said.
Bosses expect firm tanker markets to continue for the remainder of this year, with the sale-and-purchase arena continuing to be active.
The company had 61% of the fleet technically managed in-house at the end of 2021, up from 50% in 2020, to give better cost oversight, it said.
