Danish family-owned tanker player Uni-Tankers presented record earnings due to an effective turnaround strategy and favourable market conditions.
The company’s annual report for financial year 2022/23 shows earning after tax of $61 million, an increase of $66.1 million from last year’s result despite constrained availability, higher cost of charter tonnage and higher interest rates.
The family-owned Uni-Tankers, and the Board of Directors have backed the executive management both in executing on the turnaround strategy launched in 2018. This strategy effectively streamlined operational processes and allowed the Group the flexibility to scale according to market conditions.
The favourable market conditions in combination with the owned and time-chartered vessels, have allowed the Group to be agile, as the shipowner claims.
These factors have also strengthen Uni-Tankers position in the market with divestments of two non-strategic vessels and the addition of one new stainless-steel vessel with delivery in May 2023.
Torben Østergaard-Nielsen, board member and co-owner of Uni-Tankers said “I have always had full confidence in Uni-Tankers and Per Ekmann’s ability to turn the company around. Building strategically on the strong core of Uni-Tankers, getting the right people in their right positions, and leveraging the determination and courage to make the necessary decisions in hard times have paid off. I am very proud of this year’s result as a clear example of the business acumen embodied by Uni-Tankers.”
Environmental, social, and governance (ESG) has also been an area of focus for Uni-Tankers, and the Danish company has invested heavily in preparing for upcoming IMO and EU regulations.
Fuel-saving technologies have been installed on 11 of 16 vessels resulting in fuel savings of 8-15% and B30 biofuel blend tests are being conducted in collaboration with sister company Bunker Holding.
A total of 13 owned vessels are now fully compliant with IMO’s Energy Efficiency Existing Ship Index (EEXI), and the remaining three vessels will be compliant later this year.
Per Ekmann, CEO of Uni-Tankers, said that “Uni-Tankers has been on a tremendous journey these past years, growing our strategy, executing on strategic initiatives, and strengthening our organisation. This year, all the foundational work and preparation has aligned perfectly with an upturn market, and we are proud to be on a steady course for the future.”