An effective turnaround strategy, favorable market conditions, and a streamlined organization ready to seize each opportunity and record results for the Uni-Tankers Group.
Impressive Result
Uni-Tankers, a Danish family-owned tanker shipping company in the intermediate and small tanker segment presents record earnings in its annual report for financial year 2022/23. The report shows earning after tax of USD 61.0 million, an increase of USD 66.1 million from last year’s result despite constrained availability, higher cost of charter tonnage, and higher interest rates. An impressive result which would not have been possible without the support and confidence of the owner family, Board of Directors, and not least an outstanding effort on the part of all on- and offshore staff. “The impressive result of this year is a tribute to our entire organization and their outstanding performance. I am very proud to have such dedicated staff – both onshore and off – who all in their own way have shown their loyalty and commitment to Uni-Tankers,” says Per Ekmann, CEO of Uni-Tankers, elaborating:
The owners and Board of Directors of Uni-Tankers have backed the executive management both in executing on the turnaround strategy launched in 2018, which effectively streamlined operational processes and allowed the Group the flexibility to scale according to market conditions, as well as the Group’s new strategy, Stronger Together, launched at the beginning of this financial year. The combination of favorable market conditions, a clear business model with a perfect mix of owned and time-chartered vessels, along with an organization that has been ready and able to seize each opportunity have allowed the Group to be agile and strengthen its 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.
ESG Is Focal
During the financial year, environmental, social, and governance (ESG) has been an area of focus for Uni-Tankers, and the shipping 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 percent and B30 biofuel blend tests are being conducted in collaboration with sister company Bunker Holding.
Along with carbon reducing initiatives, Uni-Tankers has strengthened its commitment to ensure diversity, equality, and inclusion and fostering strong relations within the company, as well as worked intensely to prepare for upcoming regulations such as the EU emissions trading system (ETS) which comes into effect from 2024. “For us, shipping is a matter of chemistry – the chemistry between people and the world we live in. As a result, remaining at the forefront of the ESG agenda and staying compliant with all legislations and guidelines are pivotal to us, as we firmly believe in a healthy and sustainable future for the shipping industry,” says Per Ekmann.
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Source: Unitankers
